Should I Start a Home Business? - Pros and Cons
Home Business Cons
- Responsibility - Though this may sound like a joke, many people are far from ready to become a business owner and operator.
Too many people believe that they can simply start a business and the money with just start flowing.
That is a gross misconception.
So make sure you are ready to devote your time and manage your business correctly. - Money - Business does take money to start.
You can keep your day job and not have to pay a penny, but if you want a home business you will need to fork out a little money.
Don't worry though, startup costs for the majority of home businesses are minute compared to those of traditional businesses. - Social Interaction - Many people do not realize how important it is to have social interaction with their peers.
If you aren't a part of an active workplace you may not miss much, but if you are used to an office setting where you interact with your co-workers you will eventually start to miss the company.
Make sure not to become a recluse.
Join clubs, go to your kid's soccer games, keep in touch with friends and make sure to take time off just to go out and have fun!
- Time - How does being able to set your own schedule sound? If you want to work from 9:00 am to 5:00 pm you can, or if you prefer 9:00 pm to 5:00 am that is fine too.
You will also find that you have a lot more free time than you used, but if you can, try to invest some of that time into your business to help it grow. - Income - This can be either a pro or a con depending on how you run your business.
If you run your business correctly, you could replace and far surpass your normal salary.
Just make sure to invest back into your business, and don't spend everything you make! - Tax Advantages - Starting a home business can be tax write off.
You can write off most of your startup costs, part of your rent if you have a home office, some of your utilities, etc.
Make sure to speak to an accountant to get details on everything that you can use to your advantage.
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