Sunday, October 30, 2011

Pros and Cons of a Home Based Business Entrepreneurship

People find their way to a home based business by a variety of avenues. Many people dream of a home based business and being the boss one day. Others find themselves turning a hobby into a way to earn a great income and revenue stream. With our current economic situation some have come to be a home based business entrepreneur by no choice of their own, but are still very successful at it.

Owning your own home based business is certainly something that many want for different reasons. Some proprietors want to spend more time with their children or family. There are some owners that want different working hours or want to be in charge of their own destiny. Whatever way and reasons you find yourself in your own home based business there are some advantages and disadvantages when you are your own boss and work from home.

Advantages of a home based business
Many entrepreneurs running their home based business will tell you that owning your own business is great and being in greater control of your own schedule and personal environment feels wonderful. The ability to work when you want along with who you want cannot be compared. However, the full story on this advantage should be exposed. Remember that profitability is what your goal is with your business. While you may be making your own hours or schedule you still need to work in order to create a revenue or profit stream. You can be forced to work with difficult clients in order to make a buck.

Another advantage when you are working at home is doing something you enjoy and love and getting more personal fulfillment from what you create or produce. Many people feel because they are working on something they have chosen and making a living at it they are more dedicated. You may also hold yourself to a higher standard than your former employer believe it or not. You will certainly feel more valuable as an employee since you are the boss and you are making personal choices that many don’t have the opportunity to see when they are part of the corporate world.

One entrepreneur advised that it’s close to raising a child when you start a home based business. “It certainly isn’t an easy task and can be very tiring and time consuming, but many feel their business is their baby and are proud of every milestone accomplished.”

Disadvantages of a home based business
Don’t fool yourself that many that begin a home based business don’t work hard. The hours are long and difficult especially when getting it off of the ground. Starting a home based business is a risk both financially and professionally. Beginning a new home based business may mean pulling yourself out of one career path that you may have followed for a number of years and creating a new one. You will find you are spending hours and sometimes days on task that were previously delegated to someone else or handled behind the scenes and you weren’t even aware.

New logistics need to be learned. Many novices will find they will invest time and sometimes money for knowledge on logistics, web design or information, market behavior and industry movements to name a few.
Working from homes major disadvantage is learning to separate your home life from your work and ensuring the two don’t collide and cause friction. It’s much harder to define the line between professional time and home time for many business owners working in their home. Every day is a struggle that includes interruptions from family and friends and imperfect working conditions (office equipment may be less; your family may feel because you are at home you are not working. 

Working from home can be successful and works for many individuals. Take calculated risks. Research and know the industry that you would like to begin a business in and update skills you will need for success with your business. 

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