Starting a Business: What About Home Businesses?
There are a large range of choices when you start: start from scratch, buy a franchise, buy an existing business.
Now what about home businesses?
The benefits of starting a home business are many:
– convenient: no commuting, can work in your time and very flexible, wide range of possibilities
– can be done in your own time while you still have a job
– no employees, less compliance and administration
– no expenditures and can be low starting cost (as opposed to expensive franchise or existing business or brick and mortar businesses). Bear in mind though any business requires some form of investment and little things add up quickly
– some can actually provide good income, BUT do not be fooled like any business big income will mean hard work at the start in most cases
some recent stats showed that a decent part of incomes generated by small and micro businesses in Australia is coming from stay at home mums who produce some income to support the family.
The downside:
– you can become insular and you need to be self motivated. That is not given to everyone and it can be difficult when there is a difficult time to face in the business
– no team environment: harder to learn, to motivate each other, to stay at the top of your game is always harder when on your own
– the scope is not always as big as for some other more traditional businesses where you can delegate and or leverage, but some do well. as usual it has a lot to do with the owner
– most importantly there is a lot of junk out there and people who are not very experienced can burn capital or energy in things that make it more challenging
– a lot of home business opportunities sell dreams and emotions and misconceptions like you will make money while you sleep. Yes that can happen but before it gets to there you’ll need to DO things. Too good to be true is usually right
– difficulty to address some large corporations or markets which do not really like to do business with people in their pyjamas, however internet, virtual offices and so on can cater for that problem
If you want to hear more make sure to visit regularly my posts on my site. I will cover other categories of business depending on comment on my posts to address the most burning topics and questions