Home Based Business Entrepreneur-What You Should Know
Being a home based business entrepreneur offers many advantages as well as disadvantages. Like everything in life you are going to have some ups and downs. In this article we want to provide a few of the positive and negative things you can expect when becoming a home based business entrepreneur
1. It can be expensive. Running a business is going to have some expenses whether you do it at home or outside of the home.
Certainly a home based business is less expensive than paying rent, hiring employees, and so on. With some business models you can even eliminate product inventory which can be a savings.
However, you will have costs associated with running a business. It’s impossible to totally get away from things such as insurance, taxes, hiring service providers such as accountants, and so on.
If you start your business on a part-time basis you can reinvest money you are making back into your business which can be a plus. Otherwise you will constantly be tapping your funds to keep yourself afloat which can be stressful.
2. No guaranteed paycheck. When you go to work everyday you know exactly how much money you’re going to make. You know when your paycheck will be there and you can plan your life around it.
Entrepreneurs do not have that guarantee. If you’re running on tight margins, with low cash flow, you may find yourself funding your business and not taking a paycheck some weeks.
It’s best not to go into business full time for yourself unless you have six months operating capital. This should include your salary so you can continue to pay your bills on time.
3. Distractions. When you work from home people think you are always available. The only way to be successful is to eliminate these distractions.
The most successful home based business entrepreneurs actually have set working hours. They let friends and family members know when they’re working and that they are not to be disturbed.
Now here is the good news.
1. You can get rich. There are more millionaires coming from home based businesses than ever before.
The Internet offers many advantages. Starting a business in other ways such as eBay is another way to make a lot of money.
You can provide a service for Internet marketers such as writing articles and make a lot of money. You can even join programs such as affiliate marketing and earn a six or seven figure income. This is documented every day online.
2. Set your own schedule. You will lead a more flexible lifestyle style. Many people who run home based businesses online work at night and sleep during the day.
If you have personal things you need to get done you can take care of them whenever you want. You can then make up for that by working later in the day if that’s your choice.
3. Many opportunities. You can start making money on the Internet from home and then branch into other businesses by reinvesting some of your profits.
Many home based business entrepreneurs also own businesses offline and manage them from home. You will never have a shortage of opportunities to be a home based business entrepreneur.
For more information on starting your own home business and for more home based business entrepreneur information, subscribe to my Free Work at Home Opportunities Newsletter.
Also, for some ideas on starting your own home based business, take a look at the Small Biz / Entrepreneurship page.
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Filed under: Home Based Business
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