In today’s struggling economy many people are considering starting a home-based business as a way to bring in income or supplement any income they may already have. The pros of having a home based business are many and include a short commute, more relaxed wardrobe, setting your own schedule, and saving money on things such as childcare, gas, and lunches out. However, having your own at home business is by no means free, make sure to consider these “Five Unforeseen Expenses When Starting a Home Business”
1) Trademarking your business names: A good and memorable business name can help you attract clients. However, a business name that is the same as an existing business can not only be a headache but can have legal consequences as well. Make sure to contact a law firm for trademark registration.
2) Technology: It is hard to run any business without the right equipment. Even if your business in not technology based you will still need items such as a computer, faxes, software and printers for day to day operations such as client tracking, advertising, invoicing etc.
3) Energy Costs: Not many people consider the rise in their energy costs when operating a home business. There is an increase in the use of electricity to operate various equipment, keeping the house warm, as well as potential increase in transportation costs as you venture out for business related activities-even if its something as basic as a cheque deposit.
4) Setting up Dedicated Internet Service: Many home business owners find that standard residential internet is insufficient as their business grows. Residential internet services are also prone to security breaches leading to extra hassle and costs. These can be avoided through a dedicated T1 internet for business. After all, why wait for a webpage to load because…..
5) Time is money: Whether you are waiting for an internet connection, running errands, or providing a service, remember that all these tasks are essential to a home based business and have to be calculated into the time it takes to run it. In the end, you want to make sure the business is financially worth it.