Fear of failure, lack of knowledge, inexperience, self-doubt, and inadequate resources are reasons why people do not start a business. Some people don’t want the responsibility and stress of entrepreneurship, while others feel content with their current careers. Others think they face real obstacles that keep them from launching their own business, such as financial limitations. However, if we were to examine all these reasons that prevent people from starting a business, you’ll recognize that many of them are simply excuses.
In the current economic environment, mostly caused by the pandemic, there’s no better time to start a business, particularly a home-based one. If there’s one industry that the lockdowns and enforced social distancing has boosted, it’s e-commerce and digital businesses that can be run remotely. But now that you’ve stopped making excuses for not becoming your boss, you’re probably wondering whether a home-based business is right for you. Here are the questions you ask yourself:
Is my business idea compatible with a home-based work environment?
Realistically, not all businesses work in remote settings. If business demands to be conducted on-site, then a home-based business may not be for you. However, it’s still possible if the majority of the work can be done remotely.
Do I have space and basic technical requirements?
While you do not need a dedicated home office, it’s ideal to have space for your business where you can focus and stay productive.
A home-based business is essentially an internet-based business. You will need the ability to connect with customers and suppliers. On a basic level, you need a reliable internet connection and a laptop or PC. Depending on the type of business you start, you may need a VoIP service, video conferencing equipment, software, and other tools.
Do I enjoy personal freedom and flexibility?
One of the perks of a home-based business is the ability to manage your own time. And without a commute involved or an external schedule to keep, you can define what work-life balance means for you.
Am I willing to do the research and expand my learning?
Once you have a business idea and plan, you also need to learn about the licensing requirements or state and local regulations specific to businesses based at home. You’ll also need to understand business structures, acquiring tax numbers, insurance, business licenses or permits, and zoning laws impacting your home business.
And apart from determining the product and service you intend to offer, starting a home-based business may demand some technical skills. Fortunately, the internet is filled with tutorials and online courses. Alternatively, you can hire someone to help you with setting up basic home-based business necessities. As you grow, you may also consider having your own company website, which will require funds and skills.
Do I want to take advantage of tax breaks?
Yes, home-based business owners enjoy a tax break thanks to the office deduction. These savings can go back into your company or simply be appreciated.
Let’s talk more about your readiness to start a home-based business. If you need help with becoming a successful entrepreneur, feel free to contact us!