Types of Home-Based Business: What suits you?

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Now that you have assessed yourself and are 100% sure that you want to start up your own home-based business and that you have what it takes to thrive in the business, it's now time for you to decide or choose what type of business model suits you.

There are many types of Home-based Business Models, yet I have chosen the three most used terms: 

1. Freelancing 
A freelancer is somebody who is self-employed and does not have a long term commitment with a particular employer. Â In freelancing, you can offer your services depending on your expertise. You are paid for the service you have rendered and you can have as many as three or more clients at the same time.

2. Online 
In an online business, you have two prerequisites: first is a personal computer (either desktop or laptop), second is an internet connection. There are several ways of making money online. It does not necessarily require that you know how to program or create a graphic design. In creating an online business, must have at least basic knowledge in using the personal computer. The market is huge in online business, since everyone who has access to the internet can be a customer. To know more about starting your online business click here.

3. Small Business 
A small business requires three things: a small space in your house to be used as an office, a product or service to offer and your physical presence to monitor and manage the flow of your business. A small business usually caters to the local market.

To further assess your self here are some self-assessment tests that might help you in your decision making: Can you be a manager?

Do you have good organization skills?

Do you have leadership potential?
Managerial, leadership and good organizational skills can be useful in starting a small business. Although in an online business, if you would resort to outsourcing, good organization skills can be of utmost importance as well.

Are you a team or solo player?
A solo player is most applicable to those who would want to start a freelancing or an online business.

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