Pros and Cons of A Home Based Business
Half of all small business start at home according to U.S. small business association. And with over 32.5 million small businesses that means over 15 million are home based and these numbers keep going up.
Some of the biggest business names started off as a small home based business, like apple, Ford motor company, Hersheys and dell were all small businesses at one point.
There are some pros and cons to a home base business. Here I have made a list of what I believe are the biggest pros and cons of a home based business.
Starting a home based business can be one of the best things you can do but it is not without some cons. While the pros outweigh the cons it will be up to you to decide if it is worth it.
Pros to starting a home bases business
1. Set your own schedule
One of the biggest pros is the ability to set your own schedule. Need to pick up the kids from school, or drop of the dog at the pet groomers. All this is possible when you work from home and set your own schedule.
2. No commute
The average one way commute time in the us according to zippia is 27.6 minutes. That mean every day you spending almost an hour commuting back and forth to work. By eliminating this commute time you can add one extra hour a day to do whatever it is that you want to do.
3. Make more money
Home based businesses have the opportunity to make as much money as they want to. Glass ceiling…not with a home based business.
4. Reduce your monthly expenses
There are a lot of monthly expenses that you can cut back on with you home based business. Gas, vehicle insurance and maintenance are expenses that can be eliminated when you work from home.
5. Tax write offs
When you have business based out of your home there are a lot of tax write offs you can take advantage of. Things like your mortgage, office supplies, phone, computer, internet, and many more things can all be written off with the guidance of a good accountant.
6. Startup costs are lower for your business
Being based out of your home allows you to save on rent each month. You can take this money and invest back into your business.
7. No office politics
Your success is going to be based on how hard you work and nothing else.
Cons of a home based business
There are a few cons to be aware of when starting a home bases business. Unfortunately it is not all fun and games.
1. Difficult to separate work from home
This is probably the biggest con. It can be too easy to get distracted and not focus on the work you have to do. It is also easy to let work overtake your life and when you are spending time with the family always be distracted with the work you need to do.
2. Lonely
It can be lonely working from home with limited social interaction. You will need to make it a point to socialize more with your non-work friends.
3. Lack of resources
When your have your own home based business you wear all the hats. There is no IT to call when your computer acts up and if you have a sick day, now one is covering your shift.
Tips for running a home business
Research any legal issues:
Treat it like a real business
This means doing your best to make it successful.
