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The Pros to the Cons of Working From Home

By Kimberlie Hutson

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Published: 26Feb2009
Word count: 810
Viewed: 289 time(s)

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Working from home and being self employed might be something we've all given some thought to at some point in our working life, knowing that the money you're earning isn't going to the bosses holiday home fund, not spending an hour every day stuck in the same rush hour traffic or squeezed onto the same train next to the same guy who seems to have boycotted the concept of the shower. If it was that good an idea we would all do it right? There are so many risks though, and for most, the fear of those risks will stop them pursuing their dream. Lets have a look at some of the biggest issues and how they can be overcome.

The first thing you'd have to think about would be what are you going to do? What do you do at the moment, what did you do in your last job, what was your all time favorite job? Could you take a skill you already have and go freelance? If it's something you've done before you'll know the market. Do you have a hobby or an interest you could make a living out of? Is there an obvious gap in your local community market you could fill? As long as you have a unique selling point (USP) and a passion for your new business you are off to a good start and you can get on with your research.

Another point which might be stopping you working from home may be the social side. Office banter can be fun, and if you're particularly sociable the thought of working from home with only the gold fish for company might put you off. If you need another person to bounce ideas off, try the internet, there are thousands of forums out there for every type of industry. You're not limited to the guys in your office, you've got the whole world at your finger tips - go on, talk to them. If its purely the social side of things you'll miss, see this as a new opportunity to take up a new hobby or activity this could open up a whole new social circle for you. Maybe there's a dedicated group in your local community for people who work from home, if not, you could always start one. Are there people in your street who are self employed? Maybe they could come round for 11:00 coffee? Not only do these keep your social life active, they're good ways to network too.

What if you fall ill, or you want to take a holiday. You may be a great boss to work for but can you afford to pay yourself holiday or sick pay? You may simply have to bite the bullet and realistically decide that a holiday isn't going to be practical for the next year or two until your business is up and running. If this is going to be the case, try and schedule some weekend breaks in the country, or better yet, arrange to visit friends. Keep it cheap and keep it short. This is something that would have to be accepted by your family if they're normally part of your holidays. Just remember, if your business takes off you'll be able to make up for this small sacrifice one day.

Falling ill isn't quite so easy to schedule, but you can plan for it. Health Insurance can sometimes cover you and although it may seem like a luxury expense it may well be worth investing in if your can. As long as you've paid adequate National Insurance contributions, you may be able to claim Incapacity Benefit, this isn't much which is why insurance is a good idea.

The last reason many people are put of working from home and starting their own business is the finances. Working for 'the man' may be destroying your soul, but at least you know when and how much you're getting paid for it. Being self-employed takes that security away but it can be done.

There are plenty of ways to finance a new business venture and there are millions of websites that are dying to help you find them. Look into your own funds, if you're starting your own business because you've been made redundant could you use your redundancy pay? Do you have any family or friends who may be willing to invest? While our confidence in them might not be top notch at the moment the Government is promising to get banks lending to small businesses again. There are also grants and awards available for small businesses, if you're in a niche industry or doing something productive for your local community it maybe worth doing some research into this.

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