A home business is defined as a business in which the main office is the home of the owner. Within that broad definition, there are many types of home businesses. I have run a home business for the past 20 years and the difference between the business I started 20 years ago and the business I do today is like comparing apples to oranges.
A bit of history … After a long and very successful career with the United States government, it was time for a change and I decided to start my own business. I looked at many different types of businesses and settled for an established route of coin-operated video games for $ 250,000. This is a lot of money today and it was even more so in 2000.
I looked at all kinds of established businesses and the reason I decided to enter this type of business was the simplicity of it. With coin-operated video games, you didn’t have to worry about rent, employees, inventory, utilities, and many other expenses and, I must add, the headaches associated with your typical business. I also had more flexibility because as long as the machines were running and maintenance-free, I didn’t have to be on site. My sales force (machines) generated income all day and, in some cases, also at night. Aside from the many hours of driving and the occasional breakdown of the machine, this business was perfect and allowed me to have a great lifestyle.
Sounds perfect right? Well … I still had to worry about customer acquisition and retention. After a few years of driving 50,000 miles (80,000 km) a year, it was very tiring to be in my car. More importantly, I was still limited to one geographic location to conduct my business. My wife’s entire family lives in Europe and my entire family lives in the Caribbean. We live in the United States and we also like to travel. What money couldn’t buy was the freedom and flexibility to conduct my business from anywhere in the world.
This is where trading as a home business came into the picture. I wanted to have a home business where “home” was defined by where I am with my computer and not by a specific location. I wanted to have a business where I didn’t have to check inventory or the latest products to keep up with the latest current trends and / or the competition. Ultimately, he wanted to have a business where he dictated the amount of time he spent in business.
An added benefit is that operating as a home business requires very little capital compared to almost any other business model. All you need is a computer (which you already have), a trading account (it can be as low as $ 500, but I say $ 4000 is a more reasonable amount to scale your business faster), and a good platform or software. of operations. (the cost varies between $ 50 and $ 10,000). A higher cost does not guarantee a higher success rate. You can find some great Trade Expert Advisor (EA) software for around $ 300 that will not only set up trades for you, but execute them as well. That’s!
One caveat with EAs is that not all EAs are the same. Also, not because the software does everything for you, that just means “plug and play.” There is some work involved and you need to “tweak” your settings to keep up with current market conditions. You should also be aware of the economic calendar to ensure that you are not trading when the major economic news is released. Other than that, you are ready to start a new career and indulge in all the freedoms that trading brings.