Pros and Cons of Home Business Opportunities

According to extension business and economics specialist Jim McConnon, accessed from Business.gov, there are advantages and disadvantages associated with a home-based business

Advantages:

• Can start as a part-time business.
• More flexible lifestyle and more integrated with the family.
• Lower start-up and operating costs.
• Cost-savings on child/adult care.
• No commuting.
• Flexible work hours.
• Satisfaction of being own boss.
• Increased tax benefits and write-offs.
• Outlet for creative/unique talents.
• Employment of family members by the business.

Disadvantages:

• Space may be cramped, limiting growth potential and family use.
• Personal and family lifestyle patterns may be disturbed.
• Business and family privacy may be disrupted.
• Long work hours and time away from family.
• Lack of fringe benefits.
• Lack of informal social contacts or opportunities to network.
• Stress due to inability to balance family and business needs.
• Family members and friends may demand more of you when you’re home all day.
• Business activities may cause problems with neighbors.
• Discipline is required to establish steady, homework patterns.

Buying a Business

According the U.S. Small Business Administration, there are both advantages and disadvantages associated with the process of buying a home business:

"Among the many favorable aspects to buying an existing business is the drastic reduction in startup costs. In addition, cash flow may be immediate because of existing inventory and receivables.  One of the biggest downsides to buying a small business is the initial purchasing cost. As developing the business concept, customer base, brands, and other fundamental work has already been done, the costs of acquiring an existing business may be greater then starting a new business."

Pursue a Startup Opportunity

Rather than purchasing a pre-existing business or franchise, many home business entrepreneurs work in start-up capacities to turn creative ideas and innovative products into successful business ventures.  

Perhaps unbeknownst to most, big business giants such as Apple Computers and Hershey chocolate began as home-based start-up businesses prior to achieving global success. 

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