Factors That Drive And Deter Home Based Business Startups
A leap of faith might be what is required to mend a broken relationship. But you do need to see a therapist if you attempt to apply that to the success of a home based business.
Wouldn’t it be a dream come true to make half a million dollars a year from the comfort of your home?
If course it is. But be careful not to be misled by success stories you saw on television or read about in magazines. Because the truth is never fully disclosed in these editorials. It wouldn’t even be a surprise that some home business owners get involved in such publicity stunts as their business needs the exposure badly.
Long have the mass media championed the rags to riches stories that entrepreneurs tell. They make it seem so easy and effortless. But beneath all that success, show producers and content creators can inadvertently drive people to financial disasters.
Some people are just not ready to work for themselves. Some are simply too reactive instead of proactive. Some are simply not able to handle the multiple business areas to manage. Some have no idea how to be resourceful. While some think that all they need to do is find something to sell and the revenue will start flooding in. You should know implicitly that we are just starting to scratch the surface here. It’s definitely more than just about making a side income.
If anything, starting up a home based business has a nice balance of pros that encourage action, and cons that deter action. If you are currently at the crossroads on whether to take the dive or to stay with your comfortable day job, maybe the following positive and negative factors might nudge you towards that decision.
Positive factors – Advantages
Be your own boss. For a variety of logical and illogical reasons, not having to answer to anyone can be very appealing. In some cases, you can even give a customer an earful and suffer little to no repercussions. You no longer have to run across the street just because your boss demands a sandwich snack before a mundane meeting. You will now be in total control and be solely responsible for your own financial well-being.
Get rewarded for the value you create. It can really feel unappreciated when you close that million dollar deal for your employer and still end the month with the boring $2500 pay package. You will now be remunerated based on how well you do. The more value you bring to clients, the more you will be rewarded. How’s that for motivation.
Flexible work life. As your own boss, you no longer have to plead for time-off so that you can attend your kid’s performance in drama class. You no longer have to be stealthy when you enter the office an hour late. In fact, now that you work from home, you can actually be more productive and be right at the “office” 15 minutes after getting out of bed.
Decide who to work with. There will no more arrogant office bullies who stab you in the back. You now have full authority on who you want to work with and who you will never hire. Most people probably spend a third of their lives working. It makes perfect sense that you want to spend that time with people that don’t annoy you.
Decide who your clients are. No longer will you have to endure a tongue-lashing when a customer makes absolutely no sense. You can choose who you want to do business with. For me, this might be the best part of working for myself. There were times when I really let prospects have it when they become unreasonable. And I absolutely love that feeling of empowerment.
Set your own targets. If you have been associated with a sales force before, you must be able to recall that sales targets will never be met. Every time a target is met, the boss sets a higher target, and then another one when that is also met. You will now be able to be contented when you achieve your targets. No one will ever be able to set you false and unattainable targets again.
Negative factors – Pitfalls
Distraction at home. Although being at home can be a huge pleasure, it comes with a lot of strange baggage as well. There are just so many things that can distract you from focus. Your children may need attending to, your spouse might request you to drive her somewhere, the television is just a remote control away. No authoritative supervision also means that you could spend your time surfing the net rather than finding leads to prospect. You need a strong will built on discipline to overcome this one.
Self-motivation. Believe me. Motivation plays an integral part to succeed in your own business. While you were working for others, there were colleagues, supervisors, and superiors that hold you accountable for the performances and results you bring to the table. When you are working alone without attention from others, it become so much easier to malinger. If you are not able motivate yourself, procrastination could quickly kick in, rendering yourself useless.
It’s such an irony that most people can motivate themselves to go to work at 8am in the morning while being employed. But they are not able to pull themselves up from bed until 10am when they are self-employed. These “business owners” are usually the ones who go back to being employed within a year when the funds run out.
Insurance. This could actually be the most damning factor that deters people from going out on their own. Group insurance, travel insurance, car insurance, you name it. Your grateful employer could be paying for all these expenses for you while you are obediently under employment. But these expenses become outright recurring liabilities you have to pay out of your own pocket now.
Claimable expenses and benefits. If you have worked for a global organization in the past, you would know that there are all types of benefits and expenses that you can claim from HR. These are benefits for spectacles, car expenses, accommodation, etc. There are even benefits for your child. In fact, I do know people who wouldn’t even consider leaving her company due to the child medical benefits that she would have to give up. These expenses will now be borne by you when you start a home based business.
Challenge of getting taken seriously. If you are going into the type of service that goes for big accounts, you could find that it is a huge challenge to be taken seriously by a corporate prospect. And you cannot blame them. How can a billion-dollar company put their reputation at risk by signing up with when you have no track record of success. If you fail to deliver, it can send tremors that taint the customer’s reputation in the eye of the consumers.
So. Are you ready to take on the world?