It might not sound flashy; It might sound like a vocation. It might sound pretty miniscule for the lofty goals you might have set for yourself. However, starting a business at home might be just the best way to start out if capital is a scarce commodity, as is the case with most new businesses. Empirical data has shown that where you start your business does not determine how large or successful your business becomes. Also, modern technology has made it possible to open any kind of business in your home. Literally, you don’t need much more than a cell phone and a few choice apps.

 

If you have big dreams for the future of your company you may be comforted by the fact that many dominant companies around today had humble beginnings in living rooms, bedrooms, and garages. Here are a few: Amazon; Google; Apple. Amazon started as a Bookstore in Jeff Bezos’s garage in 1994. Details are not necessary. Amazon’s success is well documented. Google was started in 1998, in a garage, and was not the primary search engine until about six years later — superseding yahoo.

 

Apple started in Steve Job’s garage in 1976, after partnering with Steve Wozniak. After a roller coaster ride, including a near bankruptcy, Apple has become the dominant cell phone company in the US, and one of the largest companies in the world.

 

Besides the tax benefits of using space in your home for a business, the huge savings you can derive from avoiding the high rents in today’s commercial rental market makes the decision seem almost unavoidable, all things being equal.The kind of business one should get involved in is entirely up to them. However the overarching advice is to get involved in something that you know well or you have the requisite skill to do, for obvious reasons. You will be competing with others who might be quite knowledgeable and more experienced and you could be eaten alive.

 

Adam Clayton Powell Jr once delivered a powerful sermon with sage advice: “use what’s in your hand.” He remarked that David had only a sling shot but he was able to use it to slay Goliath. To paraphrase Rev Powell’s sermon: You have to assess the skills and the assets that you have and use them to your advantage. David might not have won if he used a sword because he was not a trained swordsman.

 

An example of people using what’s in their hands has been the increasing number of people using their homes to become an Airbnb host. It’s simple, inexpensive, and you get up to $1million in protection from property damage.You can list your property for free.

 

Airbnb would tell you what your monthly income potential would be depending on your location. Now, you will not become rich overnight but the new revenue stream could increase your income by 10 to 30% per annum. In three to four years you might be able to have the down payment for an additional home. And you can repeat that process until you become a multi-property owner in 15 years if you plan carefully.

 

And, to reiterate what I said in the beginning, that’s how many successful businesses started: small, simple, cash poor, but with a good plan, discipline and dogged determination.

 

-Chester Peters, Writer