Starting a business from home is nothing new. In ancient times women mended clothing and baked for others out of their own homes, and though the nature of the businesses have changed, the principle remains the same. Much of what a man or woman can do to start their own business can be done from the home. It doesn’t just have to start their either. Many businesses are started and run daily from the home without a need to move.
Contrary to popular belief, it isn’t always a one-man show. Small businesses can be run from the home and have employees as well. Sometimes these employees come to the home, other times they run as a virtual team. Whatever the case, the fact remains that starting a business from home is not only a viable option, but it may be the best option depending on the situation. Here’s why.
Potential for Free or Low-cost Labor
When a small business is run from the home, the owner has the potential to tap into free or low-cost labor in the form of friends and family. Whether it is a teenager who helps file after school or a husband who helps with the books, the option is there.
It’s obvious this isn’t always true, but it is often an option that shouldn’t be ignored.
Low Startup Cost
It is going to cost money to startup a business, but that cost can be kept to a minimum if run from home. Most often these businesses are self-funded, whether the owner saves for a time, cashes in existing assets, or borrows from friends or family.
The median startup cost for a small business is $15,000. While this is noticeably more than pocket changes, it is well within the range of something that can be saved for and self-funded if need be. That isn’t always an option with the additional startup costs associated with starting a business outside of the home.
You Aren’t as Limited as You May Think
Just as some believe that a business can only start, but not grow or employ from home, they also believe that the type of business you can run from your home is limited. It may not be as limited as you think however. Both service and consumer type businesses can be run from the home if handled correctly and thought through.
If you need financing to get your businesses started, whether from home or otherwise, Biz2Credit has you covered. Our network of lenders offers small business loans of all types, and we can help you find just the lender for your business. Visit Biz2Credit.com today to get started.