Lockdown and the pandemic have had a drastic effect on the lives of individuals. Being confined to one space, and having to interact and for something to do it becomes quite hard and painful. Students who have just graduated, and were all ready to enter the job market have to put their plans on hold. The lockdown, through a change in your routine and procedures, could help provide a business outlet. The lockdown is the right time when you can think and ideate about your own home-based business.
Working from the comfort of your home, and starting your entrepreneurship startup, while also having no one to report to and can manage yourself and your business independently. Today when everything happens from a click of a button due to the evolution of technology, home-based businesses have started to take off. This business venture would seem quite the ideal thing to think and plan over as the job markets begin to get affected. People are getting fired or not finding jobs, so many are thinking of starting something on their own and getting kicked out.
To know if this is what you want to do and is suited for you, one needs to evaluate the problem thoroughly. Hence, the best solution would be to list down the pros and cons of startups from home.
Table of Contents
Pros of a home-based business
- Investment – As far as the investment is concerned, home-based startups don’t need large amounts of capital. The need is less as the labor, place, and other expenses are to the bare minimum. The requirement would be less at the beginning and hence would be quite a smooth start.
- Home Bound – Being homebound means that you can make your deals and work locally or internationally; it would depend on you and your vision. The environment and home spaces are yours to claim and hence very comforting and a motivating factor.
- Work and Time Balance – Being the boss yourself, you can decide and dedicate time according to your convenience. This business could either be a fulltime job or half time, again depends solely on you.
- Family – This could become a family venture and get help and pool in from your family members.
Cons of a home-based business
- Space – As your business grows, you might face space issues. One small room in your house might not be big enough, anymore. Further, depending on your business, you might need to rent a space, and the movement might be a hassle.
- Employee and Expenses – As you grow your expenses and the workload will grow. You might need to hire people and think about other costs.
- Lonely – Even though it is comfortable to work from home alone, you might feel lonely and miss human interaction in the workplace.
Final Thought
After weighing out your pros and cons, you should be able to understand what you want. But, if you choose to have a home-based business, there are various options and ways you can go about it—choices of what kind of a business venture you want to look into, your driving force. Think, evaluate, and invest with concern as well as wit your passion and dreams
