The number of people abandoning their positions at large scale companies to launch their own home-based online businesses is growing daily. The reasons offered for doing so are almost always the same. These people seek to enjoy the freedom they associate with being their own boss, working the hours they choose, having more time for friends and family, working from the comfort of their own home-based office, and avoiding the daily commute. The economy over the last few years has launched the upsurge of the “online business,” attracting many individuals ready to give up the daily grind and pursue their own private business endeavors.
The hope and ambition of the self-employed is to be admired, and the individuals I have the most concern for are those who choose to accept the challenge and adventure of a home based online business. There are 5 common major setbacks that affect those choosing to work online from home, and many start-up home business owners are often not aware of them. It is not the purpose of this article to dissuade people from launching their own home businesses and seeking independent entrepreneurship. Instead, my goal is to increase awareness of the possible pitfalls and offer suggestions to enhance the possibility of success.
1. The “Do-It-Yourself” Individual
Individuals who choose to work from home as self-employed business owners have to work diligently to succeed. The harder they work, the more successful they typically are. Home-based entrepreneurs who achieve success possess a “Do-It-Yourself” type of attitude which is what drives and motivates them. As a new online business owner, you will be the one performing the majority, if not all, of the tasks associated with operating your business. These are tasks normally delegated among multiple people in a larger scale company. You’ll handle incoming calls, pay the bills, respond to emails, handle sales calls, hire and fire freelancers, initiate and maintain marketing and advertising campaigns, fill in the gaps left by freelancers who do not deliver, complete and file tax returns, manage bank accounts and cash flow, and much more.
2. Finding Sufficient Family Time
If you think “firing” your boss to launch your home online business means you’ll work fewer hours, think again. In order to operate your online business successfully, you’ll be required to work longer hours putting forth more effort; the 9-5 daily work routine will disappear. You may find yourself working from the time you wake in the morning well into the night, having meals in front of your computer terminal. As your internet business grows and you become busier, you’ll sleep less, work more, and have less time for your family and friends.
3. The Separation of Work and Home
When you work from your home, you don’t usually have the ability to close your office door and leave things behind until your return the following day unless you are extremely disciplined. Because your work is located conveniently nearby, you’ll find yourself unable to “shut if off.” You’ll find the temptation to check your email, communicate with freelancers, and perform other job tasks hard to resist at all hours of the day or night. Your mind will rarely leave the “work mode,” and as long as your computer is easily accessible in your home, you will work, eat, and sleep without the ability to separate work activities from home activities.
4. The Family Resentment Issue
I secretly wince whenever I hear someone relay their plan to start their own home-based business. I earnestly wish them the most heartfelt success, but I also feel concern for what might happen in their relationships with family and friends. I know that in order for online entrepreneurs to succeed, they will be required to work almost every waking hour of the day, and often times other family members won’t understand why. Your spouse may still leave in the morning to commute in rush hour traffic to work a full day for their boss and endure the return rush hour trip, resenting you because of your ability to remain at home. You might be viewed as lazy, spending your days “playing” on the internet while your spouse leaves the home to earn the family income in what they consider a “real” job. If this resentment is allowed to grow, it most always causes great difficulties in relationships, sometimes even splits and separations.
5. Dealing With Distractions and Stifled Growth
I know personally many individuals who began their home-based online businesses several years ago. Now years later when I visit, I find them in front of the television pretending to be working on their laptop while the children play loudly and distractingly all around them. In addition to the kids causing constant interruptions, their spouse steps in periodically to yell at the kids and these distractions are ongoing throughout the entire work day. I honestly cannot comprehend how anyone can run a business in this type of working environment. It is no mystery why the majority of the entrepreneurs who work from home remain stifled in their business growth and go nowhere quickly. I’ve watched many individuals quit their jobs working for others, deplete their savings trying to launch their own online business, and have to resort to unemployment compensation or social security benefits just to survive and pay their debts while they seek another job outside the home and abandon their dream of successful self-employment.
Starting a home-based internet business does have setbacks and potential risks involved, but the flip side is that it can be the launch of a business with a future of becoming a large profitable venture. Some of the largest most successful corporate enterprises were started by individuals who worked from home. Make sure that you address all the above 5 potential setbacks before you start trying to make money online and both your family and business life will thrive.