Maybe you’ve been thinking about a home based business for a while.
If you’ve been running the rat race for too long, it may seem like a good call. But if you’ve been a stay-at-home parent, adding a business may be too much of a good thing.
There’s only one way to know: Do your research, consider the obstacles and advantages, and make a well-informed decision.
Let’s tackle those first two tasks together and you can take it from there.
First, a reality check is always a good thing. Let’s deal with a few concerns you may have.
Home Based Business Obstacles to Weigh
You are where the buck stops
When you work on your own from home, you are running things. You are totally responsible. Are you ready for that type of commitment?
Be sure you’re prepared to be much more than the boss. You must figure on being the customer service agent, the social media spokesperson, the head of production, the receptionist, the accountant, and whatever the day demands.
You have more than one job if you take this on. Being ok with shouldering the responsibility is vital.
Your home life can be a recurring distraction from your home based business
Productivity can suffer in the face of housework, small children, or a myriad of other home and family tasks that may call to you from around the house.
Attempting to grow your business in your home environment will be tough. You may need to intentionally set up a schedule and physical work zone meant only for your entrepreneurial enterprises.
Income inconsistency can feel scary
Choosing to earn money this way is radical. It requires faith in yourself and may require you’re letting go of some old thinking regarding paychecks and clockwork cash flow.
Money highs and lows happen. You may need to get creative with your life partner to ensure your bills are paid.
Most of all, you’ll need to plan well and save up before jumping into a home based opportunity to keep you and your family secure.
Help and guidance can seem far away when you’re home alone
Without the support and knowledge of an office full of coworkers, you may feel isolated or insecure about all the decisions you need to make. You’ll likely need to put some time and effort into finding peers and mentors online to keep your morale up and goals focused.
Now let’s consider a few reasons working at home could be the way to go.
Home Based Business Advantages to Consider
A home based job can bring the balance you long for
Freedom is a driving force behind choosing this professional path. Freedom from the commute, dress codes, and break rooms. And freedom from feeling out of control and under pressure to meet someone else’s goals.
More importantly, you can enjoy the freedom to build family time, playtime, and downtime back into your schedule.
The money you make is yours to make, keep, and save
Your paycheck is performance-based every time. Did you work hard? Then cold hard cash is your reward.
Produce more and your pay will reflect that. And once the money is made, you have the added benefit of fewer everyday expenses like gas and lunches out.
The tax breaks are a big deal too
Don’t forget the tax advantages of linking your home and office. Did you know that you can claim a portion of your mortgage, utilities, insurance and more as business expenses?
A dedicated home office for your business may qualify you for a home office tax deduction, too. A wealth of write-offs and tax breaks are yours as long as you are able to justify that they are related to the cost of running your business.
Exceptional training and support are available
For the home based business professional, superior support, mentorship, and networking are only a website away. With the encouragement and expertise of proven people online, you can grow your business, avoid costly missteps, and develop ongoing relationships that are unlikely to come about in 9 to 5 environments.
Maximizing your potential is entirely possible
There are no glass ceilings at home. No coworkers will steal your ideas. No boss will pass you over for a promotion. You won’t be penalized for your years as a stay-at-home parent. Your creativity, productivity, and ingenuity are able to peak as high as you want.
The opportunities you can create for yourself far outpace what’s available in the conventional job market. Your work ethic is the engine that drives your business dreams.
So, now you have some home based business information to consider. Ponder carefully those obstacles and let the advantages inspire you. From here, the next business decision you make could very well be life-changing.