The main reason that some people take opportunities when they arise, and others do not, is that some people are ready.
They have their business plan ready and all they need to do is take advantage of the opportunities.
Where can you find the right business plan?
If your business is based in the United States - click here
If your business is based in the U.K. - click here
Ideas To Action.
Part 18 - Home Business.
It is quite likely that, unless you are working in an extremely niche market, your business faces some pretty tough competition on a daily basis; especially if you are in growth mode. Most businesses are constantly looking for places to drive down costs and expand margins and you will feel plenty of pressure to make sure every aspect of your business is functioning as efficiently as possible.
Many businesses in the current climate choose to lower major costs by scaling back their offices, and in today’s world of connectivity, many business owners even start their businesses without ever stepping foot in an office to begin with.
Operational costs such as rent, computers, printers, telephones, and other office supplies can take up a pretty big chunk of the budget every month, and studies have shown that letting employees work from home can boost productivity, which can be extremely beneficial for the bottom line.
Of course, this setup is not without its obstacles. Whether it is distraction or difficulties with optimizing the right team, there are many challenges to running a home business. The key is to do everything in your power to conquer those challenges so that your home business runs just as efficiently as any traditional office-based business.
Reasons to start your business from home
- Start now - Stop making excuses! If you start your business from home you can begin immediately. It does not matter if you are still researching your idea or refining your products and services, the sooner you start working from home, the sooner you can start making a profit.
- Low overheads - Not only will you save money on renting or buying office space, but also on the cost of letting and maintaining it, business rates, utilities, cleaners, travel expenses, even buying food on the go. By sustaining low overheads you can keep your cash flow in check and broaden your profit margin.
- Time - Losing your commute gives you a more productive workday and more time to relax. Remember an hour's commute each way five days a week equates to a whole working day.
- Flexibility - Running your business from home allows you to choose working hours that suit you, your customers, and your family. Use this to your advantage by making yourself more available to client calls and meetings than your competitors.
- Organization - You have free reign to decorate your office in a way rented space may not allow, meaning you can organise your work environment in a way that puts you at your most productive.
- Tax advantages - You can deduct a part of the operating and depreciation expenses on your home, including a percentage of rent or mortgage payments, property taxes, insurance, utilities, and expenses for household maintenance.
- Family - Your partner, siblings, and / or family can help with the running of your business if you operate your business from home. Not only will family members often work for free, but you will have the added benefit of spending more time with your loved ones.
- Reduced stress - The low cost of setting up a home business means the risks - and therefore stress - associated with it are reduced. With minimal time lost to travelling, you will find it easier to cope with any family troubles as well.
- Break-even quickly - Keeping overheads low means a more profitable business, and you will be breaking-even quickly. Whether you choose to invest the extra cash back into your company, or simply give yourself a larger pay check, you will quickly appreciate the benefits of a home-based enterprise.
- Keep your job - Starting a business will feel less intimidating if you already have a steady income, and working from home means you are able to work around your existing hours for as long as possible. But remember that in order to make a success of your company, it will need full time attention. Eventually you will have to take a leap of faith.
Ideas To Action - next
A Great Business did not just happen - It was planned that way.