Have you thought beyond next week or next month with your business? Do you picture your home business turning into something bigger or is it something you are doing temporarily? Some individuals start a home business as a way of making some money while they are tending to family, or making extra money on the side while they are still working the “day job.” Others of us, start a home business with the intention of supporting ourselves and nothing more. Have you given much thought to what you would like long term from your home business and whether or not you see yourself creating a dynasty or the family business?
I know a couple people who have built the accidental dynasties. Okay, so they are not multi-million dollar corporations, but they are small businesses that have grown large enough to employ a few additional people, including grown children and support a family. Not a bad outcome for something that started out tiny as most of our home businesses do. I do think it is important however, for us to be honest with ourselves about what we are hoping for our businesses so we can guide them in the appropriate direction. If we hope that our children will “take over” as they get older, then we will probably want to bring them up learning different aspects of the business and allowing them to get involved and have input.
Do you imagine moving from a home business location to another storefront? Do you imagine branching out into larger markets, traveling, teaching, or publishing? Figuring out where you see your business (if at all) in the long term can help you identify if you are truly building a dynasty and hoping that it will be a big family enterprise, or if your home business is something a with a shorter shelf-life.
Also: Do You Have a Business Plan?
Starting a Plan for Home Business Retirement