Starting a home-based business can be very exciting, very rewarding, and very challenging all at the same time. Owning a home-based business can give one personal satisfaction from being your own boss with the ability to control your financial future. But, it can also cause financial ruin from loans or lawsuits and a dissatisfied family, if your plan is not measured and calculated properly.
Home-based businesses are growing around the world. They’re growing even faster here in the United States of America. More than half of all U.S. businesses are based out of an owner's home, says the U.S Small Business Admiration.
There are advantages of owing a home-based business. First off, you get in what you put out. If you work really hard and focus on your business, it will be successful.
There are also disadvantages of owning your own business. The insurance aspect of it. Just because you are running a full-fledge business while you have on your cozy robe and furry slippers, doesn’t mean you are immune to getting sued. Let’s say you have a home-based business where you make toddlers-sized playgrounds. Let’s say the swing breaks, and a kid breaks his arm due to a faulty install, or a faulty product. This could end up destroying your home-based business. Getting insurance would take care of all this for you. While you are getting your business plan together on how your business will be successful, also remember to add a home-based business insurance policy while you’re at it.