- March 5, 2020
Housebound! Obstacles That Can Derail Your Home-Based Business
For many people looking to carve out their own niche as an entrepreneur, a home-based business can be a perfect balance of control and financial savviness. When you’re looking to build up a business in an organic fashion many companies have started from their garage or a spare room in their home. And this is something that so many people have done and will continue to do.
But a home-based business throws up numerous challenges that are different from the typical office-based setup. Some are obvious, and some are complete curveballs. Let’s show you the challenges you could expect.
Whether you are working by yourself or have a group of employees, even when you run a business from one location it can prove troublesome. When you work at home you are, in essence, relying on the technology to see you through. There are so many different factors at play here. There may be problems with the internet in your local area so you’re not able to have as much power going through your computer, which can result in communication issues through Skype. While there are a lot of benefits to working at home and modern technology has made it easier in a comprehensive sense, you still need to have a backup plan. And what if there are circumstances beyond your control, especially in terms of getting projects ready for tight deadlines? When you live in a certain area, there are things beyond your control, especially when it comes to power outages. But while you can contact an emergency electrician to make sure that this is sorted, if it is a problem with the area you live in rather than it being isolated at home, this will result in a lot of downtime and a frantic scramble to get everything back to normal later on. It’s always worth having a backup power supply and keeping your phone fully charged.
Caving Into the Casual Mindset (Or the Exact Opposite)
Many people start a business at home to save money, and one of the big problems anybody can suffer from, regardless of their experience, is becoming complacent with their working environment. When you work at home, things are easily accessible meaning that you only have to get up and have a quick journey to the fridge to get something. But once you start to get into this habit you can struggle to maintain that professional balance. You have to remember that being professional is as much about your mindset and your appearance as it is about the job you do. What could benefit you is to shake it up on occasion. Perhaps you can go to a coffee house just so you are able to get away from your home. But it’s also worth preparing yourself for the day. When you have an office at home make sure that you treat it as if it’s a separate location. When you start to get into the working mindset this can help prepare you. It all depends on your own attitudes to work. It may benefit you to get yourself ready for the working day and put a suit on. And it’s also worth doing what you can to separate your work life and home life as much as possible, even though it’s under the same roof. When you run a business at home you may find yourself struggling to leave your desk behind at the end of the day. It’s important to have a break so you can come back to it the next day refreshed. But as soon as you start to check emails outside of your working hours this is when you can become a slave to the job. We can be too casual with our approach to work but we can also be too dedicated.
Even if you are running a team of people and you may have constant communication the fact of the matter is that you are still separate from everybody. When you run your own business it can be exciting that you are taking charge of your life but you have to remember that there is a benefit to having that social interaction with people. It’s one of the main problems associated with remote working. If you start to feel isolated or lonely you need to take the appropriate steps to minimize this. Perhaps setting up regular meetings with colleagues can minimize these feelings, especially if everybody else is suffering from the same problem. Isolation is a normal by-product of working on your own. And a lot of people will probably tell you they are more productive by themselves. But as people, we benefit from regular contact with others. You may very well be more productive by yourself but for the benefit of your soft skills, ensure that you are keeping in touch with everybody.
Lack of Finance
The first few years are troublesome for any business. Running a business from home means that you can cut the corners financially but there can be numerous cash flow issues. When you are at home and are very cognizant of your bills, money worries can come to the fore. It’s possible to get business loans and cash injections where necessary but you have to remember that it’s about managing your cash flow healthily. When you work at home your business life and your home life mix which is why you need to have two separate accounts, but also get into the habit of billing customers as soon as possible. It’s about getting into the practice of acquiring payment as soon as possible.
A home-based business is a perfect opportunity to build up a side hustle or to get a company off the ground cheaply. But there are so many obstacles that can threaten to derail a home-based business, not just in terms of the corporate components but also in the personal and professional aspects. Being aware of these factors can give you a better understanding of how to mitigate these issues, but also make it a far more enjoyable process.