google-site-verification: googlee0a3012d902528f7.html Obstacles to run a home based Business - myhomebusinessblog

Obstacles to run a home based Business

Home business is where you sell products or services from you home, but there is a difference between a home business and home based business. Home business means that you are working from your home and earn the money, home based business is you are working from home, and also, you go out to provide services.  But in starting your home business, you might come across some obstacles that are also, detailed below, and it will be advisable for you to go through everything and figure out the ways to overcome these obstacles before you set up your business.
1.    Need capital to start your home business
There is no doubt that you will not need big investment to start a home business, but if you are living your day to day life on a very tight budget, you might have to find some extra cash to support your business. You have to remember that you don’t get any income before investing some money. For example, if you are starting a bookkeeping business, you will need money to buy a computer, an accounting package, a payroll package and a small advertising costs.
Some people use their low-cost credit cards or borrow money from family and friends. But you have to set up a small budget to check to see whether you can afford to pay the loan back. It is also important that you keep proper records, to help you to find out the success of your business.
2.  Affordable Insurance
Health insurance is important when you have a business at home on a full-time basis, if you fall into some serious illness, you will not be able to work till you recover but you will automatically incur the expenses that will end up in bankruptcy. You have to figure out as to how much it will cost you to have insurance. Also, it will be expensive if you have the history of illness. If that is the case, if you are living with your partner, he should be able to get the insurance for you as well.
3.  No regular income no money to pay the bills
When you are starting up any business, there is no guarantee that you will succeed and even if you succeed in the long run, it will take few months to receive any income right from the start. But you cannot avoid your bills need paying within a limited time. Therefore, you got to make sure that there is a backup program to help you out till you start to receiving money from your business. If you are expecting the people around you to help you, think about whether they are trusting you and your business to support you.
4.  Not sure what to start for with your home business
When deciding to start your home business, it has to be your passion, something that you will enjoy doing. Analyse your work experience, your qualifications and your past business experience either at work or with somebody else who is already running a business. Think about your most interesting hobby, get in contact with home business networking forums and take a time to make your decision. It will not be a good idea to rush into things, once the mistake happened, you will lose your interest and confidence you might find it more difficult to start all over again.
5.   Learn to discipline yourself
When you are running your home business, you will always have a tendency to be disorganised, but it is vital that you overcome such tendency and stay organised. To be organized, you have to have a notebook and plan your task and times and enter it in the book on a daily basis. Once you have organised you have to be consistent with it, stick to your book, and keep going on like that on an ongoing basis you will reach a success point.
6. Lack of confidence
Some people want to have a business, but they feel scared to take risks, on the financial side, they fear that they will lose the money. But remember if you want to be successful you have to become a confident person if you need some inspiration try and be with the people who will inspire you. If you continue to do the things what you are doing at present in spite of the criticism by the other people, you will become a confident person. Some people always think of the past mistakes and keep those negative feelings forever. We all have to learn to live in the present and learn from the past mistakes and try to take risks, to do better things and go further to be successful
7. Accounting for home business
For your business to be successful, you need to know the costs involved, in the production of the product to price the product. Maintaining records for any business is crucial, as you have to know the financial position of your business. Record keeping is essential as to calculate the profitability of the business, another thing having a cash flow projection is also crucial as any business cannot succeed without a cash flow projection. If you are a newbie to finance, it will be advisable for you to outsource the finance work to a bookkeeper so that you can free up your time to develop your business if that is what you are good at doing to achieve your goal.
8.  Not enough time for your home business
People feel that they don’t have enough time to start the business, finding time is a matter of making the time for your home business tasks. If we organise our daily tasks, we should able to find the free time to do anything. Setting up a business takes a lot of time, but for that, you need to write everything down and draw up a plan in an order so that you can perform the tasks properly. I f you are working full time, you can start doing research for your business on a daily basis for an hour or two, after work. When you have finished all the research like products to sell, finance for the business, advertising your business, by then you would have gained lots of confidence. The best way to achieve the full potential after this is to reduce your working hours and start your business on a part-time basis. Once you have settled in your part time business, you can plan to leave your job and fully concentrate on the development of your business.
9. Loneliness when you are running your home business
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When you are running the home business, sometimes you could feel lonely and depressed, in particular when you don’t have enough customers, the customers will bring the money, and also they will keep you motivated. I don’t think that depending on customers or other people to motivate you is a wrong path, keeping you occupied with lots of work will keep you motivated during your hours of business. You have to have a positive mind-set about developing your business and having the people around you, maybe your employees or your family members who want to join you in your business.
10. Have you got enough space in your house to work?
Last but not least, decide about space for your home business in your home, needs a segregated area without any disturbance. The confidentiality of the business is crucial and losing some paperwork concerning the business could be possible. Therefore, your working area is free from interference, distractions all these will slow down your progress. In the event customers are visiting you, you don’t want them to be put off by these obstacles.
11. You should have peaceful home
If you are living with other members of the family, it is that they are aware that you are starting a home business, and you will want a peaceful atmosphere for certain hours of the day. Also, you have to know that you might incur some extra expenses in the home for your business, So, budgeting is important, and then have a discussion with your family about dividing the responsibility in making the payments to those bills. You have to have few discussions with the people whom you live with and come to an agreement before you start thinking of starting your home business.