Having a Home-based business is fun, there are a lot of things you would enjoy, like working in your PJ’s, or the benefit of setting your own work time and so on.
But do you know what you are getting into? Are you sure you are ready for what it involves? As the saying goes, there are two sides to everything, so is it for a home-based business. What are these challenges we should prepare you for? We will look at 10 challenges of starting a home-based business.
1. Fear of running out of money
Starting a home-based business means you are to prepare for it financially, you either got a loan from the bank or other financial institution, family or friends, or you from personal savings. The first challenge would you face, as a work from home entrepreneur is the fear of running out of money.
You’ll see that money go out fast and comes in slow when you are just starting, you would wonder how long the money will last before your business pick off. Well, do not be afraid as this is a normal phenomenon that happens to everyone starting.
You get easily distracted when you are working from home, it might be the kids, your spouse, or neighbors. Sometimes you get distracted by other home activities, since there is no one for you to report to you easily get distracted, and this might take up a quality amount of your time.
You find yourself, checking social media, replying chats, watching tv, eating too much, taking unnecessary breaks, this can cause you to lose focus for the daily tasks.
3. Separating personal/family time from work
We all love family time and spending time with our spouse or kids, but without the money, there is absolutely no way you can care for the ones you love. But how do you separate your life from your work? How do you tell your family and friends when it is time for work?
When you work from home, you may find your personal life interfering with your work. This is a common issue for people with little kids and single moms, but it shouldn’t be the reason you won’t take action. Plan for it ahead and set your time correctly.
4. Feeling isolated
No work spells out loneliness than working from home, many home-based entrepreneurs and digital entrepreneurs suffer from the isolation which may lead to anxiety, depression, etc.
If you ever feel this way, you are not alone this has been a common issue with a home-based business. Creating a good working place and mixing some fun with it can help you overcome these feelings.
5. Working too much
How long should you be working on your home business? How many hours should you devote to it? Well, everyone works at their own pace, some are a night owl and can work throughout the night, while some are early bird they can only work through the day, and some can work from morning till night non-stop.
We believe there should be a balance in everything in life; You need to figure out what time work best for you and dedicate fixed time for work, sometimes some project or task may make you work longer than usual but keep a balance the mind, soul, body and your family needs it.
6. Mental block
One benefit of working in an office full of people is you get different opinions, ideas and you can collaborate, brainstorm and pick on other people’s brain, but with work from home, you do almost everything alone, From idea to implementation.
This can lead to mental blockages when you can’t come up with new and creative ideas. There are online platforms and software you can use to connect with your team and brainstorm, but sometimes the in-person communication is important.
7. sustain competitiveness
When you work from home, you find out that some of your competitors are bigger corporations with a big team. As a result, it’s difficult to beat them depending on the online business or niche.
For you to get into the competition, you need to work as twice as much as your competitors are working, Grant Cardone says you have to work 10 times your competitors.
Every new business will face obscurity, it is the state of being unknown. Thousands of small and medium businesses have died from this.
Your customers don’t know you yet and can’t purchase from you even if you have a killer product or services if they don’t know you they can buy from you. Grant Cardone suggests in his book the 10x rules that you work 10 times your competitors to get your brand and presence out there.
9. Lack of energy and motivation
Sometimes you would feel your energy drained, most people feel this way when they have given all their best and didn’t get the result to match the action.
Working alone at home can something drain you your energy and motivation, you need to motivate yourself and keep the energy positive.
10. self discipline
Self-discipline is important for every successful entrepreneur, you need to know how to prioritize your life. A new home-based business result in working more than usual, and it is not all about working hard, it is work smart and getting work done fast.
Working from home can be new to you and is yet to become a habit, you may achieve a little from time to time. But don’t be afraid and give in, it is normal for new home-based business owners.
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