Home Business: Pros and Cons

Starting a home business is becoming more and more commonplace these days. Think about it, how many people do you know who are involved in some kind of home based business, be it part time or full-time . Why are so many people starting their own businesses now? Well, I think many people just need some extra money. My one friend always says "life is just so darned expensive!" He is right, life is very expensive these days. The other thing I see as major reason why people are starting their own business is to get out of the corporate rat race and the stress and time associated with it. My reasons for starting my own business were a little bit of both, but more for freedom and peace of mind.

According to IDC, a respected national research firm, there are somewhere between 34 .3 million and 36 .6 million home business households in the United States. I was amazed when I saw that number. So, if you are thinking of starting a new business, your are certainly not alone and you are in very good company.

Before deciding to start your own home-based business, let's look at some pros and cons:

The Pros

1. Time Freedom

When you are in business for yourself, you set your own hours. This is great for those moms that want to stay home with their children. Or for those dads who don't want to miss out on their kids growing up while they are at the office. It gives parents the freedom and opportunity to attend school functions and be part of the things they couldn't while working a typical 9-5 job. With a little bit of planning you can create an effective worklife/familylife balance .

2. A Better financial picture

A home business can have a positive impact on your overall financial picture. Not only will a business bring in money. But, you also cut down on transportation costs, to and from work. Clothing costs for business attire. Food costs for business lunches, etc.

3) A sense of pride and satisfaction

Nothing can beat the feeling of planning a home business and working to bring it to fruition. Your friends and family will be impressed by your accomplishments. You will be proud of whaht you have attained. Your self-esteem and self-worth will soar.

The Cons

1. Loss of security

There is a certain amount of "job-security" that one feels when working for another company. Even if the company isn't a big fortune 500 company, there is still a certain amount of "security" one feels while working for a company. One believes there will always be a paycheck at the end of the week. Well, in starting your own business, you create your own security and your own paycheck. Do you have enough faith in yourself and your business idea to forfeit that weekly paycheck and sense of security? True, if may be a false sense of security, but most people feel it. However, it can be very scary to strike out on your own.

2. Procrastination

With time freedom and flexibility, comes procrastination. When you don't have deadlines or a boss to report to, sometimes people working at home will find themselves doing other things rather than doing those business tasks that aren't their favorites. They might take in a little TV rather than answer emails or phone calls that they should. Take a little longer for that coffee break or make more social phone calls. The cure for procrastination is dedication and motivation. Visit our "Motivation" section of the United Entrepreneurs' Website for more tips in this area.

3. No social life

With many home businesses, you may have little daily interaction with people. Those used to the corporate world and being surrounded by people in their jobs, the coffee breaks etc. might find a home business to be lonely. There are ways to deal with this too. First and foremost is here at the United Entrepreneurs' Website. Visit the member forums and interact with other entrepreneurs and home business owners. You can share ideas, make friends and network. You can work alone, but not by yourself. There are probably business groups in your area that you can also join to fulfill this business social need.

Starting a home business can be attractive and exciting. Make sure you look at both sides of the coin before making your decision. If you do decide it is for you, you will find it very challanging, but the rewards are immeasurable for the true entrepreneur.

To your success...