Do you have plans to start a home based LLC? While a home based business seems like the ultimate freedom, it’s not always the dream scenario that it may seem to be. Home based LLC owners like Chris Mangini have a few words of caution.
Mangini is a freelance graphic artist whose home based business does work for companies like Pepsi and other large companies. After leaving his full time job more than a decade ago, he started his own business to stay home with his daughter.
His home based LLC is now thriving and he offers these six tips for those who are in the beginning stages of their entrepreneurial journey.
The hours are long
Especially while your business is growing, there is no 9-5 work hours and you aren’t going to get weekends off. In order to build any business it will be far more of an endeavor than a job you can leave at the office until the next day. Small business owners report work hours of more than 12 hours a day often through the weekends. Mangini warns that if you don’t have that kind of time, you may want to wait until you do.
Not All Hours Make Money
As soon as you open the doors of your business, you will quickly learn that time truly is money. Not every hour of your day is spent making the product or performing the service. You have to find time for billing, deliveries, phone calls, and other mundane tasks. This may seem obvious but many entrepreneurs calculate the amount of time they can spend bringing in income without subtracting the hour or two (or more) that it will take to complete the other mundane tasks.
No More Paid Holidays
Until you are big enough to hire employees, when you don’t work, the company doesn’t make money. That weeklong vacation is no longer paid and what’s worse, the company shuts down when you’re taking time off. Of course you deserve a vacation but that may mean that you have to work even harder the months prior.
Make Sure Your Product is Amazing
One misstep could be the loss of a key client and for a home based LLC just getting started, that could be disastrous and if that isn’t bad enough, you don’t want word of mouth to take over and give you the reputation of less that great work. Never see a customer as small.
Face to Face Meetings are a Must
It’s easy to have meetings via phone, skype or chat. Instead, try to schedule some face to face meetings in order to get out of the house and interact with people. When you work long hours in your home based LLC, it’s easy to isolate yourself.
Things won’t always go the way you want them to go. Opportunities will fall through and plan B may have to be employed quite often. That’s part of every business so make sure to have more than one perfect answer.
A home based LLC can be rewarding but make sure to see it as your job that will be harder work than when you did the morning commute.