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HBB proscons runningf home based business

The Pro’s & Con’s of Running
a Home-based Business

SCC BUS 209_ HBB
copy


Home-Basers
You’re Not Alone







Estimates range between 18M to 38M
HBBs in the USA. Latest US Census
data computed says 13.8M, with 9.7M
being the household’s primary incomegenerating. According to IDC (nat’l
research firm), 34.3M to 36.6M in

2005.
Newsweek approximates that 50% of
all US households have some form of
HBB.
Many of them make a lot of money,
total estimate $427B!
Do your research first to see if it is
right for you and your family


Why the Growth of Home-basers?
 Access to Technology
 Corporate Downsizing
 Changing Lifestyles
 Change of Professional
Image & Choice


HBB Advantages
 You are your own Boss
 You can schedule your own time
 You can stay at home with the
kids
 Low overhead for the business
 Eliminate corporate/ office politics
 Tax Advantages
 No commute
 You can do the laundry as you
work 
 The dog won’t chew up the yard


HBB Disadvantages
 ISOLATION
 Lack of self-discipline
 Distractions
 You’ll be at home with kids
 Don’t know when to shut it
off
 Your family doesn’t truly


support you
 Little “tech” support
 You’ll start talking to yourself
 Loss of structure


Personal & Family Considerations
 Loss of daily structure should not be
underestimated
 Self- discipline is a challenge
 Isolation is a problem for most people
 Organization is a family challenge
 Separating Home from Work is hard
 Family Issues will arise
 The stigma of not being “professional”

My 5-year old
cannot
understand
that this office
is MY
Business!


Examine & Prioritize the Pro’s and
Con’s: Ask Yourself the HARD questions.
Is it right for me now?
Do I have the
designated
office space?

Am I
disciplined
enough to do
this?

Will my family
support me?
Can I tune it out or will
this be a 24/7 job?

CAN I MAKE MONEY?


More Hard Questions to Ask
• Is the business right
(appropriate) for the home?
• Is it legal?
• Are their local zoning
restrictions?
• Are their private or property
associations land-use
restrictions?


Property Zoning:
Check with your local city planning department
Normal zoning is one of four ways,
each with implications for the
home-baser:
1.
2.
3.
4.

Residential
Commercial
Industrial
Agricultural


Isn’t it always a TAX Advantage?
NO! Not Always

Claiming a depreciation
can subject you to
capital gains taxes when
you sell your home

Do your homework:
Contact the IRS and get
Publication 587,
Business Use of Your
Home


Do Not Overlook Insurance
• According to IIA of A 60% of
HBB’s lacked adequate
insurance
• HBB are not automatically
covered by regular
homeowner’s insurance
• Cover Your Assets!


The Approach: Getting Started
Inside- Out
The entrepreneur approaches the
task by looking at their own skills &
abilities and then determining
which kind of business to
start-“Idea generation”
Outside-in
The entrepreneur looks first for
opportunities on the outside (in the
market)- “opportunity recognition”


Which Approach to Use?
• Inside Out
• Outside In
• Accidental (serendipity)
• All of the above?


Home based Businesses Special
Resources


American Association of Home Based
Businesses AAHBB (non-profit)
• National Association of Home Based
Businesses www.homebusiness.com


Home Office Association
www. hoaa.com



SOHO (Small Office Home Office)
www.soho.org



Local Chambers often have SOHO (Small
Office Home Office) or HBB committees



Your local SBA, SBDC & College



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