8 Significant Benefits Of Starting A Home Based Business – Part 1
Today I’m going to reveal to you some benefits of having a home-based business.
Hopefully this will inspire you if you’ve been on the fence about starting a home business for yourself, or if you’d like to enjoy more time freedom, personal freedom, time with your kids or grand kids or just live a little more.
Having a home based business could actually provide you with more freedom and there are lots of reasons that having one are on the rise;
With corporate downsizing, artificial intelligence and automation replacing the need for manual labor being just a few.
On the flip side, the advances in technology and the internet has created a space for online commerce and businesses to thrive and it is no wonder that more entrepreneurs are discovering the benefits of running a business from home or their mobile where they are not bound by the requirements of a traditional business.
So if you’re looking to get out of the rat race, maybe spend more time with your family, your friends, or want to live a more balanced life, then maybe a home-based business might just be the right option for you. And so here are just some of the benefits to ponder over…
1. Start Up Costs.
The First benefit is the Startup costs involved in setting up and running a home-based business.
Unlike Traditional Businesses and franchises where the startup costs are very high, but also the overheads and maintenance of these businesses can be very expensive when you consider the rent, employees, licenses, insurance and so forth.
Compared to a lot of brick-and-mortar businesses that have huge startup costs and huge monthly overheads, having a home-based business is actually cheap to start.
You can get started for as little as a few hundred dollars and it doesn’t cost you an arm and a leg to keep your business running every month. Which leads me to the second benefit…
With an online business, it is way easier to Scale up your business to earn more profits.
You can increase your advertising budget, expand your marketing with greater ease and just get more creative.
Think of like this.. If you were in a job earning an income, your income would not be scalable. you get paid a salary every month, and maybe get a 5% increase in pay every year. Maybe you get paid a little extra for overtime and a little extra as a Christmas bonus. My point is there is a cap to your earning here.
With traditional businesses, most traditional business are only be able to keep their doors open for a limited number of hours.
Online your business is open 24 hours, it never sleeps, so if you’ve setup your business correctly you’d be making money round the clock.
Your Income from an online business is scalable which is a huge thing.
With an online business, if you were earning $5000 a month it is very possible to scale that up to $10,000 a month. Then scale that up to $20,000 a month and so forth. Your income therefore grows exponentially.
3. Tax Benefits.
The third benefit of having a home based business is the Tax benefits.
When you work a job, Your take home income is the income received after all taxes have been deducted.
That means that first you must pay tax on your income before you receive it.
When you have a business, You actually get to deduct your expenses first.
Like in a home business, you can have a home office and since you’re working from home you’re able to write off certain expenses for stuff that you use in your business, like if you have a dedicated office space you’re able to write off a portion of either your rent or mortgage.
The same thing applies with your internet line, phone line, office expenses, travel expenses so long as they’re business related they can be written off prior to being taxed on that income so that’s a huge benefit if you compare it to working a job where you get taxed before those expenses and you end up paying for them from your net income.
4. Your Job Is Costing You.
A lot of people don’t really think about this, but another benefit of having a home business is that You can save money or put another way, Your Job is Costing You!
The reality is that you have to pay to have a job. Think about it…
Most people have to travel to work. Costs money! Most people have to dress up for work. Costs money!
and not only does it cost you money, it costs you time as well. Sitting in traffic or commuting by transit for an hour to three hours everyday is pretty much the norm for most people working a job these days.
Whereas, working from home, you can completely cut out or at least minimize some of those expenses.
These are just 4 of the benefits I have listed in this first part of the series. If you enjoyed reading this article, look out for my next article where I dive into a few more benefits of having a home based business.
Thanks for reading,