Think Twice Before Running a Startup From Home

One can say that working from home is the best thing that ever happened in this industry. The comfort and relaxation that comes with working at your own convenience is really undeniable. But it cannot be denied the risks that come along with this.

 

Do you have what it takes?

  • The pitfalls that come with working from home cannot be handled by everyone. There are certain traits one must possess to do so. It is important to conduct some serious and honest self-evaluation before entering into a new start up.
  • Do you have a high level of stick-to-itiveness in you –even when things are getting a little out of hand?
  • Do you usually think things through before making any move?
  • Do you really want to become your own boss and carry those responsibilities on your own shoulders?
  • Do you have the knowledge needed to run a business?
  • Are you willing to work for long hours for little or no financial reward at all?
  • Do you have excellent interpersonal skills and enjoys working with the public?
  • Do you have the ability to lead and motivate others?
  • Do you have the ability to maintain a positive outlook even when things look grim?

 

Having these requisite qualities does not ensure success but it will surely help when things get a little shaky.

 

What are some potential obstacles to success?

 

Not having a safety net.

It is very important that you have enough money saved to support your startup during difficult times, and to keep your business going until it can go back up the competition again. This may prove to be a number one challenge for most startups so make sure you have the support of your husband or wife before taking the plunge.

 

No benefits.

If you decided to quit a job that provides you and your family’s health benefits, you will need budget to fill in the hole. You will have to buy a new medical plan and cover all other health expenses. It may prove costly to buy an individual plan, but this can save you more in the long run should anything untoward comes up.

 

No steady income.

A steady and reliable income is what a traditional job secures that a home-based business cannot guarantee. But if you are a person who doesn’t like taking risks, the idea of being self-employed can only bring stress to you. Remember that when decide to build startup, it’s also saying goodbye to your paycheck.

 

No defined boundaries.

When you’re working from home, it’s very difficult to see the clear divide between your work life and your personal life. Be ready to cope with interruptions from the kids, your spouse, the neighbors and even from the delivery personnel. While it may be great that you’ll be spending more time at home, you have to keep in mind that work takes priority while you’re still building your company, and it is best that your family understands when it’s “work time” for you.

 

Next read…Starting Up? 4 Ways to Turn Your Former Employer Into an Ally

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Article contributed by Startup Jobs Asia‘s Team.

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