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Profits on your doorstep
Booklet Authored for The Week, June, 26th, 1994
Running a business requires more than just a spare room - you need to have a drive and discipline. A home-based business offers several advantages - low overheads, low or no rents, flexible work hours, more time with the family. But it also means distractions of a different kind: children seeking attention, neighbors and relatives dropping in unannounced. But the most difficult problem of having a home-based business is the entrepreneur's inability to get away from the stress of everyday work. Often, home-based business owners find themselves dealing with clients after office hours, or discussing a business problem with their spouse over dinner. Rules to be followed while running home-based business: Discuss your business rules with the family.
Choose the most efficient location for your office. But whatever you do, do not turn your bedroom into your office. If your business necessitates clients having to drop by, locate the office near an entrance. If possible have two entrances to your home, one for family and friends and the other for clients.
Be firm with friends and neighbors. Don't give in to the temptation to chat with your friends because you "need the break". Do the same with family.
Determine the amount of time you will spend on work. Allot specific hours to concentrate on work. Stick to the routine and do not use business hours to wash the car or go shopping. Similarly do not try to catch up with paperwork after dinner or you will never be able to draw the line between family time and work time.
Dress appropriately. When you put on your professional business face to the world, you should dress the way professionals in your field dress. A T-shirt and shorts or a track suit are not the proper dress to be worn to go to the bank or to meet clients. If you prefer to dress informally while working, allot specific days or time of the day when you can meet with walk-in clients. That way you won't be caught unaware.
Understand the special circumstances under which you can hire outside employees. Having employees in a home-based business is sometimes illegal because of zoning laws or residential building policies. Any business is time and effort consuming but when it is at home it's even harder to keep it out of the entrepreneur's private life. Any home-based entrepreneur needs an extra dose of discipline and self-motivation to really make it. People who set up home-based business must be disciplined, determined, self-motivated and very patient.
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