Covid has inadvertently persuaded more people than ever to start an online business. We take a look at the few pros and cons of running your online business from home.
Since the start of the pandemic and the inevitable lockdowns and working from home there has been an explosion of people, taking the plunge and setting up their own online businesses. More and more people are taking the leap of faith to go it alone and build their own little business empires with many leaving their jobs or forced into deciding that the time was right for them to be their own boss. Furniture company Kalusto as an example have been operating a work from home policy since their inception and the business has been run as such. They have seen great benefits from having their employees working from home as the business has grown from strength to strength but as they will tell you working from home has its pros and it’s cons and it’s all about adapting.
So below we take a look at the pros and the cons of venturing into the world of start-ups and ecommerce and do it all from the comfort of your own home.
The Pros
Starting a business can be a very scary proposition but there are many rewards by doing so for the budding entrepreneur
1. Independence and freedom
Being your own boss and running a business from home gives you the independence to run the business the way that you want to and gives you the freedom to run it on your own terms
2. Flexibility to do what you want to do
Running your own business from home gives you flexibility in working when you want to work, to relax when you want to relax, take time out if you have to and in many cases not be restricted by the 9-5 rule
3. You will get Satisfaction
There is nothing more satisfying than being your own boss, achieving goals set on your terms and reaping the benefits of your own hard work. Many successful small business owners and entrepreneurs enjoy the get great respect and encouragement they get from many of their own peers, friends and family for taking the chance and going out on their own.
4. Embrace and feel the power
You have the power to do what you want to do, run the business the way you want to and only on your terms and you can have your employees do things the way that you want them done. You have the power to make changes that you think will work, and will only ever have to answer to yourself (and maybe your accountant and bank manager) and no one else. But use that power wisely and constructively and in a way that will benefit your business in the long term and people you may employ.
5. Money Money Money
The money you make is yours to do what you want with, with your business. The risk of not having a steady income can pay off when your start your business, there is money to be made if you are prepared to put the hard work in and you can make a healthy living or at least do very well financially. Although not all small businesses owners get wealthy of the back of their businesses, some do and the opportunity to do so is there.
6. Less Overheads
Working from home and running your own business can reduce over heads and payments that otherwise you would have to make like travel, lunch, petrol
The Cons
But with all the upsides of running your own business from home there are inevitably downsides so here are some of the cons of running your own business from home
1. You’ll will have to work harder, and longer hours to begin with
When you first start out on the road of running your own business you may have to work longer hours than you first thought and your mind may not turn off from thinking about improvements and things you can do much better than you already are. The glitz and the glamour of being your own boss may start to wear thin as when you first start out it can be very daunting, physically exhausting and emotionally a strain.
2. Distractions
Working from home and running your own business does come with a multitude of distractions, be it your children, pet, TV or washing that needs to be done, that short trip to the grocers or just about anything to stop you from working or doing the job at hand.
3. Routine
Whereas working in an office comes with routine working from home comes without any so the opportunity to have an extra 5 minutes in bed and ‘I’ll do that in a minute’ can play havoc with your working from home life and throw all your normal routine out with that washing that needs to be done!
4. No Guidance
When you start working for yourself the guidebook technically goes flying out of the nearest window and all work structure becomes more or less neglected as ultimately you are the one responsible and the buck will stop with you. You will have no boss to guide you or answer to or go to with a query. There will be no one to tell you what you are doing right or doing wrong, how you can improve and what errors you have made. You are on your own, your own island and the early days will be much about trial and error than anything else.
5. Money coming in may take a while
There will be no guaranteed monthly pay check winging it’s way to your bank account at the end of the week or month and unfortunately many small business owners and entrepreneurs may not get a regular salary in the first year. There may be months when once you have paid your overheads there is nothing left in the pot to pay yourself and if the business doesn’t work out you could be left with nothing. The stresses and strains of money coming in could cause issues in your close and personal relationships.
6. You will question yourself again and again
‘Am I doing it right?’ That will be a question you will ask yourself again and again, day after day and at best every action you take to begin with will be an educated guess which can get just a little bit more than frustrating to say the least especially if you have spent money on something and it just hasn’t panned out the way you wanted it to. You will find that some things have just been a waste of money, time and effort but you will learn that with experience comes knowledge and your best guess or chanced arm will become more on point and you will reap the benefits.
Nicola Holder