These days home is not just where the heart is but also your business. Most home based businesses in America are started by women who employ their own family. These businesses can range from crafts, small tasks and child care all the way to consulting and bed and breakfasts.
Everyone wants to be their own boss, and here are some pros and cons that go along with it:
- Can start as a part-time business.
- More flexible lifestyle and more integrated with the family.
- Lower start-up and operating costs.
- Cost-savings on child/adult care.
- No commuting.
- Flexible work hours.
- Satisfaction of being own boss.
- Increased tax benefits and write-offs.
- Outlet for creative/unique talents.
- Employment of family members by the business.
- Space may be cramped, limiting growth potential and family use.
- Personal and family lifestyle patterns may be disturbed.
- Business and family privacy may be disrupted.
- Long work hours and time away from family.
- Lack of fringe benefits.
- Lack of informal social contacts or opportunities to network.
- Stress due to inability to balance family and business needs.
- Family members and friends may demand more of you when you’re home all day.
- Business activities may cause problems with neighbors.
- Discipline is required to establish steady, homework patterns.
Balancing family and business needs
Having the support of your family will help achieve the balance you need for a happy family life and successful business. Here are some suggestions for helping you strike such a balance:
- Involve family members, where it makes sense, in developing the business plan, and communicate intentions to all family members.
- Maintain a clear distinction between your business life and family life.
- Share home responsibilities with other members of the family.
- Manage your time effectively by developing good time management skills.
- Allow time for family vacations, and limit business hours to specific times of the day and week.
- Start your business when your children are older or consider operating part-time when they are young.
Having a business in your home can be very stressful without the proper support and understanding. Make sure that you are well aware of the fact that anything can happen and that everyone involved in on board to work through it with you.
What is the best advice you can give to someone trying to build a business from their home?