Most American businesses begin at home. This is the American spirit. We seek independence and freedom to follow our dreams and convictions. Today, there 23 million sole proprietorships. Millions of these small businesses are being run from home. They outnumber all other U.S. corporations by three times.
You probably have friends who have a home business, or you may have one yourself. There are 38 million home-based businesses in the U.S. growing their businesses on their own terms. They have taken back authority and control over their lives. Business is booming for home-based entrepreneurs. Their total annual revenue is $427 billion per year. Twenty percent of these home-based businesses make $100K-$500K per year.
Some people think that home-based businesses are not “real” and speak condescendingly about us. They probably own an old fashion “brick and mortar” business, and must pay a monthly lease etc. While we often are sitting in our living rooms in our favorite chair making more than they ever will. Or they may think that we will suffer the dismal longevity records as their business model. Not so. 70% of home-based businesses are successful within three years, compared with only 30% of brick and mortar businesses. This means that your home-based business has a much better chance of long-term success than a typical retail store front.
Two questions that are vital to your success are your business concept. Is it as great an idea to your potential clients as it to you? And if so, how are you going to let them know that? It does not take that much money to start a successful business. 44% of home-based businesses are started for less than $5,000. A new home-based business is started every 12 seconds! But it is throwing money down a drain if you do not have a proven business and marketing model.
Mentors are people who have proven to be successful. Listen to them. Never think that you are smarter than everyone else. Particularly when starting out. S.C.O.R.E. is a free organization that will give you a free hour with a retired executive in your business category. There is a vast prairie of new mentors who have taken an online class on how to make money as a mentor. Avoid them. Your mentor must be a person who has successfully done what you want to do too. — For instance, I have started many businesses with less than $5000 that have earned me hundreds of thousands of dollars. My businesses focus on an industry that few consider, Janitorial Maintenance (https://usmilitarymaintenance.com/). I teach what I have done myself and have taught many dozens of others to do too. I also teach Business Marketing: How I successfully marketed myself and those I assist. – Choose a mentor who knows what you need to know. One who has reached the heights you aspire to achieve too.
I always urge Americans to have a home business of their own. I have been an employee. I hated it. It boxed me in. I was told not to think but just to do what I was told. That is not me. I am always looking for a better way. Is that you too? Are you dedicated to excellence? Do you sincerely care about those you will serve? Do you wholly believe in what your product? Can you relate to other succinctly why your product is superior and one that meets their needs more than your competitors? And perhaps, most import of all, can you learn from your mistakes? Because if you are hardheaded and cannot endure objective criticism, entrepreneurism probably is not a road you should try.
I hoped this will encourage you to step out one day on your own. America needs us. We are a country of individualists. And nothing exemplifies the American Spirit than business ownership!