Your Personal Finances

Employment Issues

Wouldn't it be great to work out of your home? Imagine it, getting up when you feel like it, working in your PJs, and having no boss telling you what to do. Well, sorry to burst your bubble, but running a home-based business is usually a lot of hard work and sacrifice.

Make sure you are ready to be your own boss. Ask your self these questions:

1. Are you a self starter? Successful business owners don't wait around for the phone to ring. And they don't let the stereo, All My Children or a pile of dirty dishes entice them from their desks. There won't be anyone looking over your shoulder, so you have to be your own boss. And the isolation of working alone is another issue you have to consider.
   
   
2. Are you disciplined and organized? Joining the ranks of the self-employed will not free you from deadlines and heavy workloads? Your clients will still judge you on your ability to produce. Miss a deadline or slack off on quality and you may lose a client.
   
   
3. Do you have a positive attitude? Staying positive is crucial since you'll have to ride lots of ups and downs while running your business.
   
   
4. Do you like competition? Remember that people striking out on their own are growing in numbers and if you can't do the job, there is likely someone out there who can – and probably at a cheaper price.
   
   
5. Can you get along with all types of people? You'll run up against all types of temperaments from suppliers to clients. There's nowhere to hide when you are the business.
   
   
6. Are you prepared to work long hours, six to seven days a week, including holidays? Forget 9-5. The buck stops with you and you will only get out of your business what you put into it. And that may mean long hours, especially as you get established.
   
   
7. Can you adjust your lifestyle so that you may not have a steady income? Often there is lots of cash outlay and little cash inflow when you start your own small business. Living on credit or limited funds is often the only way to survive the first lean years – before you get out of the red.

It may sound like an ideal situation but working from your home has its challenges. It takes some serious soul searching to tell you if you have the right kind of personality to stay home alone.