Work from home business success - is it possible?

May 9, 2007

Thousands of people want to work from home, but is it really possible to make a home business a success?

 Many successful businesses have been started at home, and it’s a great idea to start your business at home.  Starting a business from home enables you to keep down your overheads, and put what finances you may have into growing your business.  This alone will put you on a faster path to success than some extravagent office ever will.  However, unless you intend to work alone forever, you will need an extremely large home.  At some point, most small business will need to move to a large office space.

I started my plumbing business from home.  This was possible because our administration is reduced due to the technology that plumbers use.  However, I’m under no illusion that I could continue to work from home, nor would I want to.

Some people are concerned that starting a business from home will make them seem small, and they won’t be able to attract customers.  This is far from true.  Unless your business is of the type where customers will be visiting your office or premises on a regular basis, most don’t care where you operate from.  In fact, many of them will appreciate that you are cutting your overheads, and therefore passing more value to them.

Even people who have already made it big in business will often start a business from home, if they don’t have a legitimate need to acquire business premises straight away.  Even though he was already rich, multi-millionaire Duncan Bannatyne, of Dragon’s Den fame went on to start a nursery business from home.  After selling his successful nursing home business, Bannatyne decided that his new business could just as easily be run from home.  When his home became too small, he simply bought the house next door for £150.000 and knocked through the wall.  He later went to sell that business for around £24 million (over £40 million dollars). 

So don’t feel pressurised into wasting money on fancy office premises when you’re starting your own business.  If you choose to work at home initially, you can become just as big a success as anyone else.

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Posted by cathlawson | Filed Under Running a Business 

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