Small Office, Home Office: Where Millions Are Made, Part II
In part I of this series we covered some of the reasons why people move to a small office, home office and some of the tremendous success stories that had rather humble beginnings.
These individuals that had these start-up businesses had at least an idea of what they wanted to accomplish. So should you.
These 11 steps will help you assess whether the leap to a small office, home office is the best choice for your situation.
- Do I really dislike my current position? If yes, what alternatives do I have?
- What are my monthly bills?
- Do I have enough saved for at least 6 months of bills and at least 30% more for emergencies?
- What is the debt load I’m carrying? (example: credit cards, loans, car payments)
- What are my skills?
- What do I want to do?
- Have I explored non-traditional business models?
- Do I (or my family) require additional medical coverage? If yes, do I have enough to pay for these types of services?
- Do I have a support system in place? Will my spouse be willing to have a reduced income?
- Am I the sole provider for my family?
- How much risk can I tolerate?
These 11 steps provide a benchmark from which you can measure and assess your individual requirements. These questions are serious in nature and are meant to provoke a line of thought or give you an ‘advocate’ and a system to think about what is needed before you make the leap into a small office, home office.
The line between success and failure in your venture depends on your skill, persistence and ability to roll with what’s thrown at you. Aside from assessing your tolerance for risk, the ability to persist ranks high on the list of success factors.
In part III of the series, we will cover a much required and very misunderstood requirement for determining whether you should enter into a small office, home office: your business plan.