The decision to start a home-based business – to begin a new business within walkig distance of your kitchen! – will be your second decision as a new entrepreneur. Your first decision will already have been made: The decision to become an entrepreneur and enter the fast growing world of the self-employed. It is a decision which thousands of ambitious, confident people make each working day.
As a home based entrepreneur, you will be setting out on a journey designed to improve the overall quality of your life by taking control of your working life. It will be journey by taking control of your working life. It will be a journey filled with enormous challenges, unexpected obstacles and the possibilities of significant financial and emotional rewards!
You will have to make certain that you are endowed with confidence and with patience; that you are prepared to cope with the inevitable ups and downs which will occur as you build your home-based business and that you have the support of all the people in your life who matter to you.
Every new business entails considerable risk, but you have already skewed the odds in your favor: By electing to start your own new business at home, you will be beginning your self-employment career with the right attitude.
Home-based Benefit No 1: Low Overhead
Accountants designate them as “fixed expenses.” By starting your new business at home, you can save on one of a business’ most onerous fixed expenses – the rent.
Thus you are starting out with an enormous financial advantage. Maintaining a low efficient overhead is a sound, conservative business practice. Rent is frequently the largest single fixed expense. By eliminating it, you have given your new business a significant advantage.
Home-based Benefit No.2: Your ego is in the right place
If you were to ask a venture capitalist what single element causes him to back away from a prospective deal, he would probably tell you that it was an entrepreneur who ushers him into a large flashy office from which he then proceeds to attempt to convince the venture capitalist that he will prudently manage the money which he is seeking to raise.
The point is obvious: the intelligent entrepreneur has a strong sense of priorities. He knows that his limited funds have to be spent as carefully and productively as possible. His sense of personal satisfaction will come from the success of the business, not from the elegance of his high rent corner office.
Home-based Benefit No.3: Efficiency
If you live an hour from where you work, you spend two two hours a day commuting. That’s ten hours, 500 hours a year! To the new entrepreneur, time is money. By working at home, you will be saving time and money. It is an irresistible combination.
All of your working hours will be productive ones, and your sense of purpose will be heightened. There is no more satisfying bottom line and working at home will provide you with that priceless sense of satisfaction every working day.
Home-based Benefit No.4: Your Self Discipline
One of the most critical characteristics of the entrepreneur is self-discipline. He has to be able to motivate himself. He has to be able motivate himself, to provide his own sense of direction and determination. There is no “boss”or time clock to keep him in line.
Working at home requires enormous self-discipline because of the endless potential distractions. When you are working at home, you have to be able to resist the bed and get to work.
By working at home, you are putting that self-discipline to test every working hour of every working day. It is a test which you cannot permit yourself to fail – and there it becomes another of the many subtle benefits of starting a home-based business.
Home-based Benefit No. 5: Quality Time
The home-based entrepreneur quickly develops a useful sense of “quality” time – because he has to make time based judgement all day long in the same environment where he works and lives.
Quality time is admittedly difficult to quantify but like many positive events, most of us recognize it when it occurs. It is a dimension which can improve the quality of our lives – and home based entrepreneur often develops the ability to create it because he has to.