Owning a home-based business can be a fun and exciting experience. It can also be a difficult and challenging type of business to find success in. It can be very lucrative or it can be very stressful in addition to a complete loss of money!
In this review we will look at the advantages and disadvantages of owning and operating a business like this as well as if it is a good idea to do or not. If you are interested in making a substantial amount of income working for yourself, it could be a terrific idea. However, if you are interested in making a steady paycheck working under someone else to make their dream come true, you may want to stay away from owning and building a Home-Based Business.
The Advantages
There are tons of advantages to starting, owning, and building your own business from home. Advantages include job security, financial freedom, being your own boss, less risk, more opportunities and much more!
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- Job Security: The problem with a traditional job is there isn’t any job security. At any second, that job could end. Even if you work for a multi-million dollar company, there is always that chance that somebody in the corporate office could make a mistake leading to the loss of your job and many others or the entire business crumbling. They may have to lay you off due to loss of profits. Or, in some cases, your job could be entirely replaced by machines. If you start, own, and build your own home-business, you have absolute job security. In order to succeed with your business, you must have the education and understanding of how the business works in order for it to grow. Therefore, is something happens and your business crashes, you can simply open another one in the same 24 hours.
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- Financial Freedom: Passive or residual incomes are types of income streams you will be able to create from owning your own home-business. Passive incomes, meaning you don’t have to work eight hours, five days a week, in order to earn a paycheck. Residual incomes, meaning you do the work once and correctly and you could be earning paycheck after paycheck even 5 years down the road. By achieving these two types of income streams you are able to then spend more time with your friends and family or go on vacation whenever you choose.
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- Being Your Own Boss: If you own your own home-based business, nobody is going to tell you when you need to work; there is no type of deadline on a certain assignment. You’re not going to fire yourself due to not accomplishing a certain task. You set the hours, you set the deadlines, you set the workload, and the best part is there is absolutely no penalty for not completing these things.
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- Less Risk: This mainly relates to a comparison level of owning a traditional business to a home-business. Generally speaking, a traditional business requires a large start-up cost while a home-business requires a much smaller one. However, all businesses have a start-up cost. A home-based business has much less risk because you’re not using that much money to get the business started and as mentioned before, if your business crumbles it will be much easier to start another one and try again.
- More Opportunities: When owning a home-based business, the sky’s the limit. You are the only deciding factor of your growth. If you decide you only want to work for two hours, two times a week, you probably won’t experience much growth. However, if you treat it like the legitimate business and income opportunity that it is, you will be able to experience significant growth and promotion. You could go from making an annual income of $36,000 a year to $76,000 the next year. If you stay on the same path of growth and stay consistent, depending on your business, you could experience a $150,000 annual income the next year.
Keep in mind, there are plenty more advantages to owning and operating your own home-based business but these are five that I found to be the most important rewards or benefits to in relation to making money for yourself.
The Disadvantages
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- More Stress: You solely determine the success or failure of your business. You handle everything from top to bottom. When there is a problem, you are the one who has to fix that problem. However, when there is a success, you are the one who reaps the rewards. Hypothetically, if there are 12 problems in which occur in one year, you have to fix them all. Therefore, you have to accept all the headaches and stress of your own failures or problems in addition to accepting the headaches that come with scourging to find a solution.
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- More Challenges and Difficulties: As mentioned before, generally when you are an employee of a traditional business you have an entire team to work with you and help out during almost any circumstance. However, when you own your own home-based business, you are the only employee. You are your OWN employee in addition to being your own BOSS. You have nobody else to blame but yourself for failures or not accomplishing a goal or deadline that you set for yourself. Get used to frustration. Frustration is sometimes needed in order to achieve personal growth.
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- Working Alone: Sometimes a traditional job with a company is great because when a huge problem occurs, you have the ability to work with a team to find a solution and fix the problem. However, when owning your own home-based business, it’s you and you only! You must take the time out and accept all the headaches of finding a solution, which can be extremely difficult at times.
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- Distractions: When owning a home-based business you could easily be generating $7,000 a month of pure profit. Even with that type of income, you will be working at home! Therefore, friends and family tend to think you do absolutely nothing! As silly as it may seem, it happens! So don’t be surprised if your friends or family stop by unexpectedly to “hang out”. They don’t see the work you do, so in their mind, they think you don’t work. It’s important to remind your friends or family that when it’s time for work, It Is Time For WORK!
- Procrastination: As mentioned before, nobody is going to tell you that you need to complete a certain assignment at a specific time. You are your own boss. You have to be self-disciplined and self-motivated to get things done! Generally, with a home-based business that’s the most important part. Education and information is, of course, very important. However, finalizing the work day in and day in is the absolute most important aspect of a home-based business. You have to wake up each and every morning ready to go with no delays!
To Conclude
Owning, starting, and building a business like this can be a very exciting and lucrative thing to do. However, it can come with many difficulties and challenges. You have to have the education and information in addition to being self-disciplined and self-motivated.
There are plenty of advantages but there are also plenty of disadvantages, it is up to you to decide if the advantages out-weigh the disadvantages. Owning a home-based business and being an entrepreneur from home can be one of the most difficult but rewarding things to do, but your success is solely up to you!
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