12 Reasons to start your own home-based business in 2018 (and 3 reasons not to)
The number of people starting a home business has increased dramatically in recent years.
With more people having access to technology than ever before, it’s become easy to work from anywhere and market products and services to global audiences at very low cost.
This, coupled with a failing economy that has left a lot of people with money worries and feelings of insecurity, has created a strong desire in many people to take control of their future by starting a side-hustle from home.
As someone who has run a business from home for more than 10 years, I’ve seen first hand the many great reasons (and some reasons not) to consider starting your own part-time home business - here are some of them...
No more commute
No more standing in the cold waiting for a train, sitting next to someone in need of a wash on the bus, or having to wake up an hour earlier than you’d like...something I dreamed of for 15 years of city life!
Working from home also means you save time, money, pollution and stress. I can honestly say, I do not miss my one-hour commute each way at all!
When you are the boss, you set your hours – this is something that I’ve found totally liberating. I’ve been able to adapt my working hours to suit my children’s schedule as they’ve grown giving me the maximum time on my business and with my family.
I know lots of entrepreneurs who love sports like horse riding, skiing and sailing and have been able to take full advantage of great weather conditions by changing their working hours.
Whether the kids are sick or the mountains beacon, you can simply work around them, guilt free!
With a home-business there is no need to pay for office space or other expensive fixed costs. It can be very quick and easy to get your side-hustle up and running!
Low start-up costs also means you can get into profit quickly!
Earn more/unlimited money
While starting a business should be about more than just earning money (see Why your business needs to start with Why), in today’s world few people can put their hand up and say they earn enough money and feel financially secure for the future.
With shrinking pensions and an uncertain world, it makes every sense to set up a ‘side-hustle’ to fill the gap, give you more peace of mind and more options.
One of the best things about a side-hustle is that if you work at it consistently and listen to all the advice you can get, there can be no limit to what you can earn given time (Rome wasn't built in a day, right?).
These days ‘home business’ need not mean ‘small business’. By leveraging my time, my own business, for example, operates in 13 different countries and serves people in even more.
I can tell you that seeing your income increase month to month is an incredible feeling! And when you start earning a full-time office wage, working part-time from home you will wonder everyone doesn't do this!
While having more money is a great feeling and offers you more freedom and choice, it's hard to find words to describe the feeling of pride and joy you get from knowing that it's something you have created from your very own efforts.
There can be many tax benefits to operating a home office. Depending on your location and business, it can be possible to deduct from your taxes a portion of your home's expenses, such as rent or mortgage interest, utilities and repairs and maintenance.
Let’s face it, no one likes paying more tax than they have to, so this little perk feels like a double benefit.
Do something you love
While many of us take a job to pay the bills, and some of the lucky ones actually enjoy their work, creating success around something you love offers you a whole new level of satisfaction.
Most home businesses and solo entrepreneurs start a business to help others in some way too, giving them real joy and fulfilment.
I help people look and feel better through my products and support, which is already deeply satisfying.
On top of that, I help people set up a side-income of their own and provide them with free ongoing coaching, training to support their success. When I see the people I work with achieving their goals and creating a life they love, it’s even more rewarding than my own successes.
Discover your real potential
When you work in a company, you only grow as much as someone else thinks you have potential to. But when you work for yourself, you will be amazed at how much you will discover you can do!
It’s really the best opportunity I know to learn and grow and for me, that’s the most exciting part of being an entrepreneur. Personal growth isn't often a reason people start a home business, but looking back, it's often one of the things they end up appreciating most.
There are so many things I engage in regularly that I would never have thought I could do! I am definitely a happier and more fulfilled person today than I’ve ever been before; my businesses have been the catalyst for that.
Be inspired every day
When you become a home business owner, if you are open-minded and network regularly (in person and online), you will start to meet a whole range of driven, motivated and exciting people who will encourage and inspire you to go further than you thought possible.
When anything is possible and the sky is the limit, it’s amazing to see what others achieve. It’s almost impossible not to get swept along and start to dream bigger!
Develop your business skills and knowledge
I’ve seen people hesitate to take their first entrepreneurial steps as they fear they don't know enough, but the truth is, until you get out there and try running your own business, you can never be 100% sure what knowledge you need.
The best strategy is to just get started.
Don’t worry about what you don’t know, as you won’t really know that unless you start. Besides, with the help of your coach, network, Facebook Groups, YouTube and Google, everything is ‘figure-out-able’.
Personally, I love continually learning about what it takes to succeed in business. It’s exciting and gives you a great feeling of self-worth.
