Thursday, March 02, 2006

Starting a home business, big risk...or is it?

Many people consider leaving their job to start a home based business as a risk. In most cases they are probably right but here are a few things to consider.
  • Are you the sole earner in your family?
  • How much expendable income do you have each month?
  • Do you own a car, is it the only car in the household?
  • Is the cars sole use to get you to and from work?
  • If yes to the above, how much is your insurance and maintenance costs?
  • How much do you spend getting to work? (i.e. petrol, bus fair, taxi fair)
  • How much do you spend at the work canteen or going to the cafe over the road, not today or tomorrow but how much did you spend over the last 6 months? Eat at home and you could spend less than a tenth of that.
  • How much do you spend on social events at work? (e.g. lottery pool becuase you feel you have to, birthdays, pub lunch each friday)
  • Are you overspending on bills?
  • How much do you spend on babysitters for the kids, which you wouldn't need if you weren't at work?

Ofcourse always remember the additional costs of setting up business at home but many people forget to work out what they will save.

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