Did you know that 52% of small businesses in the US are home-based?
A home-based business is a type of small business that operates within the owner’s home. With the technology constantly on the rise, home based business has gained more and more credibility over the years. There are tons and tons of home based business ideas out there… from computer-repair, tutorials, writers, virtual assistant, pet-sitter… etc. The options are endless… as long as you have the talent, passion, means and dedication, you’ll do well. However, like any other business, you should really study and know it by heart.
So here’s a list of the Pros and Cons of a home-based business to help you decide whether this is the right type of business for you.
- You can start as part-time and continue working on your current job while also running your own home based business.
- The start-up and operating costs are less.
- No need to commute or travel to reach your business location. This saves you travel time, gas costs and wear and tear on your car.
- You have flexible work hours, which means you have more time for yourself and your family. In cases of emergency or important schedules, you can easily attend to it without any hassle.
- You get the satisfaction of being your own boss and there’s no need to worry about getting along with annoying co-workers.
- There’s no need to rent and own an office space or worry about business operations.
- You can wear whatever you want, no need to worry about what to wear every morning. You can even work on your pajamas at the comfort of your own bed. Why not?
- You get to enjoy the perks of tax-deductible home-based business items.
- Your income may be irregular, especially when you are just starting out.
- No fringe benefits such as health, dental insurance, paid vacations and unemployment insurance.
- Your personal and family privacy may be invaded.
- You are more prone to distractions and disruptions since you are just at home and this may interfere with your concentration and productivity.
- Your work space can cross over your home space.
- You may not be able to socialize since you are stuck at home without any co-worker to mingle with.