Fact or Fiction: A Home Business = Freedom?
January 4, 2013 5 Comments
For many, the idea of owning a business is synonymous with freedom, flexibility, and riches. In another post, I’ll explore this notion, as I can argue both sides of that statement: I’ve seen many business owners become consumed by their business, to the point where the business owns them. They’re miserable.
But that’s for another day.
Today, the question is whether it is possible to have a small at-home business that provides a meaningful level of financial and personal freedom. By meaningful, I mean something that generates the equivalent of a full-time income, with the possibility of scaling beyond that should there be a desire.
My wife and I have been discussing this question for months, as we wonder what benefit it would be to our children should she stay home with them, and nurture a home business. (Nothing better than seeing a great mom loving her children and kicking booty.)
Is it truly possible to start, run, and cultivate a home business that provides family freedom?
I believe the answer is a resounding HECK YES. I know people who have done it.
You may be wondering: if that’s true, why isn’t it more common? I believe there are many reasons, but one is that the majority of people are not willing to put in the time and effort to build the foundation required for success. That’s good news for anyone thinking of starting something — less competition!
(By the way, it took us years to build MindFire, our team, and our know-how in order to become what we are today [and we still have a long ways to go]. There are few true overnight successes.)
As we’re thinking through home business possibilities, the following are considerations we have in mind:
- Little to no overhead: the lower your overhead, the lower your risk, and the fatter your margins
- Few to no employees: managing and leading people is a wonderful experience, but can be difficult and time-consuming. No employees means greater freedom (but can also mean more work)
- Little to no customer service: dealing with customer issues is sometimes draining; outsourcing customer service is possible, but can lead to a decline in satisfaction. There are other ways to provide value without having to do customer service
- Generates passive income: making money while you sleep is fantastic, which requires that you find a way to decouple you and your time from the thing(s) that generate(s) income
- Provides a learning opportunity for the whole family: we’re considering homeschooling our children. Imagine the possibilities of engaging them in a small business to learn to read, write, and do math?
- Leverage passions: there’s nothing worse than having to do something you dislike. But what if your home business is inline with your passions? Each day becomes a glorious opportunity to learn something new.
These are just a few of the things we’re considering.
What do you think? Is it possible to have an at-home business that brings freedom to spend more time with your children and family?
If you’ve taken the leap and started a home-based business, we’d love to hear your feedback and insight. Leave us a comment!