Business Almanac

5 Signs You’d Hate Working From Home :By Taylor Dupuy

Is making the switch from working at an office to working from home just swapping out one list of cons in exchange for another? Or, is it really as empowering as you might think? As more companies and employees opt for telecommuting, the question is no longer about whether or not telecommuting is a viable work option, but rather, is it a good fit for each individual?

Some signs point to no. Here are 5 signs you’d hate working from home.

You Have Work FOMO

The fear of missing out, also known as FOMO, is very real, and can arise when you're physically separated from your workplace and co-workers. Feeling out of the loop can also affect your quality of work and chip away at your motivation and engagement.

“What's going on at the company? You have no idea. You're at home,” says Jean Marie Davis, marketer for a telecommunications company that provides equipment for telecommuters. “If you're uncomfortable with the idea that the company is moving without you, then telecommuting may not be best.”

You Crave Social Interaction

Working from home often means working alone, and if you thrive in social settings, it could do more to inhibit your work than to help it.

“When someone thrives on interactions with other people, switching to a work environment where there isn't anyone to talk to can be incredibly difficult,” says Thursday Bram, a freelance business writer. “The folks who need regular breaks at the water cooler or in the kitchen, where they can specifically talk to other people, tend to have a harder adjustment to working from home.”

You're Easily Distracted

Working from home comes with its luxuries, but those same luxuries can turn into work distractions.

“The office is the office and it's clear what needs to get done: work,” says Davis. “If you're at home, that line can be blurred and distractions can creep in in the form of dog walks, personal phone calls, daytime deliveries and children. If you're working from home, make sure that you designate a specific space for the office.”

You’re Not a Self-Starter

Working from home means you need to be able to assess your tasks and deadlines and determine the next appropriate steps to take without someone one telling you what and when to do it.

“Working from home is not for those who can’t quickly and correctly answer the question, ‘what’s the most important thing I need to be working on, given the priorities right now,’” says Scott Reyns, a voice actor who works from his home studio.

You Lack Work-Life Boundaries

Without the structure of set work hours, it can be easy to get swept up in your work, blurring the lines between work and life.

“When you work from an office it's clear when the day is over. When working from home, you're 100% responsible for maintaining your calendar and time ‘at work,’” says Davis. “Overworking is actually a bigger problem than under-performing so it's important to set timers, and clock your hours diligently.”

According to the US Small Business Administration, 30 percent of startup businesses fail within the first two years. That percentage jumps to nearly 50 percent within five years and 66 percent within ten years. One way to ensure that your business survives and thrives despite these daunting predictions is to give it a firm foundation in its business plan so you can have your pick of funding options, from small business loans to online investors.

The Business Plan

It is important to have a comprehensive, well-thought-out business plan that outlines your startup’s strategy for attaining self-sufficiency and future profit goals. Your plan will help keep your business on track and convince potential funding sources to invest in your success.

• Business plan software and instructional books can help you plan your business goals, financial projections, and funding sources.
• Business plan writing classes are available in most major cities; check your local library or continuing education center for opportunities. Class instructors can help tailor your business plan to fit your startup’s specific needs.
• Include in your plan ways in which you can save your company money, such as leasing space and buying used office furniture.

READ MORE: A Guide to Sharing Your Business Plan With Investors

Funding Options: Credit

Despite the current economic crisis, credit conditions for small businesses are improving. The Federal Reserve Board reports that banks have eased tight lending restrictions on small businesses since 2010. Business loans under $1 million totaled $695 billion in 2009, and capital investment funding increased since mid-2010.

• In asking for a small business loan, be sure to include your comprehensive, well-thought-out business plan to make your application stand out as a safe credit risk.
• Banks will also want to know the value of your personal and business assets as collateral against your loan.
• Ensure that your personal credit report is free of errors to improve your chances of getting a loan.

READ MORE: What a Lender Looks for

Funding Options: Crowd Sourcing

Your business plan is the basis for how you will set up your small business. It can benefit your application for a small business loan from a bank as well as help you take advantage of crowdsourcing options on the internet.

The US Small Business Administration estimates that the average startup requires an $80,000 per year investment. Before the onset of the digital age, small business owners had to rely on bank loans, their own personal capital, and help from a few friends and relatives in order to fund their startups. The internet now gives you the option of crowdsourcing funds - collecting small amounts of money from a larger pool of people interested in seeing your business thrive.

• Posted online, a shorter, more personalized version of your business plan can convince potential small-time investors that your request for funds is both sincere and needed.
• Platforms such as ChipIn, Cofondos, and Kickstarter streamline the crowdsourcing process, protecting both your business and your investors from scams and fraud.
• Since its launch in 2009, Kickstarter has successfully funded over 30,000 projects totaling $367 million dollars in funds.

Planning ahead and exploring both traditional and non-traditional funding options can help ensure that your startup gets off the ground and remains profitable after two, five, and ten years.