Making money from a home business is not easy. If it were, then everyone would do it. People who come to Make A Little Extra to learn how to be more successful probably already know that running a home-based business can be extremely difficult.
And this is only talking actual business decisions.
When running a home business, you also need to factor in your personal life. It is much more a part of your career than if you simply work at a company. If you run a home business, you need to be careful not to let mistakes from your personal life affect your business.
Stop doing favors
One of the first things that people notice once they start running a business from home is that their family and friends start approaching them with pleads for a quick favor. For some people, many folks feel like someone with a home business is not really at work or working hard for their money. They think people with home businesses have all the time in the world and are just waiting to do some pro bono work.
You need to put a stop to this from the get go. Explain to your family and friends that your time is just as valuable as theirs is, perhaps even more since this is your own business. Also, do not divide people into tiers where you will help some of them and not the others. It doesn’t work.
Be super careful with your money
There are a few mistakes home business owners tend to make with their money. For one, many of them fail to make a separation between their company money and their private budget. They have to repair something in the house and the only money they have available is their company money. So, they dip in and say they will pay it back later. It happens all the time and it becomes very difficult to keep tabs on all this cash, which can often lead to problems – big problems!
Another common problem is that people do not work out their business plan perfectly when it comes to their money. They take out loans that are bad for them. Or they keep borrowing money from their family and friends before they realize they cannot ever hope to pay it back. You can easily learn about loans and finances these days. Why not hire an advisor, for instance?
For many people, working from home means sharing their workspace, or at least parts of it, with family members. Even if you have your own office, the chances are that you will still have to visit your kitchen to make a coffee and bump into your family on the way to the bathroom. It is important to understand that you are at work and that you cannot take a break to go and watch a half an hour of SpongeBob Squarepants just because your five-year-old asked you to.
You need to be absolutely, 100% concentrated on the work ahead of you. If you trying to make some weird mix of business and personal life at the same time, you will fail. It is just the way things are. You may think you are the one who can make it work, but you won’t succeed. Keep them separated.
Be cynical in love
This is a piece of advice we almost feel bad sharing with you, but not being cynical has caused many home businesses and their owners to suffer. This is because, in some countries, the family laws are such that, even if you start your home business before getting involved with someone and marrying them, once you are divorced, they can be entitled to a half of it.
This is why legal experts from California Divorce Online always recommend that home business owners seriously consider a prenuptial agreement if their home business is a promising one and very likely to be successful in the future. Do not get us wrong, we are not saying your spouse is out to get you and your home business. We are just saying it is better to protect yourself.
In the end, it is all about seeing your home business as if you would a company that employs a thousand. It is pure business and you cannot let your personal life affect it in any way.
About the author
Peter Minkoff is a lifestyle a writer for HighStyleLife magazine in Brisbane, Australia. A graduate of the Australian Institute of Creative Design, he works as a freelance writer.