Having one's own business and working from home has become a dream for many 9-to-5ers. The thought of waking up without an alarm clock and showing up to work in your robe and slippers can be intoxicating to someone who's spent years punching a clock.
But being a living room entrepreneur many not be the perfect situation for everyone. Along with the perks, there's a lot of hard work involved and more than a few home-business failures that should serve as cautionary tales for those who think it will be a cakewalk.
No doubt that starting your own business from home can be very rewarding. But there are no guarantees. Before taking the plunge, come up with a plan and beware of the following pitfalls.
Living at Work
If you thought you spent a lot of time at your job before, be ready. You just moved into the store! One good thing about an office or traditional workplace is that it's relatively easy to focus on the job at hand. It's set up for the purpose of accomplishing the tasks of work and little else.
Your home is set up for the other parts of your life. You can set up a portion of it for work as well, but the other parts will always be there.
What would going to a job look like if the employees each had their own bedroom there? It's distracting enough that there is often a kitchen and a bathroom!
Even if you're very focused and disciplined, there will likely be distractions when you work from home. Spouses, kids, roommates and neighbors are just a few. Setting specific work hours and sticking to them is important. Getting those in your life familiar with and respectful of your prescribed work time is helpful, but not usually 100% effective. Hungry and/or playful pets can be notoriously bad at taking a hint.
The Boss is Never out of Town
The art of self-motivation can be tricky. When you are Chief Cook and Bottle Washer, it all begins and ends with you. Setting up structures and sticking to them can go a long way, but there will be times when a workout, a snack, a walk or [YOUR PREFERRED SLACKING TECHNIQUE HERE] wins out.
There's something to be said for the threat of being called into your supervisor's office when you're not hitting your numbers. It feels bad, but it often works to get you back on the straight and narrow.
If you are not someone who's adept at staying focused and consistently getting your work done, it's a skill you will have to develop. Although you won't get written up if your performance is sub-par, your paycheck may indeed get docked.
Making Payroll each week is not a guarantee
Being a small business exposes you to fluctuations in the market that larger businesses don't always experience. With a small business, one unhappy customer or one contract that you're counting on that falls through can be the difference between success and failure.
Even if you've set up everything in your new business with care, the risks are usually greater. Hopefully, you've set an extra cushion aside for a bad week or bad month, but even that is not always enough.
Yes, in some sense, someone who leaves the security of a job with a regular paycheck for the uncertain fortunes of entrepreneurship must be a daredevil, a little crazy or both. There is the very real possibility of failure.
But for those who cannot be dissuaded, good for you. You are one of life's intrepid travelers.
Now, excuse me while I go update my cashflow - oh, and feed the cat.
Marc Jeffrey Davis is a writer and entrepreneur who's living the good life and doing his best to share it. You can check out his latest website on [
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