At a time when the economy is still stagnant and more people are still losing jobs, starting a home-based business may be a solution. Although it is sometimes best to start one while you still have a primary job, others have started on their home-based business full-time. Here are some of the reasons why people would start a home-based business
1. Tax Advantages – Yes, tax advantages. Did you know that there are really two kinds of income taxes here in the United States? Taxes paid by employees and the taxes paid by businesses, which include corporate, self-employed, home-based business owners, etc. There are a lot of tax deductions available to a business owner than that of the employee. Why is that? Because businesses, and especially small businesses, are the backbone of the economy. The government feels that if your business becomes successful, there is a great possibility that you will be expanding your business and will be hiring more employees, which in turn helps the economy in a great way. Of course, these employees will be paying taxes so more revenues for the IRS!
2. Being your Own Boss – It is the dream of the majority of us to be our own boss. To be able to have that freedom and set our own hours instead of the one being dictated to us.
3. Ease of start-up – A lot of home based business opportunities can be started at a low cost. This provides low risk compared to traditional way of operating a business in a commercial office, where your start-up expense is already high because of the high overhead like a contract lease of the office, office furnishings, decorations/signage, etc.
4. Supplement current income – Your earnings can be a good supplement to your current jobâ€™s income if you do not want to quit your current job. Everybody can always use extra money every month to save for retirement, a vacation trip, kidâ€™s college education, a new car, a new house, etc.
5. Can Be Started Full-time or Part-time – People who have the expertise and the resources can start a home based business on a full time basis. However, it is always advisable to start a business part-time while you keep your current job. This way you do not put too much pressure on yourself if the business fails. You should treat your current job as a safety net (which could sometimes be bad for your business). Eventually, once your business income exceeds your job income, then you can make a decision of quitting your job and going full-time in your business.
6. Limitless Opportunities – The beauty of any business, whether traditional or a home based one is that it provides infinite opportunities for you. If you are highly motivated and aggressive, you can grow your business and achieve prosperity faster than the average person would. There are no limits set except your desire in making the venture a successful one. Your success depends on how hard you work and the harder you work the more opportunities and income you make. Compare that to the unfair situation that we sometimes feel at work. Have you ever worked so hard and get frustrated knowing that someone else whoâ€™s not is making the same money as you? Talk about putting a dagger in your morale!
7. No more commute – Yes, there is no more commute to go to work and no more stress in traffic! Howâ€™s that for being green!
8. More time with kids – if you are one of the stay-at-home parents, having a home based business means that you can spend more time with your kids. The key is finding the balance between separating your business with your home responsibilities. Although there are some disadvantages to this, most parents will elect to be with their kids while working on their home based business instead of being away at work.