Disadvantages of Home-based business / work from home business

Disadvantages of a home-based business include needing to know a lot of information to operate a business successfully; the risk involved in operating a business; conflict in ownership of time (When is it my "own" time and when is "business" time?); lack of guaranteed employee fringe benefits; many competing roles and responsibilities (producer, promoter, bill collector, customer service representative); lack of job security; loss of home space use by family; interruptions; lack of self-discipline; little opportunity to delegate tasks to others; long hard hours, and legal requirements including zoning regulations. Being committed to a business may mean lack of freedom to do other things and to go as you please.

Advantages of Home-based business

Advantages of a home-based business include having a flexible schedule; integration of family and work responsibilities; less involvement with others in a regular work environment, such as power struggles and red tape; no commuting time (unless you travel to a customer's home or place of business); control of your own personal environment (temperature, light, work breaks, etc); self-determination and independence; increasing personal fulfillment; seeking and setting personal goals; enhancing creativity; and remaining in a community or moving with a spouse to a new community even when jobs are scarce or not available.

TYPES OF HOME-BASED BUSINESSES : Turn something you enjoy doing, such as a hobby, into a business

Most home-based businesses begin with an idea based on the interests, talents, contacts, expertise, and experiences of the individual who starts the business. The business can be product-based, service-based, or a combination of both. If you do not already know what type of business you are going to start, consider the following as guidelines:

Turn something you enjoy doing, such as a hobby, into a business. (Examples: sewing, gardening, child care)

Turn your current job skills into a business. (Examples: writing, consulting, auto repair, teaching classes)

Turn a talent into a business. (Examples: teaching piano, singing, dancing, or exercising)

Start a business doing things other people hate to do. (Examples: cleaning service, income tax service, repair service)

Turn technology into a business. (Examples: word processing, computer programming, computer servicing)

Use your vehicle to start a business. (Examples: yard service, pick-up/delivery service, moving service)

Turn your kitchen into a business. (Examples: catering, specialty foods, canning)

Turn your property into a business. (Examples: herb farming, fee-fishing/hunting, organic gardening)

Turn your knowledge into a business. (Examples: teaching classes/workshops/seminars, planning events)

These suggestions offered are just to get your thinking started. The possibilities are limitless. For additional help on deciding what type of business to start, read the many books available. Two suggestions to get you started are "Working From Home," and "Homemade Money," which are listed under the suggested reading section of this document.

source & credit: http://msucares.com/business_assistance/homebusiness/bbspub.html

Few Tips on Creating a Virtual Office for Your Home-Based Business

Build an intranet. Because your employees don't all go to work at a single location, you need to foster communication and instill in them the sense that they're part of a team. An intranet can help do both. It can connect your virtual team and make it easier to share information.

Hold off-site meetings as needed. There are a number of companies and hotels that provide high-end business suites and services to mobile executives. There’s also the local chain coffee shop, which may offer Wi-Fi access and enough space for you to hold informal meetings.