A Brief Overview
A home-based business is basically a business that an entrepreneur runs from a home office. They do not have to purchase or rent the property, but they do need to be operating a business out of the same premises. While you may come to believe that home based business entrepreneur work at home, that is not always the case.
Truckers, software trainers, and interior designers are the most common examples of people who may operate businesses but have to travel in order to provide their services. Most online businesses nowadays are full-time home-based businesses. It is also becoming quite popular to see professionals such as travel agents running home-based businesses.
Now, you need to establish whether having a home-based business is the ideal option for you as a small business entrepreneur. If you are looking for the best place to sell handmade items Dubai, then The Home Entrepreneurs may be the right option for you.
In this article, we, at The Home Entrepreneurs for the best online marketplace in Dubai, will help you learn about the advantages and disadvantages of running a business so that you can weigh the pros and cons and make an informed decision.
Advantages of Home Based Businesses
The truth is that there are various pros and cons to operating a home-based business. But of course, we say the same for working in a traditional office as well. Home-based businesses have significantly become the fastest growing form of business start-ups. If you are planning to start a business, you can consider doing it from home.
You will definitely save costs when you do than rent a commercial space. Read more about the many advantages of home-based businesses.
Read more: 4 Reasons to Acquire Time and Attendance Software For Your Business
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Working Hours Are Extremely Flexible
Operating a home-based business gives you the opportunity to manage your working hours quite flexibly. You are free to decide when to carry out tasks and when to take a break from work.
You can also work part-time and fit your lifestyle into your working hours. If you are a family person, you have the liberty to take out time just for your family. Running a home-based business gives you more flexibility with child care, chores, elderly care, as well as other household duties.
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Overhead Costs and Tax Payments Are Significantly Cut Down
If you are starting up a new venture from home, you have the opportunity to cut down your overhead costs and business expenses. You do not have to worry about paying the rent every month or transportation expenses. This will significantly reduce the overhead expenses. You do not even have to maintain separate office premises, thereby cutting down the cost that utility bills would have incurred.
Based on your tax regulations, you will also get to enjoy tax benefits in the form of deductions. You must be well-acquainted with the tax regulations of your region in order to determine if you can get an income tax deduction as an entrepreneur whose home is the primary space of business.
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Less To No Commuting Hassles
In today’s digital age, most individuals have access to computers, the internet, and communications technology that allow them to receive and send messages, conduct research, transfer data, and implement advertising activities from home itself.
This definitely eradicates the need to commute to any workplace every day. In addition, the constant use of smartphones, toll-free telephone numbers, voice mail systems, pagers, etc. have made sure that people will remain connected from anywhere in the world. Immense technology advances have enabled many home-based business owners to generate the same profit (perhaps even more) that they could have generated working a traditional job.
Therefore, as business entrepreneurs, the only commute you will have to do is walking from one place in your home to another. However, if you have work that comprises attending events, delivering products, or meeting clients, this may not be the case.
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Utterly Convenient
Operating a home-based business is extremely convenient. Most business owners are self-employed. You can take up any client you want or turn down any task that you feel less interested in. Furthermore, it will help you in centralizing the basic aspects of your life- home and work- in one place.
Disadvantages Of Home based Businesses
Many of you may be diving into owning a business with great aspirations and hopes. You must be aiming to set your own work schedule, make your money, increase your free time, and spend fewer hours working.
However, only a few people understand the importance of careful planning that is needed in order to achieve these goals. The fact is that there is a lot of self-discipline required to operate a business of this nature. Even home-based businesses can incur losses and fail. Below, we bring to you several disadvantages of running a home-based business.
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May Not Work For You
Even if operating a home-based business is convenient where you live, you may not be able to do it. Problems such as parking, signage, and the need for home-based business insurance might make operating a business the wrong choice for you. If your clients come for meetings, it can create disputes with your landlord or other tenants if you live in an apartment who may get irritated by the non-resident traffic that you bring in.
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Supervision And Discipline May Get Compromised
As a business entrepreneur, you are self-employed. This implies that you are your own boss. You will not have anyone breathing down your hand and fixating on deadlines, of course, except your clients. There will also be no one to supervise your work. Working at home may have an impact on your workflow and efficiency.
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Interference Of The Family
Many of you may eventually find that operating a home-based business means that your work can cause a conflict with your family life. Operating a business out of the home might mean that family time is being taken up by business requirements constantly. You may even have to work after business hours at times, and this can blur the lines between work and home, thereby causing a strain on your family.
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Feeling Of Isolation And Lack Of Workplace Camaraderie
When you work from home, it can get eerily quiet and lonely at times, especially if you stay inside the house all day long. Many people who are running businesses experience the awful feeling of isolation and being out of the circle.
This can be a serious issue if you have spent the majority of your former career in extensively collaborative office spaces with coworkers around you. When you quit that job and start a home business, you do not really have any interaction with others about your work which can be really counterproductive to your business.
To prevent this, you can always choose to hire a couple of people to work closely with you. Your team can work with you physically, thereby taking away any kind of boredom you may experience working alone.
To Sum Up!
Operating a home-based business gives you the flexibility that was otherwise not possible if you are working a regular job. However, it must be kept in mind that working from home calls for immense self-discipline. With extensive discipline and commitment, you can always enjoy the advantages of running a business. Now that you are aware of all the major pros and cons of running business, we are certain that you will be able to make an informed decision for yourself as well as for your work.