Ever since the COVID-19 crisis hit our shores, companies and corporations all over Singapore have had to take calculative measures that have caused some people their jobs and sources of livelihood. In fact, Singapore entered a recession with a 41% contraction rate in the second quarter of this year alone.
If you have lost your job during this economic crisis or are one of those who were fortunately not affected but are looking for ways to gain extra income, you could look into starting a home-based business.
Setting up a small business poses a great deal of benefits, especially during this time and is a sustainable way of generating income if you’re looking to explore different entrepreneurial options.
Depending on your situation at home, you’ll have the luxury of deciding when you want to work within the day and how much or little time you want to spend on working. There won’t be fixed working hours you need to adhere to and you’ll be in complete control of your time.
This framework of having flexible hours will benefit those who have children at home who need to be taken care of, or perhaps even if you’re just one of those people who are more productive at night instead of during the day. Having control of your time also allows for more work-life balance and the opportunity to spend more quality time with your family and friends.
Commuting and travelling? There’s no such thing when you’re working in the comfort of your own home. Not only does this save you precious time, but you’ll also cut down on transportation costs. With your commute time significantly reduced, you essentially get more work done as well. It gives you more time to spend on revenue-generating activities instead of being stuck in traffic, which nobody likes.
Having a home-based business means being your own boss. That also means being able to do whatever it is that you want. Want to start your own home bakery? Go ahead. Looking into starting your own clothing line? Give it a go. This gives you more chances to experiment with different business ideas and see which ones work for you and find out those that don’t.
Starting your own business from home can be a risky feat since the initial capital will most likely be coming out of pocket, but here is the good news. Compared to free-standing businesses and large companies, small businesses generally have lower startup costs which equate to lower risks.
Having a business that is home-based also allows for quicker exits in the event that the business venture does not work out.
Since you’ll be setting up shop in your own home, there’s no need to think about rental expenses, utility bills, taxes, and so on. Eliminating rental costs of a physical space alone can already save you a great deal of money.
With less expenses, you’ll also be able to save more, which you can put towards improving and upgrading your business or perhaps saving it in your bank account.
Having separate bank accounts for both your personal and business expenses is actually an important factor to consider when starting your own business, but is often overlooked. If you don’t know where to begin, Aspire offers a straightforward, no-frills business account that is suitable for small businesses looking for flexible financing and immediate funds, with cash disbursement available in under 24 hours.