Home-based Business: Is It Right for You?

woman using her computer

As the COVID-19 pandemic swept the world, a large proportion of the workforce sought alternative work arrangements, especially in fast-paced cities. In most countries, working at home became a policy priority for the governments. In doing so, the current situation provided insight into how working from home can play a vital role in reshaping the current work structure.

According to Global Workplace Analytics, 25 to 30% of the workplace will be working from home several days a week by the end of 2021. This new trend may sound like a feasible plan, especially to entrepreneurs who want better control of their time and lower overhead costs for their business.

While working from home comes with many advantages, not all businesses can easily choose between working at home or an outside office. It requires planning and research to determine if working at home is right for you. To run a successful home-based business, you have to create an office space that promotes productivity in a non-traditional work environment.

To help you decide, here are a few things you should consider before moving your business to your home.

Location

You don’t have to live in a large mansion with a manicured landscape to operate a home business. But your property should be attractive enough to prevent scaring off potential customers or clients. Knee-high grass, peeling walls, dilapidated houses, and other neighborhood eyesores are all major turnoffs that can ruin the reputation of your business.

A poorly maintained property will give the impression that you have poor management skills. If you plan to run a business inside the comfort of your home, everything needs to look organized and respectable at all times.

Let’s say you are running an interior design business. If you will receive clients in your home, make sure that it will look like a client-worthy home office. Incorporating home office design ideas can be a great start.

Since the rustic design is a huge trend for home offices, you can decorate your workspace with antique bookshelves and furniture, barnwood shiplap walls, and a large vintage desk. So next time clients walk into your home office, you can accommodate them into your classy and comfortable meeting space.

Another factor in setting a home business is the suitability of your home. Unless your business is virtual and no one is going to see your premises, you can simply work anywhere you like. But if you will be receiving people once in a while, they will expect your house to look like a “real” office space.

Clients should be able to do office-related activities, such as sitting down for a meeting and signing papers in an office-like environment. Ideally, a home-based business should have an entire room dedicated as an office space. It should be in an enclosed area of your home, where you can get some quiet time. Privacy is very important, especially if you share the house with roommates, your spouse, or children.

two women looking at a laptop

Work style

Although everyone likes to fantasize about working at home, this type of work setup is not for everyone. Before deciding if a home-based business works for you, you need to consider your work preferences.

A home-based business calls for self-discipline and the ability to manage your own time. Although you don’t have a boss that monitors everything you do, you have to stay focus on your task or you won’t get anything done.

Working from home involves working alone at all times. The only contact with your colleagues is through virtual channels. You should have the skill of delegating tasks despite the lack of in-person contact.

Also, working at home can lead to feelings of isolation. This work setup may be difficult for those who prefer working in busy office environments while surrounded by people.

Another factor is the stress brought by running a business and living with a family. In a work-from-home survey by Statista, 12% of respondents shared that distractions at home are their biggest struggle with working remotely. If you have difficulty separating your business and home life, think twice before starting a home-based business.

Personality

Having the right personality is another determining factor in managing a home-based business. While many people think that working at home means having a natural extension of their hobby, having that reason is not enough to run a successful home-based business.

Successful entrepreneurs are those who have the right attitude, such as self-reliance, self-confidence, competitiveness, perseverance, and the willingness to take the initiative. Although being enthusiastic about your business is a great quality, it is your determination that will get you far and put your plans into action.

Deciding whether to start a home-based business should not make you feel daunted. After all, shifting to a non-traditional work arrangement involves a careful decision. But if you decide to start your business at home, treat it as a great learning opportunity for yourself.

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