I
think nearly everyone dreams about the freedom of working for themselves, having
their own home business. For most, it
remains a dream. Over the past several
years, however, there has been a dramatic increase in home-based
businesses.
More
people want to raise their own children, instead of placing them in day care
and missing out on all the milestones. The cost of day care, gasoline and
maintaining a vehicle can take a huge chunk out of their paycheck. For those with a low to medium-sized income,
they may not even take home enough to make it worthwhile to have a job.
Those
who are seriously considering working from home have a lot to consider before quitting
their job. There are pros and cons that
come with owning a home business.
Self-discipline
can be the difference between success and failure in a home business. Some people are not self-disciplined enough
to “be their own boss.”
Entrepreneurs
must determine a work schedule, and stick to it; and they must be able to
balance work and home life. If they have
young children, will they be able to focus on work at home? Will the family support their efforts and
respect their work time? Or, will they
think that they should be available at all times?
For
most people, a job offers a stable income, and receiving a paycheck on a
regular basis. Those who work at home
may be giving up health insurance or a retirement plan. With a home business, income is not
predictable. Although there is a
potential to earn far more than with most jobs, it is just that – potential,
not a given.
For
households with a single wage earner, it will be difficult at the
beginning. Nearly all home businesses must
be built over time. If the business is
successful, their income will grow, but the road will be a bumpy one, with challenges
along the way. Obstacles will appear requiring
changes in marketing strategy. There
will be slow periods when it seems the business is going nowhere.
Many
people believe they will work less when they have their own business. Those who are serious about growing a
business, however, may end up working longer hours, not fewer. Many work harder than they did on any job
they ever had. Success, after all, is
dependant entirely on the home business owner.
Will
they be able to cope with the isolation of working at home, or will they go
stir crazy without another adult with whom to chat? Operating a home business requires goal,
plans, flexibility, focus, organization, self-motivation and creativity.
We
often hear that most home businesses fail.
In reality, most home business owners quit. They must prepare themselves for the many
challenges that will arise along their path to success. They must be patient, but persistent. The road to success will be just a bit
smoother for those whose mantra is “Quitting is Not an Option.”
