In the ever-changing world of employment, business and finance, there are no guarantees of a job for life. At some point in their careers, many individuals dream about starting a business at home, before they consider whether they’ve got what it takes to succeed and before they weigh up the advantages and drawbacks of working from home.
The following aspects make the idea of working from home seem very attractive:
More Money When Working from Home
If the business is successful, the long-term rewards, both in financial and lifestyle terms, could be significant. What is more, the net profit will not line someone else’s pockets – it will be the entrepreneur’s own to enjoy or to re-invest in the business.
A Home Based Job Ends Commute
When running a business from home, there is no need to take a train or navigate the car through often endless traffic jams. Eliminating the commute saves time and money, which can be spent either on leisure or business activities. It also contributes to saving the environment by reducing your carbon footprint.
Financial Security and Independence When in Self Employment
Often, and in recent times especially, the threat of redundancies is never far away and no job is secure. When profitable, self employment can bring about financial stability way into the future. Making own decisions is equally attractive, despite the risks involved but these can often be mitigated when appropriate accounting, tax or marketing advice is sought.
Flexibility and Work Life Balance
Although it often means longer hours, especially when starting out, a home based business usually requires no set hours. Work and appointments can be scheduled when convenient, for example to fit in around school hours and holidays. For some it may take a lot of self discipline to ensure that the work actually gets done but the payoff is the elusive work life balance.
Personal Satisfaction and Social Standing of the Self Employed
Some people are lucky to love what they do; most see their jobs as a means to pay the bills; and there are quite a few who hate their 9 to 5. Going self employed can mean achieving the seemingly unattainable. As they say, when you do what you love, it doesn’t feel like work.
Whether it’s in the eyes of the family, neighbours, friends or the wider community, an entrepreneur is usually highly respected when successful. Although not important for some, others value or even need this form of validation to thrive and to expand their venture.
An Outlet for a Business Idea
Many businesses begin because their owners spot a niche in the market and believe they have a product or service that is different from similar products or services already out there. However, it is essential for the market research and the business plan to support the viability of the idea.
A Home Based Business as an Escape from Current Circumstances
Unemployment spurs some more enterprising individuals to consider becoming self employed. Also, a change in the current circumstances at work could be a big incentive. For example, reorganisation leading to a fundamental change in responsibilities may result in the individual’s position to be beyond what they would accept. Other circumstances can be personal or family related, when looking after an elderly parent or child means that working from home is the only viable option.
It may be worth considering testing the waters and starting up whilst in full or part-time employment. Using the evenings and weekends means long hours and sacrifice of family and leisure time but this approach safeguards financial security during the early days.