One thing we can all agree on is that deep down, we have that burning urge of starting a business. However, the process is not always as simple and a lot needs to be put together especially if you need it to be the primary source of income. In the current world, there are two main types of business approaches which include; home based business and online business. The choice tends to be confusing especially if you are not sure which is the most effective and convenient. To ease on the part of choice, let’s have a look at the two main options.
A) HOME BASED BUSINESS
1. With a home-based venture, you get to enjoy a flexible work plan which gives you the chance to spend more time with your family.
2. There is the chance of cutting down on expenses especially if your home also houses the office from where you work.
3. You have the choice of choosing how long you work and at what time you work. This does not necessarily mean that you can relax all the time but you get to choose when to work.
4. You are your own boss and are in charge of the decision making process. Simply put, you can take any step on the account of the business without further consultations.
5. Lastly, the start-up and cost of operations are also much cheaper. With few office equipment like a printer, computer and other stationery, you are good to go. Your recurrent costs can be for example getting new printer toners and stationery which are honestly low operation costs.
1. Contrary to popular belief, you may find yourself working longer in order to increase returns. In most cases, you will work longer than other employees.
2. It might get lonely since you are mostly working alone from the start. This effect is felt more if you were previously in employment.
3. You might be faced with the risk of spending more time with the family since you are around them. This can negatively affect the business and notably slow its growth.
4. Increased stress levels is also a risk as you try to find the right balance between family and business.
B) ONLINE BUSINESS
1. There is the possibility of a faster growth in your business since you are able to reach more people when it comes to the online space.
2. You are exposed to an array of business opportunities. This is because the internet is part and parcel of our lives and most people depend on it. Therefore, you are exposed to endless opportunities you can give a try.
3. There is less stress involved with this kind of work since you don’t need to rush in the morning not forgetting that boss who is always on your neck.
4. The cost of operations is low due to the fact that costs like premises, gasoline and lunch meals are out of the picture.
5. You are able to manage your time well because you don’t waste time traveling to and from work. Additionally, you get to choose work schedules that suit you best.
1. Loneliness- This is a major factor that is associated with working online since you are not working with colleagues and it might get kind of lonely. A good idea can be visiting a coffee shop from time to time to break the monotony.
2. Another point of concern is that there is no security involved with an online business. This is because you have no regular salary and therefore securing things like insurance and loans can be tricky.
3. Self-discipline is also another issue. Remember, there is no one to pressure and you are working on your own terms. For this reason, you may find yourself slowing down on certain objectives and even worse, procrastinating on important matters.
4. You might also find yourself working longer which is a common scenario with most online business owners since there is no fixed working schedule.