Women in home based businesses have become a way of life for many of us. To have a work from home business success story, I would like to give you an insight on how to start a home business and and some of the pros and cons for women working at home. I started my first business in 1993. I had been a medical transcriptionist for 13 years and the hospital I was working for at the time was closing its doors. I also knew there had to be a better way for single women raising children (as was the case with me) to make a substantial living and work at home. About one year into the business it was time to hire some help. This was a struggle for me in terms of the exact point I actually could hire someone and not "cut my nose off to spite my face". Hiring your first employee or independent contractor is all timing. Once my business was established, I tried conventional advertising in newspapers which was prohibitively expensive and I found that word of mouth (based on my reputation in my field of expertise, medical transcription) was more successful.
The first thing you would need to do when starting your home based business is to decide how far you want to go with it, what are your goals and how are you going to meet those goals. You will also need to decide whether to hire employees or independent contractors. There are advantages and disadvantages to both. With employees you will need to take care of all tax deductions for payroll. You would be able to give them definitive hours and days they are to work. With independent contractors, you do not have to take care of tax deductions for them. They are given a 1099 for the year worked and it is up to them to file and maintain their own tax records. However, you are not able to dictate when they work or what hours they work. They are independent contractors and must be treated as such. I would like to now touch on a very important issue of owning a home based business, the pros and cons for your employees - independent contractors and what you as a business owner should know and relate to them when they are hired. Here are some of the pros and cons of a home based business I feel are important to mention: Pros: 1. Home with children, able to participate more in their activities with school etc. 2. Do not need to drive in winter J 3. Make your own hours (independent contractors). 4. Able to work as much or as little depending on your unique situation. 5. Reached my goals as a professional. Cons of working at home: 1. Stress level of maintaining a business -The task of remaining grounded will be a huge help with this issue. 2. Non-socialization.
3. Computer burnout. 4. Depression. It is up to you as the employer to let your employee or independent contractor understand the need for them to get enough exercise during the day, even stepping outside for a short walk helps, the need to take shower and groom at the start of their day, as if going out to work. This is extremely important for their health (and yours) and well being. Life working at home is harder than one would think but also has its advantages. Now, on to my new business and how this came about. I started making soap in 2003 and actually started my soap business in 2006 in order to begin my retirement process and found that this is what I truly love and enjoy!. Making people smile and giving them products for healthier skin is only part of it. I think the biggest enjoyment for me is to give women something special, just for them, so they can take time for themselves in their normal crazy routine, and relax. I researched natural soap making and all other aspects of personal care products before launching Kim's Soap & Such. I am still learning and will continue to increase my knowledge and expertise in this field to be able to enhance lives and make people smile just from a scent or the feel of my products. I also needed a plan that could be implemented by the time I was ready to retire. What I mean by retire by the way is to be able to delegate responsibility to someone else to run and maintain the main business while I have fun running my soap business, a business that I enjoy tremendously and one that does not require any employees or independent contractors.
Conclusion: Both of the above mentioned businesses have different goals and fulfillment of needs.
When contemplating opening a home based business, start one that you have a wide knowledge of and one that has a chance for success right from the beginning. You need to truly contemplate the pros and cons when starting your own business, how it will impact your social, family and children's lives, and more importantly how it will affect you personally. Make sure you set goals for your business and make sure you set a time goal for retirement. Once you have established this business and are now thinking of planning a retirement goal for yourself, first and foremost, choose a retirement business that you truly enjoy and can maintain yourself. Your retirement planning would also entail your guidelines for a gradual retreat from the management aspect of the main business in order to allow someone else to manage your business successfully. This will be quite difficult as up until now you were the only one who had the weight of the business on your shoulders for so many years. The plan of action of course would be to acquire a responsible person to take over the management position of your business. This could be someone who has worked for you for years or you could begin the process of interviewing and hiring someone to prepare for the
change of management. In closing, the best plan is to be prepared and informed before making the decision of owning a home based business. It can be very rewarding, especially when your employees or independent contractors also benefit from a sound business, buy their first homes, and raise their children. Yes, it is definitely rewarding. Author: Kim Dockery, Coldwater, Michigan, Kim's Soap & Such a home based business was started in 2003, making soap for friends and family as gifts. I wanted to be able to produce an excellent product for a reasonable price. Healthy skin is just one more step to a healthy lifestyle. My soaps and personal care products are made with a lot of love and the appreciation of a healthy life. Fell free to re-publish this article as long as you include my resource box.
home based business
(c) Copyright 2007 Kim's Soap & Such
Published on Aug 1, 2009
Published on Aug 1, 2009
This article speaks to the pros and cons of women owning an "at home business" and tips of how to survive in the daily routines of working...