I’m always writing about the benefits and the blessings of having a home-based business. However, the truth is that it isn’t for everyone.
So now I am going to take a different approach, in an effort to prevent someone from making a huge mistake. The decision to start up a home-based business is not one that should be taken lightly. Once you dive in, there may be no going back before huge mistakes are made. So I feel it’s only right that I share some of the downsides to this.
The first downside is the financial investment you must make. Now this will depend on the type of business venture you are going into. Some businesses will require a huge investment (especially if you have to rent space and purchase equipment), while other businesses won’t require so much.
So before you decide to jump right into something, consider the costs that may be involved. And remember that you will have to set aside your taxes if you make a certain amount. This is yet another area that can be tricky to sort through.
The second downside is the time investment you will have to make. Starting up any kind of business requires your time, sometimes oodles of it. Too many people make the mistake of thinking that a home-based business will free them so that they have more time.
It is possible that eventually down the road this will happen. But your initial startup of a business will definitely require lots of sacrifices. It also means you have to consider your family’s willingness to give you up.
The third downside is that in most cases, even in a successful home business, you won’t be ready to retire in a year. Many people think they can finally buy that dream home or send their kid off to college on the money they will make. If money is your only goal, then you are better off sticking to your day job.
Most home-based businesses will help you to just get by. Sure, there are success stories where you can make some extra dough but for the most part this doesn’t happen. Don’t forget that as you are making money, you will also be putting money back into it.
The final downside to a home-based business is that you have no guarantee it will last. It could start off doing well and then level off or take a plunge. You have to be prepared for times of feast and famine. When all is said and done, you could end up losing it all.
I hate to be a downer but these are just some realistic facts that must be considered before you decide to start up a home-based business.
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