Considering a Home Business?

 

A common move for people who want to make more money or for people who have some kind of skill that they want to advance and turn into a profitable activity is to turn their home into a place of business. Their home does not necessarily become a storefront, but they do make it the base of operations for a new small business. This can be a very smart move and a lot of fun. Your home becomes a means of making money and not just a way to drain your finances and you are probably going to be doing something you love. However, it is not all good. There are things that come along with turning your home into a business that are problematic and can cause you a lot of stress and can turn your fun side project into an all-consuming black hole that just sucks your entire life inside and what it spits out is hardly recognizable. That might be a little dramatic of a statement for most people’s circumstances, but there are definitely drawbacks and you should be aware of and plan for if you are dead set on taking your home and making it a den of profitability.

One thing most people do not consider and do not realize until it is too late is that the government is going to have a say in what you do, and you need to make sure you do everything by the book and in accordance with the regulations your local and nonlocal governing bodies have put into place. You have to examine this from every level of government and be sure that you are satisfying all of the people that might take issue with what you are doing. The federal government might not care that much (But you should definitely be careful to be sure of that) but your state and city are definitely going to want to have a say in what goes on and your HOA might also have a problem with what you are doing. A nosey HOA with rules about what kind of business you can run from your home and a rule that might say you need their permission can hold you up a long time while you get started and that is time that cannot be used to start selling your product or service. If you hate bureaucracy and want to avoid it, starting a business in your home is a good way to attract it.

Your home is also not the most ideal working environment and you might find yourself not wanting to work on your business at all while you are there. This can be a major problem for people who just work from home for a job that is not based there, and you are going to be doing something a lot more taxing. Your home is probably not a place where you are used to doing hard work, and even when you do hard work there it has likely been more of a fun project or general maintenance of your home instead of really difficult work for money. This means there are going to be distractions that you need to ignore when the time has come to get down to business on something really important that has a deadline that cannot be missed. You are going to have to turn your home into a place where you can buckle down and avoid the calls of leisure and sleep when they inevitably come. There are going to be times where you want to do nothing more than set down your work and just enjoy your home for the qualities that made it a nice place to live. You need to be ready to stifle that thought and keep going on whatever it is you were doing.

Of course, buckling down to do the job means you are going to eventually hate doing the job. If you got into the idea of turning your home into a business because it meant you could do the thing you love more often, suddenly you are putting that love in jeopardy. If you do what you love too much and without breaks, it stops becoming the thing you love and starts to be the thing you hate. If that happens then you lose the core reason for what got you started, and all of the wind goes out of your sails for further work. In ways, this is going to be inevitable. Your enjoyment of what you are doing is going to go down and that will make you less productive and you might even come to hate what you have done to your home. However, there are ways to turn this feeling around. If you pace yourself and do not try and do too much work too quickly, you might not reach that negative place and you can hold on to the magic of your situation a little longer.

Finally, what you are doing is creating a business and businesses are hard, can fail, and are risky propositions. As I have mentioned over and over again, this is going to be hard work and might not be something you really want to take on. Further, if you invest a lot in the creation of the business and it does not work out, that can mean a big loss for you and since it is a home business that means the loss will be particularly personal. However, one of the reasons you probably decided your home would be a decent spot for this new project is because you do not have to pay for a new place to set up shop, so the risks are not as great as if you had to devote a lot of money to an office building or a smaller office in a complex of other small offices. But the risks are not non-existent. There are definitely going to be potential pitfalls and you are going to need to look out for.

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