Many of us will be thinking, in one time or another, if we will be fit for a freelancing or home-based business. A freelancing or home-based business is perfect for those who want to nurture their entrepreneurial spirit but may lack the resources to do so. But, of course, there may be risks, as well. So here are the pros and cons of having a freelancing or home-based business.
Pros of Freelancing and Home-based Business
1. Minimal or zero overhead
It is the most obvious advantage. When you work from home, you do not have to pay for business space rental, electricity, water, parking, or even food. You can allocate your budget into other business expenses. Once you start earning, it may be proper to contribute a small share to the household expenses.
2. Less time on the road
You no longer have to deal with traffic, unexpected car problems, or the number coding scheme because of the wonders of modern technology allowing you to keep in touch with your clients or suppliers without having to step out of the house. Thanks to phones, computers, and other communication devices that made it easier for us to do business at home.
3. There’s help when you need it
Working in your own home also allows other members of the family to help you whenever you need an extra pair of hands. This will come with very minimal or no additional cost at all.
4. More time with the family
Freelancing and home-based business are ideal for mothers like me, who want to be financially independent but at the same time become hands-on with taking care of the family. By working from home, they don’t have to constantly worry about taking time away from their children.
Cons of Freelancing and Home-based Business
1. Getting motivated
This is especially true for those who are just starting out. The urge to kick back in front of the television or take a nap on the sofa may seem tempting when faced with the stresses of a start-up business. In this case, self-discipline is very important. You need to set guidelines for yourself, about when you can relax and when you need to buckle down and get to work.
2. Labor doesn’t come easy
Your family is around to help but, of course, not all the time. Sometimes school, work responsibilities, or other factors affect your mood. You cannot expect your spouse or your children to assist you when they have their own responsibilities to deal with. A solution for this is to pay your household help a little extra at the end of the month so that you have an extra pair of hands when you need them the most.
3. Distractions abound
Children, especially, will not be able to understand why they can’t have your complete attention all the time when you have a business at home. Some may be unruly and loud when you’re conducting business over the phone. Or a pet dog can make a mess out of your business papers. Those things can be a factor for your to take into consideration when deciding if you want to have a freelancing or home-based business. Make sure you clearly designate an area in your house as your office and explain to everyone that when you are in this room at this hour of the day that you are not to be disturbed.
The bottom line is - starting your own freelancing or home-based business requires an extra level of commitment to yourself and to your work. Run it like you would have an office-based business so you need to set goals for yourself and for your company and you need to keep track of them to monitor your progress. This way, you will know if you are making full use of the advantages at hand. And if the disadvantages are getting in the way, then you should also decide from there. Do not be in a rush to set-up a business empire just yet. Just start small and see where it will take you. If you need more tips on freelancing and home-based businesses, just send me a message.
SOURCE: Lim, Candice. (2008). Home can be where the money is. Entrepreneur (Special Edition). 8-10.