Have you ever dreamed of running your own business? Perhaps your family needs two incomes to survive, but you want to stay home and raise a family. Maybe you’re a college student who could save time by working from home instead of commuting to and from a job. It could be that you just want to be your own boss.
The internet has made the wish of owning a home based business a reality for more and more people these days and this trend continues to grow. Anyone with a marketable talent and even those with no business background can now realize their dreams. If you lack certain skills, it’s as easy as going online to research and learn them. You also have millions of potential customers at your fingertips. With an internet connection, you can reach your target audiences all over the world instead of just locally as with a brick and mortar business.
There are advantages and disadvantages to running a business out of your home. A home-based business takes a lot of time and effort to get up and running. There are considerations like start-up costs, taxes and business expenses to think about. If you are marketing a product, you have to make sure you have the space you need to create and store your inventory. If it’s a service, such as day care or computer repair, you have to consider the fact that your home will now be open to outsiders. When you work outside the home, you have the benefit of leaving your home each day and interacting with other adults. Will you be happy working and living within the same environment day in and day out?
Here is a list of pros and cons to help you decide if a home-based business is right for you.
Make your own hours. Start off part-time, take breaks when you need them, or book that vacation you’ve always wanted.
Be there for your family. There’s no need to take time off for school vacations or when the kids get sick. You can enjoy mealtimes with the ones you love.
Enjoy low start-up costs and more profit in your pocket. You won’t have to pay rent or utilities for a physical store.
Get tax breaks and claim your business expenses. These write-offs can greatly make up for the amount of out-of-pocket costs you’ve spent during the year.
Your business will take up space in the home. You will have to have a home office where you can work undisturbed. You will also have to set aside space to store your product, or work on your service. This can disrupt the normal flow of the family’s day.
You won’t have the change of scenery or the social connections you get from leaving your home and going to an office each day. It may be hard to adjust to living and working in the same space.
You won’t have the luxury of paid sick time or vacation time. Also, you will be without employer-sponsored health insurance. It will take time to build a profit from your business and in the beginning this may be an extra expense you will have to incur.