Robert Kiyosaki, the author of several books, (for example; “Rich Dad, Poor Dad” and “Cash Flow Quadrant”) and a self made millionaire, gives his thoughts on why this industry is so lucrative for the average person. He states, “If I had to do it over again, I would have chosen this industry”! Both Mr. Kiyosaki and Donald Trump have already been huge supporters of this growing income vehicle.
If you are looking to start a home business chances are that you have done a lot of research into this venture. Starting a home business can be very profitable in more ways than one. A lot of people believe that they have thought about everything that goes into a home business, only to find out that they have forgotten some very important aspects. Below are a few things that you may have forgotten that you will definitely need to address before you get started.
1. Working at home is completely different than working in an office. Many people forget that there are a lot of distractions that go along with working from home. When you are running a home business you will have to contend with distractions such as the television and radio. You will also have to be able to deal with any other family members that are going to be home with you. Your kids may not be able to tell the difference between work time and play time. This presents a lot of problems to people that run a home business.
2. If you run a home business you are going to need to have a lot of self discipline. You are going to be your only boss, which means that there will be nobody looking over your shoulder telling you what to do. Without this sort of supervision many people end up slacking off. If you want to run a successful home business you need to be able to stay on track day in and day out.
3. When you run a home business you are responsible for all of your supplies. Many people forget to budget for this. Remember, if your computer crashes it is your responsibility to get it fixed. You know longer have an IT team that you can call to help out. You will also be responsible for buying your own supplies when you need them.
4. As a home business owner you are in charge of every facet of your business. This means that you will not only have to make sales and take care of marketing, but you will also be in charge of accounts payable and accounts receivable.
5. Home business owners are in charge of their own taxes. When you run a home business there are no taxes being deducted from your paycheck every month. This means that if don’t want to go to jail you are going to have to pay your own taxes throughout the year. This is usually too much for a home business owner to handle alone, so you will have to hire a professional to assist you. A home business can be very profitable, but make sure that you know exactly what you are getting into before you start.