Maybe it’s a side hustle, or something much larger?
Many a successful business has started in the home or garage and has succeeded - and some big-time. Jeff Bezos who created Amazon initially sold books out of his garage, and went on to create Amazon in 1995. Mark Zuckerberg created Facebook in his Harvard dorm. Microsoft cofounders Bill Gates and Paul Allen founded their company in a garage. Steve Jobs used his parents’ garage.
“There’s no better symbol for the entrepreneur than the humble garage.” Says Bill Gates.
But you don’t need to reinvent the wheel or have that next big-idea to be a home-based entrepreneur. Home based businesses can range from internet based opportunities through to trades like electricians, plumbers, caterers, gardeners and builders, to professions such as lawyers, accountants, advisors and counsellors to mention a few.
Whether it is by choice or by default, many more people are starting or buying home-based businesses. Each year continues to be a step-up for home-based entrepreneurs. Global pandemics and market shifts have resulted in company layoffs, less stability and more people unable to find traditional work matching their skills.
For some, the pandemic turned everything on its head. Family and lifestyle became more important, and there was a reminder that it’s not a good idea to have all your eggs in one basket. This, coupled with the value of the internet and growth in online opportunities, sparked a heightened interest in “side hustles” and fully-fledged home based businesses.
Working from home can offer great flexibility and an improved lifestyle, along with lower overheads and less travel. If you’re a self-starter, disciplined and focused, a home-based business can be a very rewarding and exciting option.
The key advantages of a home-based business: Flexibility - you’re in charge. Your profitability is usually better due to the lack of overhead costs. There is the easy commute and not having to spend time getting to and from work, as well as the tax deductions from running a business from a dedicated home office space.
By buying a home based business, you’ll get a head start by acquiring a business with an existing customer base and proven track record. You can then concentrate on adding value and building the business.
Our work place and workday world is changing. Companies are downsizing and outsourcing services. Better money, more flexible working hours and being your own boss are cited as the key reasons people like to work from home in home based businesses.
If you have decided a home based business is for you, be sure you are ready for the change in lifestyle and that you have the necessary skills to make it a success. Relish the rewards!