Even if you only start your side-hustle to bridge the gap between jobs, working on your confidence and skills in the meantime will make you a far more attractive and valuable candidate!
Grow in Self-Confidence
Your business will only be as bold and successful as you feel you are. If in your mind you don’t believe you deserve success, then you will never have it.
If you don’t feel bold and capable when you start, that’s OK – entrepreneurship is a journey that you can follow at your own pace. With each step and each small success, your confidence will grow.
As a shy girl, becoming a home business owner has pushed me out of my comfort-zone more times than I care to remember. There have been hundreds of times I’ve thought ‘I can’t do this’, but then I’ve taken a deep breath and done it anyway. Each time I tiptoe out of my comfort zone I grow. Massively!
Now so many of my friends and acquaintances comment on how different I look – and I feel it too. I’ve started to walk taller, dress better and speak up more. I still feel shy on the inside, but I no longer see that as a barrier, it’s just who I am.
Here’s a little trick I’ve learned that has helped me to make pushing outside my comfort zone feel easier it might help you too.
Ability to travel
One of the biggest perks of being your own boss, is being able to work from anywhere. So if you are someone who likes to travel – a 'home' business can be a great option.
A Home Business can also be an ideal career solution for expats and trailing spouses.
As a trailing spouse myself, there is always the possibility that my husband’s next career move will take us to a new country – with my business, that can work in my favour as I can simply continue my business in our new location, while also keeping my current base in Switzerland.
Enjoy More Financial Security
When you have your own business, it’s yours – no one can take it away from you, unlike a conventional ‘job’.
Some people worry that their home-business will fail, but even if it does, the sky will not fall down. You’ll merely learn lots of valuable lessons that will make you stronger and more successful the next time.
While there are many benefits to starting your own home business, I have seen many people fail for the following reasons. If any apply to you, then a Home Business might not be right for you.
3 Reasons to NOT Start Your Own Business
You don’t have a rock-solid work ethic
While you can set your own hours and work from anywhere, you still need to work, and at times make some sacrifices - like promoting your business instead of heading to the movies with your friends.
As the sole person responsible for your success (or failure) you will need to be self-motivated and work hard. Don't underestimate this. The only person who can guarantee your success is you!
Putting in a couple of hour’s work every other week is not going to build you a successful, lasting business. You need to build consistency and momentum in your business if you are to achieve any level of success. You can’t get results from work you haven't done!
If you are not willing to take your business seriously and work at it like a boss, or if you're simply looking for a way to make a 'quick buck', then you should probably think again.
You are unwilling to put time into your self-improvement
Of all the people I’ve worked with, it’s those who have actively invested time in becoming the best version of themselves who are the ones who have had the most success - and the most growth and the most fun!
Your business will only ever be as strong as you are. The moment your business will start to fail is the moment you stop investing time in learning and being inspired.
You needn’t invest lots of time – 10 pages of a leadership book, or a 20-minute mindset video on YouTube each day can really make all the difference in your business and success.
You don’t want to network
No one can succeed alone. No one. Even with a home-based online business, you need to network – in person, online, or ideally both.
It’s the best way to keep yourself inspired and motivated, discover new opportunities, get answers and find those all-important like-minded buddies who you can turn to for help and support as your business grows.
Networking is also a wonderful way to find potential clients, leads and introducers and keep your pipeline bursting with opportunity.
My home business has made a world of difference to my life.
It enables me to be a very present Mum, spending several hours a day with my children, having fun and supporting their development. I know the memories and the close bonds we are creating now will last a lifetime.
It's enabled me to transform from a shy girl into a happy and fulfilled businesswoman. It's also made me want to share what I've learned with others to inspire more women to create the life balance that works for them.
It's also allowed me to live guilt-free and relatively stress-free - there is always going to be an element of juggling when you have a family, house and business - that's inevitable - but it's far more manageable now I'm in full control of my time, activities and growth.
In my opinion, running your own business is hard work, but definitely worth the effort.
Psst...don't miss this!
If you have ever considered starting your own business, but have yet to take the plunge, then sign up for my 5-Day Home Business Challenge.
Over the five days, you'll get to explore your motivations, start developing a success mindset, understand potential pitfuls and how to handle them and you'll start developing your blueprint for success.
You'll come away feeling more confident and ready to start strong so you can accelerate your success.
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Have You Started Your Own Business?
If you've started your own business, share your experiences below - or if you are thinking about a home business, what are your reasons or doubts? Share them in the comments below and let's see if we can help.