There are 6 advantages of starting your own business from home.
Starting your business from home may not be a bad idea, especially during this period of Covid-19 pandemic.
It is even more desirable now that many companies are struggling to get their businesses running.
There are also fears of business shut downs and job losses.
Furthermore, people are finding it unceasingly difficult or even risky to travel or move around.
So let us now look at the advantages that may accrue to you if you start a home based business.
Low startup capital
One of the most important advantages of starting your business from home is that you may not need a ton of funds to start your business.
For example, you will not need to pay for store or office rent for x number of years in advance.
In other words, the money you would have paid for rent can be used to equip your new home based office or store.
Starting your business from home: Low operating expenses
Another advantage of starting your from home is that the costs of running your business will be low.
For example, you can create an office or store from your present apartment.
Furthermore,you can deploy some of your household furniture and equipment to form your office or store.
This way you will only pay rent for your house which accommodates your office or store.
Moreover, you can always eat at home instead of eating in restaurants.
Similarly, you will only pay utility bills for your house which accommodates your office or store.
Furthermore, you will no longer commute to city center on daily basis.
You can save yourself of wasting previous hours on holdups.
Start your business from home: Early break even point
Yet another advantage is that your business can experience early break even.
Your business will be at break even point when revenue of your business is equal to it’s operating expenses.
At break even point, your business is neither making profit nor loss.
Your home based business can break even quicker because many of your fixed, semi variable and variable costs will be minimal.
Most importantly, remember that your can only make profits after break even point.
You will have time for your family
Perhaps the most important advantage is that you can have more time for your family.
For instance, you can be in a better position to monitor the performance of your wards.
In other words, you will be in a position to track the academic and social development of your children.
Most importantly, running your business from home can enable you to have a bit of what your spouse goes through daily caring for your children.
Can concentrate more
When you are running your business from home you will be able to concentrate on building your business.
Although there can be distractions from your family, you can choose to do some of your work at night when your wards are asleep.
Examples of things you can do in your quiet time at home include:
- Records keeping
- Evaluating the performance of your business
Finally, you should bear in mind that you will need to work harder to succeed.
For instance, you will need to advertise your products or services, especially at the early stages.
By Samuel Ijenhi
Founder: Ijenhi Business Solutions