Kip Herriage of Wealth Masters Int’l wrote an interesting piece yesterday and called it his Manifesto. Take a look at his view…. continue reading »
We addressed the "Pros" of having a home based business in Part 1, and will now review the "Cons". You decide based on your own specific situation if they really are such, or are they only "perceived" as such. They may present a new opportunity for you to get creative and move them over to the "Pros" side…..
The Cons (or are they?)
• Some towns do not permit in-home offices or limit them to certain zones. (Usually this is not a problem unless you will be having many customers coming to your place of business and/or parking company vehicles on your premises)
• Will customers be visiting your business (home) and if so will it portray professionalism? (Many people run businesses from home these days, and the stigma of years ago appearing to be a small "Mom & Pop" shop are not the same. Most people will take the opportunity to meet with a client somewhere such as a coffee shop though – keeping personal and business separate)
• If a customer does come to your home business – what would happen if they became injured? How would your insurance be handled? (Another key component as to why people will meet their clients offsite,and not on their premises.)
• Have you addressed how you would handle disaster recovery issues and strategies in the event of an earthquake, flood, or fires, etc.? (When you worked for "someone else" these may be items the company addressed behind the scenes and you may have been aware of them or not. Now, it’s up to you to have backups of all of your business documents offsite. In many situations you may be able to run your business on web based platforms that you can access from anywhere. Take some time and think your plan through and determine how you would operate in the event of an emergency.)
• Start up costs and operating costs. (Yes, starting a business will cost you money. There are many low cost alternatives to purchasing a franchise or brick and mortar businesses though. There are numerous reputable online businesses one can become involved in for a fraction of the cost, that have proven track records of generating 6 digit incomes. Learn to master marketing and even a small budget can have a great ROI.)
• Security of your database and information (Make sure you have all of the systems in place to prevent viruses and hackers to enter your system. There are many products on the market these days)
• The feeling of isolation and the lack of interacting with others. (For some this isn’t an issue at all. Others may choose to network with like minded people who work from home and brainstorm together periodically. You can also join organizations such as your Chamber of Commerce or local associations you can participate in.)
• Household distractions such as children, chores, neighbors, etc. (Working form home certainly takes self-discipline. Set up a schedule that will work for you and when it’s time to be "in the office", don’t let excuses interfere and take you away. Hire a babysitter for a certain number of hours during the day, if necessary. Tell your neighbors, that although you’re home – you really are working, and your hours are "Such and Such")
• Lack of support services such as secretarial. (You will either become proficient at things you didn’t know before and/or, you can hire out part time assistance. There are many high school/college students that could take care of your filing. There are many virtual assistants that could take care of accounting and simple processing of orders, etc. You can outsource most tasks – depending on your budget – if your time might be better spent on something else.)
• Reduced living space. (If this is an issue for you , remember the tax benefits you can take advantage of by claiming your home based business)
Come back again – next time we’ll review how to setup your work station with ergonomics in mind.
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ABOUT THE AUTHOR
Janet Giacoma has the experience to help you with your home based business . Her home business blog has the resources and information you need.
Did you know that 1 in 8 households include a home business ? Did you know that even Fortune Magazine is saying, "Forget the paycheck; your W-2 days are over. It’s a 1099 world now."
While some keep watching CNN (Constantly Negative News ) others are making a great living working from home and recession proofing their income . The days of working in traditional jobs for numerous years only to be downsized because of outsourcing or economy issues are changing many of the populations’ mindset. We’re not as trusting as our parents generation, mainly because we’ve seen the rug pulled out from people too frequently.
Economist Paul Zane Pilzer says, "We’re in the midst of a boom in home-based businesses, and it shows no sign of slowing ."
Technology makes it easier to work from anywhere now. Combined with the desire for greater financial opportunities, a more balanced lifestyle and creating your own security – you may also want to consider joining the revolution !
Leave a comment about how you are recession proofing your income 
Until next time, J.
"Take control of your destiny or someone else will"
