Money Security when Starting Your Home Based Business
Whilst running your own business times of financial uncertainty can arise. If you have a partner or are married and have a family cash flow problems can create stress in the home environment. For example, you may have to forget holidays and activity clubs that you cannot afford. You may have invested all your savings or even used your property as security, which could put it at risk. In the worst case you could end up losing the shirt off your back as well as your home and your full investment.
Starting your home based business will also mean that the company benefits you may have enjoyed no longer exist. Pension, paid holidays, sick pay, company car and other perquisites. You are going to have to build these things into your own business finances if you want them.
It is worth looking to take out income/sickness protection insurance with companies like Drewberry Insurance (this is not an affiliate link) as it gives you peace of mind in the long term.
Are you married with family or in a relationship
Then, hopefully you have their total support because starting your own business is going to have a massive effect on you so it’s imperative that you talk to them about it. It is crucial from the beginning that they are aware of this and if they can they can help out too, then that’s even better, all hands to the pump! Nothing wrong with a family business, I know that from experience. I grew up in Inns and Hotels, as my parents were hoteliers so I worked with them, no paper route for me.
You are the Boss, so you carry the Can
Being your own boss and starting your home based business is great, I love it, most of the time it’s a good satisfying feeling. Carrying all that responsibility, especially if you are very successful can, if you aren’t careful, put you in the loneliest spot on the planet. When I first started, this is how I felt, I only had family to talk to and bounce ideas off. Then I started to collect a network of contacts in suppliers, other local trades folk and my customers and clients and now have a world-wide group of good friends within that network.
Can I Be a Home Business Entrepreneur? Check out the next section and see if you think you fit into the mix as an entrepreneur and start your own business.
Next: 3. Can I Be An Entrepreneur?
4. Do I have the Skills | 5. Do Your Market Research | 6. The Financial Leap of Faith
7. How I started My Business and the Decision Process I took