Rewards And Challenges Of Running A Home Business

If you've read about what is a home business and been through the history and evolution of a home business, you'll be interested to discover the rewards and challenges of running a home based business.

Here we go into detail about both the rewards and challenges of starting up a home business and running a home business.

rewards and challenges of running a home based business

Rewards Of Running A Home Business

There are many positives to running a home business; the business can be set up around a passion, hobby or skill that the owner is enthusiastic about. This approach allows for creating a business for home owners targeted to a passion.  The owner becomes his or her own boss, and the business can - theoretically – be run flexibly, with the hours worked chosen to fit around other commitments.

There is no commuting, either cost or time, and the home office can be designed to fit the requirements of the business owner, and more time and focus can often be given to one’s self or family. There are many types of businesses you can start from home.

Home businesses are more likely to use other home businesses/workers for their resources. A team of home based employees can, if necessary, be hand-picked to benefit key areas of the business where the owner needs additional skill sets, and work can be easily steered in the direction that the owner chooses.

With the growing product sophistication, steadily falling costs and increased choice and efficiency of suitable IT and telecoms solutions, home working and/or running a home business on a ‘remote basis’ is becoming ever easier.

Challenges Of Running A Home Business

A home business does not have a guaranteed source of income. If the owner or employees are unable to work, then that can often mean there will be no money coming into the business.

An independent business will not, for example, be able to rely on a large company’s I.T. department for help with computer systems, and may have to pay for expensive repairs or solutions.

For some, working alone in a home business can be isolating, without colleague or social situations. There can be issues around motivation when not working in a team. Joining local networking events, business networking sites can help home business owners to stay connected within a business environment.

Home business owners can find it hard to switch off from the work environment, and business matters can often encroach on to family time.

Checks have to be made with local authorities to ensure that there are not rules or covenants in place to prevent a business being run from a domestic dwelling. Insurance premiums may go up if a home business is being run from a house. 

Special provision is made in UK tax laws for home businesses, including expenses that are allowable if running a home business. For employers who use home workers they still need to comply with appropriate Health & Safety measures to protect their staff when they operate from home.

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