There are a lot of fear factors involved with giving up your career and setting up a business working from home. The fear of whether your business plan is will work and you’ll be able to make a successful living from your new career is often the biggest consideration for people when deciding whether to ‘bite the bullet’ and try and make a go of it. You are probably also aware that you will almost certainly be working very long hours, maybe even doing seven days a week, when you are trying to establish your new business.
With these less than appealing factors to consider, it is no wonder many people will never realize their dreams of starting their own business. Therefore, it is important to remind yourself of your long term goals. People who have spent time doing their research and put in the required effort in the first year do usually make a success of their new business venture, and these are the benefits they are enjoying:
# If you are running a business from home you are more likely to be doing a job you enjoy, rather than doing it purely to put food on the table and pay the bills. Small businesses entrepreneurs are generally working in a field they are interested in, or at the very least they enjoy their work because they are in a career that is capitalizing on their strengths.
# Being self employed increases your earning potential. Most people have heard the old adage that ‘you will never get rich working for someone else’. Once you have taken off the business expenses, every penny the business earns can either go towards building your new business empire (and potentially making you more money in the long term) or it goes into your pay packet.
# You can do your own hours. If you are a morning person you can start work early and have most of the afternoon to pursue other interests. Conversely, if you are a person who appreciates their lie-ins in the morning, you can put off working until after lunch. Of course, it is important to keep in mind that being self employed requires good self discipline. While you can choose your own hours, you cannot really choose the number of hours you do each week. If your work doesn’t get done your business will fail.
# Working from home means that if you are a parent you can be there more easily for your children. If they are young, this often means you no longer have to worry about how to afford childcare or fitting in parenthood around your job. If you are still using daycare or your children are school age then working from home negates the problem of what to do if your child is sick or where to find a baby sitter during school holidays.
# Running a business from home can save you money. Self employed entrepreneurs do not (generally) have expenses such as formal business attire, lunch is cheaper and there are not commuting costs such as petrol or rail fares to pay out for. As previously mentioned, some parents also take advantage of the fact that being available at home means they can take their children out of daycare, which can be a large saving on the household expenditure each month.
So if you are considering leaving the rat race but are put off by the more negative aspects of becoming self employed, remember that there is a lot that can be gained as well.
Leanne has written several articles on the subject of making money.