The one thing that people always say, without exception, when I tell them that I work at home is “oh, I wish I could do that.” No, most people probably don’t. Working at home is tough, without a doubt. The main problem with the home business dream is that it takes considerably more hours than most outside jobs.
Within a few months of starting a home business I was making more than at my former job, but the hours were nearly doubled. Different home businesses require a different number of hours per week, but I have yet to hear of one that is fewer hours than they worked before.
I think there are several reasons that the time required for a home business takes longer, and one of them is accounting and tax concerns. When working for someone else, I never noticed how many people I really had working for me- their accountant, payroll person, and the HR lady to name a few. Someone compiled all the working hours and paychecks and sent out the W-2s. Someone else made sure I was paid on a regular schedule. Someone paid half of my FICA for each pay period. Someone paid for the business insurance for the company, and someone else made sure the licensing was up to date. Working at home means you get to do all of these things, plus your main job.
Another reason for the long hours is for insurance reasons. Paying your own health and life insurance premiums means making more in order to cover them. Working 70, 80 or more hours a week is not unheard of for a home business. At the worst I was working about 95 hours a week, and at the best, about 45. It is a rough road, and is not exactly what most people had in mind. Not having a boss is a nice idea, but in the end, you have to be your own boss plus your own army of employees.
Related blog entries:
Preventive Care Offered With Health Insurance
Insurance For the Self Employed
Should You Get a Financial Planner?