It’s no secret why someone would want to run their business from home. Being your own boss, nixing the morning commute, and spending more time home with loved ones? It’s a no-brainer.
Even with all these perks, many aspiring entrepreneurs hesitate to pull the trigger on work-from-home living. Like anything in life, running a home business comes with its share of challenges. If you’re committed, they can be well worth the effort. Even if you’re confident this is the right choice, it’s always good practice to know what you’re getting yourself into.
Unprofessional appearance
One of the biggest concerns of any business is maintaining its blemish-free image. A home business is no exception. While using your home for your business is a great way to cut down on overhead, potential clients might be picturing a shady basement operation.
The image you project to clients is absolutely crucial to your success. Would you want to call someone’s home phone for a business inquiry? The answer is likely “probably not.” That’s why you should consider investing in a virtual office from companies like iPostal1. A virtual office can help you manage mail, faxes, and phone calls while maintaining a professional image.
Adopting proper Zoom etiquette can also help your business image. The last thing you want is for screaming toddlers or dirty dishes in the sink to sabotage a business opportunity. Remember to clean your space, have someone else watch kids and pets, and consider uploading a classy background.
Lack of knowledge
Another major challenge of running a home-based business is a sheer lack of knowledge. If you’re a little green at running a business, you’re in good company.
Running a business can feel like being told to fix a totalled car with no tools. There’s no end to the list of questions that need answering. How do you find clients? How do you set your prices? What equipment do you need? How do you deal with bad reviews?
It’s in a business owner’s best interest to think through all of these aspects of your business from the get-go. Think of the business owners you admire and how they run their businesses. This simple step should give you a good idea of what practices to emulate.
Insufficient discipline
Can you stay on top of work with solid deadlines and oversight? Not everyone can. Many new home-based business owners struggle with self-discipline. While the freedom that comes from running your own business is a huge perk, it can also be a double-edged sword. Sure, you get to be your own boss, but you have to be your own boss.
Most people are used to getting up and reporting to an office and adhering to someone else’s time clock. In many cases, working professionals find themselves caged in by chronic micromanagers breathing down their necks. While these frequent check-ins and solicited opinions can lead to hair-pulling frustrations, sometimes, these helicopter supervisors embody the management style lethargic employees need. If you struggle to muster up enough motivation to get the job done, you may find yourself missing these overly eager managers.
When you become your own boss, you must assume responsibility for planning your days to a tee. You don’t have to clock in, so the temptation to sleep in is stronger. You don’t have anyone watching over your shoulder, so it’s easy to slack off.
You can’t run a home business without self-discipline. While WFH setups are conducive to pyjama days and mid-afternoon naps, ensure your work is getting done.
Ineffective marketing
How do you find clients? How do you communicate your brand’s identity? How do you turn leads into sales? To run a business, you have to understand how to market yourself. Even the most tasteful home office decor, the most detailed business plan, and the most self-disciplined home-business owner can only do so much if no one knows your business exists.
Put your thinking cap on and research different marketing strategies. Find the one that makes the most sense for your specific services and implement it. A good marketing strategy is a carrot on your stick.
Tax compliance
Most people are intimidated by tax law, and the headache only grows when you have your own business. When you work for an employer, your taxes are withheld for you, so you don’t have to think about it. Not so when you run your own business.
Don’t wait until the last minute. Setting up an appropriate tax plan well before tax season is the only way to avoid costly fines and keep your business in the black.
Wrap Up
Starting your own home business is a monumental decision, but it doesn’t have to be stress-inducing. If you come in armed with as much research as possible, you can make your work-from-home dreams a practical reality.
