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Business and Finance

Home-Based Business Question Answers

Question 1

By locating her business at home, Roundtree is likely to face some challenges which may affect the growth and profitability of her business. The most likely limitation of setting up a home-based business is the higher possibility of the business or work encroaching on her personal life. Despite spending most of her time at home, she will always be at work. I will be difficult to set boundaries between home life and work life and be able to stick to these boundaries. In addition, she will face isolation as she will be working far from other business people. Consequently, she will be lacking a strong support system which is essential for managing the challenges of operating a business. Moreover, she will have a lot of distractions ranging from the desire to watch television, the presence of visitors who pop over frequently and the distraction from family members.

What’s more, locating her business at home will attract fewer clients as compared to locating the business in a business centre. Thus, she will be losing potential clients who would have reached her if she had a location near the business centre. The reason is that the clients would be reluctant to take the trip from the nearest city to her home as it would be inconveniencing to them. Additionally, it would be difficult for her to ensure the efficiency of the business as she would not be having a boss or a supervisor to keep track of the business’ efficiency. As a result, she will be forced to work extra hard through spreading her time in all projects and roles in the business to ensure efficiency.

Question 2

Despite having some challenges, running a home business has benefits to the owner. For instance, Roundtree will be her own boss able to make certain decisions pertaining to her life and business. She will be controlling all the finances, operations and any other issue related to the business. Also, she will be in a position to quickly and easily setup and run her business as fewer resources will be needed. If she had an office in the city she would be forced to pay for the office premises and other taxes and rates fit for such a business. Apart from being her own boss, Roundtree will have the convenience of operating her business from home which entails not wasting time and money commuting to and from the city. This saves her the hustle and finances which she can then put to useful use in the business to ensure profitability and growth.

Other than family being destruction to her, she can take the opportunity that her home-based business offers her and choose to spend more time with her children. This can only be able if she plans her time well by setting up specific time to spend with family and other times strictly for business. She must then be very strict and discipline in following her plan to the later. Apart from spending time to socialize with her children she will also be able to balance between business and house work. This ensures that she does not spend additional money to hire other people to take care of her children and do her laundry and other general chores in the home.

Question 3

Technology will ensure that Roundtree achieves efficiency in her business. Her communication will be more effective through the utilization of laptop, phones and tablets in running her operations. For instance, she can keep in touch with her clients and reach out to potential clients through email, messaging and other apps available in her laptop, phone and tablet. The clients will be in a position to communicate to her in real time and make orders or make any inquiry concerning her products and services. Moreover, she can be use the web to promote her products and services to the local clients and even those in a different geographical location from her. Despite technology making business easier, Roundtree would still need to meet face to face with her clients and suppliers occasionally to make deliveries and meet other important needs. Therefore, the email and the electronic diaries would play a significant role in ensuring that she arranges her meetings and be able to transfer important documents to her clients and suppliers. On other occasions she can use video and teleconfencing to meet and discuss important issues concerning the business. Above all, technology allows Roundtree to be accessible to her clients whenever and wherever they need her products and services. As a result, the efficiency of her company will be made possible by the technology used in the business.

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