For anyone who has had a bad boss or a co-worker that made their job miserable, starting a home-based business sounds amazing. There is no one to scream at you, and you can work the hours that you want to. But running a business of any kind requires a lot of responsibility. So before you quit your day-job, there are some things you ought to know. If you can master these elements, then the world of working from home can be very lucrative and rewarding indeed.
You Must be Disciplined
Even though working from home provides a more relaxed environment, it still requires working a set amount of hours a day. This isn’t always easy when there are lots of distractions from children and friends who want to talk. As many writers of past would have testified and still do in fact, people see working at home as an invitation to chat, phone, and visit.
In his novel, “A Man in Love,” Karl Ove Knausgaard speaks about how difficult it is for him to work and even when he tries to get some alone time for writing, his girlfriend sees it as an open invitation to come visit. So anyone who wants to have their own business has to make a determined effort to be able to multi-task work with conversations, cooking, and household tasks. Otherwise, they will get behind in everything.
The Business Won’t be Profitable Right Away
It takes time to build up a business and attracts customers. And no business can predict how long it will take them to turn a profit. Therefore, it is essential for a potential entrepreneur to have a good amount of savings in the bank before they start things up. If there isn’t enough money saved, that doesn’t mean that someone can’t begin setting up their business, though. Many people continue to work at their regular job and do their business tasks after-hours.
The key bonus of setting up a business venture from home is overheads. Firstly, there are a lot less of them. For example, Amazon has thrived because it is not weighed down by the cost of bricks and mortar stores. Furthermore, in many cases, your home expenditure in terms of rent/mortgages, equipment purchases, and utility bills can be deducted in full or in part from your income before tax.
Businesses Require Lots of Time
Most home-based businesses start out with just one person doing everything because there isn’t enough money coming in to support a staff. There will be phone calls to make, products to put together, and bookkeeping tasks to do each day.
Sometimes, new entrepreneurs must work long into the night to do it all. But this shouldn’t deter anyone from giving it a chance. When a business is your very own, the work doesn’t seem so boring and difficult because you are doing what you love each day.
Many successful businesses have been started out in someone’s home, and they ended up making millions of dollars later on. So if being an entrepreneur is your dream, don’t give up on it. Just be sure to have a business plan set up ahead of time. That way, you will have a clear direction where your business is going and how you are going to get there. It should have your financial goals, product ideas, and marketing plans in it. If you aren’t sure how to create a business plan, consult a financial advisor for a little help.
That way, you will have a clear direction where your business is going and how you are going to get there. It should have your financial goals, product ideas, and marketing plans in it. If you aren’t sure how to create a business plan, consult a financial advisor for a little help.
The Power of Modern Communication
Some people feel that groups and teams work less well when separated than when they are together. However, there is a lot to say for not having an office-based company. Not just on overhead savings and equipment savings, but on the flexibility of who you hire and what for.
There is a massive gig economy out there providing PA services, PR, SEO, writing, delivery, manufacturing, drawing and graphic design, answering services and so on. This combines with communication software ranging from Skype to Slack, which allows environments for 1-on-1 or team communications, assigning of tasks, feedback, and discussions for the future of the business.
In addition, cloud computing allows for real-time sharing of files, photographs, and data, allowing a new business to be more responsive to on the ground actions.
Written by Jenny Holt – A freelance Writer and a Work-From-Home Mum!!