In actuality, it encompasses all trades and could include online marketing (through Ebay, Qoo10, Lazada, etc) to sole proprietorships (designers, consultants, tuition coordinators, tutors, etc) to partnerships (digital, advertising, recruitment, etc). As long as you are working from a home office or cafes, shared offices, etc, it can be considered as a "home based business".
ADVANTAGES OF STARTING A HBB
- minimal costs required (think, laptop and a phone, to start off)
- very easy to set up
- flexibility in time management
- total control and say of the business
- you get to exercise creativity on how to run the business
- you keep all profits
- saves the hassle of renting an office or shopfront
- can work well as a sideline to generate extra income too
DISADVANTAGES OF STARTING A HBB
- may not have the know-how to get started or improvise along the way
- too much freedom means you need to be very disciplined
- if you are doing this as a sideline, you need to sacrifice more time
- if you are doing this as a full time job, you are subject to all business risks and responsibilities
- massive competition out there so you need to be different or provide extremely good products / service
THINGS TO LOOK OUT FOR
- do more research on the industry / products / services / partners you are entering into this business with
- if upfront costs are required, ensure they are legitimate costs
- if upfront costs are required, ensure necessary documentations (invoices, receipts, email exchanges) are in place
- check on the competition out there
- government grants or assistance (if applicable)
- ensure minimal distractions in your working environment (i.e. family members arguing, wailing babies) - they affect mood, productivity and efficiency.
All the best!