Advantages and Disadvantages of Home Based Businesses

The most common way of spending life nowadays is in the nine to five office grind which never stops. Surprisingly, this grind has now become the comfort blanket for most of the people out there.

To the contrary, researches have shown that working by yourself improves well-being, even though it comes at the cost of your pay check.

A recent study by Solopress shed light on how a ‘Homepreneur’ gives a more practical or mindful approach to your work-life balance. This balance is maintained while you do what you love. 54% of the Homepreneurs confirm that they are earning less as compared to their previous job. However, 85% of them affirm that they are much happier now. This 85 % of people claim that now they can focus on their future and have control of their working life as well.

Let’s have a quick look at the Advantages of Starting a Home Business

– Money Cannot Buy Happiness

There comes the point in life where you realize that it isn’t the fancy pair of shoes or that expensive house, which will make you happy. It is the little things that matter, and that’s what the home-based workers are seeking today.

Homepreneur are saying NO to high pay checks, and they’re welcoming Happiness with open arms.

– Freedom and Flexibility

A routine revolving around the same working hours, a strict schedule, I mean that’s not what we thrive for. Home-based business people can work out a plan for themselves as per their convenience. The best part is that you can mend your schedule as and when you like since it’s yours and you aren’t accountable to anyone.

– Family Life

For most of us out there, it is family which is the most important. Yet we get so involved in our work that we forget about them and end up spending very less time with them.

The corporate are often in this confusion of what to choose – family or work. You certainly cannot miss out on work since you don’t want to miss out on any promotion or bonus. However, you need your family since they are crucial to your well-being and Happiness.

Home-based workers have a chance to create a balance in both these lives in such a way that they can work around priorities and lead a satisfying life.

– Pursue your Interests

It is vital to have a stress-buster in your lives, especially with the stress you all have at your workplaces.

It is challenging for people with a traditional 9 to 5 job to pursue any of their hobbies or interests. However, Homepreneurs have an opportunity to work around their schedule in such a way that they take out some time for themselves.

So be it catching up on a book, learning a new skill or anything else, you’ll always have time for that.

You may also like to read: 5 Reasons Why I Chose to Be a Homepreneur

– Be Your Own Boss

Working as per your guidelines and convenience is still a dream of any. It is the home-based workers who have the leverage of doing that since they aren’t accountable to anyone but themselves.

– Excitement and Sense of Purpose

In the traditional 9 to 5 job, you do the same job almost every day, and thus, it makes your life mundane. It’s almost like there’s nothing to look forward to.

However, when you are in the driver’s seat, it is you who is facing challenges every time, who gets to learn new skills and wrack your brains around a problem. All of this brings excitement and a sense of purpose in your lives, which is something everyone needs in their lives.

– Flexibility to Work From Anywhere

As an online entrepreneur, you need not worry about your physical location. You can be a digital nomad if that’s what you want. In fact, your whole team can be virtual, and you can still communicate effectively.

– Gives You a Creative Outlet

In the mundane 9 to 5 jobs, you don’t have the permission to do everything you want. All you are allowed to do is what you’re trained to do.

As a Homepreneur, you get the power to think out of the box and implement all of your creative ideas in your business.

– Freedom

When you’re your own boss, there’s no limit on how much of profit you earn. However, what needs to be understood right now is that home-based workers are doing what they do not because of financial freedom but because of the privilege to lead their lives their own way.

Everything that glitters is not gold. Though the idea of being a Homepreneur is very fancy and seems perfect, it comes with its own set of disadvantages.

Here’s a list of a few disadvantages of Starting a Home based business

– Long Working Hours

In the traditional 9 to 5 job, you work a certain number of hours, and that’s it for the day. However, when you’re on your own, you’ll have to work an endless amount of hours.

Work will be your central focus at home, and it may disrupt your quality time with family and friends.

– Sacrificing Quality Time

As a beginner, you will be required to give the most of your time to work. This may even come at the cost of spending quality time with your family, friends, hobbies, and every other that you love to do.

– More Hard Work

As an entrepreneur, you will realize that work never comes to an end; there will always be something which you have to look forward to.

It won’t matter how many hours did you put in or how many employees you have for assistance.

There will always be a room for growth which will thrive you to work more and more.

– Uncertainty

It is not an unknown fact that entrepreneurship is an uncertain endeavour. Even though you have all your plans and strategies ready, you can never trust the market and economy.

The entire entrepreneurial process is all about wishing for success; however, you never which course the things will take a turn.

– Risk of Failure

As a start-up, it will be you who will be investing in your business, and later, of course, you will find investors for yourself. However, if your business tanks down, you will lose all your money.

Before you start off, you need to mentally resilient to cope with the possible failures which might come your way.

– Financially Demanding

When you’re the entrepreneur, you’re uncertain of when you’ll get your next pay check.

With this uncertainty, you will have other bills flooding in your mail, and thus, becoming an entrepreneur is financially demanding.

Indeed, success does not come without failure. However, the question is if you have the strength to cope with the failures which will come your way.

Closing Words on Advantages and Disadvantages of Starting Home Based Business

Everyone dreams of becoming a successful entrepreneur or becoming a Homepreneur; however, are all the opportunities for you?

Think and then make an informed decision.

Wanna be a Homepreneur? Download the Checklist for Starting a Home Business and run it successfully.

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