A home based opportunity carries risks that you need to be prepared for. Being prepared are easier for some than others. For example if you come from a family of entrepreneurs then your awareness is very different to those of government or corporate workers.
Why Am I Sharing This Risky Ideas With You?
With all the changes, in South Africa and around the world, more and more people are taking the risk by starting their own small businesses. And taking this risk can be liberating for some and debilitating for others . Today I am talking to the others. It’s important that people, who consider a small business, be aware of the risks.
Why Did I Decide To Take A Risk?
As I grew up I was told to get something behind my name before I start a business. This is what I did and I got involved with corporate; the guys who pay you regularly but just enough to keep you quiet, they give you a pension and a company car. You think you have all the security. Unfortunately; while there you cannot see through the illusion.
There’s freedom in starting a small home based business and therefore taking risks.
Let’s consider a few risks when you start your own small business like Coffee News South Africa.
- Lack of financial security: You will not be receiving a regular salary each month and your small business income will initially be smaller in comparison to what you received in your corporate job. This can change depending on your tenacity and drive. Today some of the largest and most profitable businesses were first small home based businesses. Therefore reward is always in direct proportion to risk.
- Do You Have Enough Cash To Take You Through The Start Up? No business will ever be successful if you do not have the cash to survive the first couple of months. In order to do that you need to carefully consider your own cash flow forecast before you start.
- You Are Solely Responsible For Your Own Time: This may seem like fun but when the going gets tuff you are on your own. The tuff times are directly proportional to the time (discipline) you spend working towards your goals. Discipline becomes your second name. Unfortunately many home based business operators become Mrs. Comfortable. And it’s easy to become comfortable; remember you are at home. We have noticed that friends pop in unannounced and stay because they can’t relate us running a business being at home.
- Not Setting Goals Is The Downfall Of Many Home Based Businesses: Decide today if you have enough time, can create a schedule, set goals and stick to it no matter what. If you cannot then don’t even consider a home-based small business. However, if you are willing and able to set your goals and work towards them, then having control of your own time is an incredible advantage. Because you will have more freedom to do the things you would never have done working for your boss in the so called secure job.
- Isolated From Your Social Network: Starting a small home based business requires you to be sociable but you are not forced to. This is the danger, even for seasoned pros. The real problem comes when you are shy or over conservative. Most of the small businesses I know depend on social interaction and you have no choice but to allot a significant portion of your time to socialise with contacts and to meet new (business) people. If you start spending more time behind the computer than out there your business will suffer.
As I said; this advice is not shared to discourage you from taking the small business plunge! Life is all about risks but you need to be aware of them. Being aware prepares you with knowledge allowing you to compare your own ability, personality and skills against the risk factors before you get involved. It’s also important that you start a small business that has a proven record .
Unfortunately most people won’t take risks and then end up thinking of what may have been. I want you to consider the list and decide how you intend to overcome these obstacles in your path to freedom.
Like anything else, any work from home opportunity comes with pros and cons. All you need to do is decide what you really want in life; do you want to travel to work and face the boss daily or do you want to earn income working from home? Then focus on you goals because it will motivate and move you closer and closer to be successful at your home based business while enjoying the benefits and the liberation it brings.
Regards
Johan Horak
P.S. Here’s a list you can use to plan the start up of your home based business .
