Years ago, the idea of a home business was something mothers did to stay home with their children. Today, many moms still build a business to be home with the kids, but they’re not the only ones seeking the benefits a home business provides. Men, students, and baby boomers all over the world are starting a home business to gain freedom, flexibility and security. Here are five reasons you should consider starting a home business.
Do something you love
Many people view work as a chore. It’s an unpleasant, unfulfilling task that needs to be done to pay the rent. Starting a home business allows you to design a career that you enjoy. If you listen to interviews with the world’s most successful self-made people, you’ll hear them talk about following their passion. Imagine getting paid to do work you love. All of a sudden, work wouldn’t be a chore, but instead, it would be something that fulfills you.
That doesn’t mean that the work wouldn’t sometimes be tedious or challenging. But overall, choosing a business idea that involves something you enjoy is more fun, making it easier to power through the boring and difficult aspects.
Fill income-expense gap
Millions of people are working full time and yet, are not able to pay their bills each month. A part-time home-based business can fill the gap between what you earn and what you need to pay. And you can do it on your own time without leaving home, making it easier than finding a part-time job outside the home. Another advantage is that working from home can save money, especially over working a second job outside the home. You can save on commuting, childcare and other expenses that go with working outside the home.
Not only are many people unable to save money from their income, but also often their jobs do not provide retirement funds. Saving now and in the future is crucial for financial security and too many people are doing without. A home business can generate additional income for emergencies, life’s little extras and retirement.
Safety net in case of job loss
One thing that has become clear over the last few years is that no one is safe from a lay-off. Employees from factories all the way up to white collar workers have lost their jobs. Millions more are anxious that their job could be next. A home business can help you create a savings in the case of a layoff and income to support you if you are laid off.
Some people avoid starting a business because the tax issueworries them. Certainly taxes get a little more complicated for a home business owner. However, home business owners can deduct business expenses from their income (Employees are limited to what they can deduct. For example, employees can’t deduct gas to get to work.) Further, home business owners can take the home office deduction that includes expenses such as utilities and Internet access, which you are paying for already. There are rules and regulations about how to qualify and what you can deduct, so check with a tax professional for information.
Working too long and too hard hurts your health. Stress, lack of sleep, and no personal time can increase your risk to develop depression, heart disease, hypertension and more. Although a home business can take extra time if done around a job, by adding additional income you can reduce your financial woes eliminating the stress of money worries. Further, a home business is flexible allowing you more time for personal pursuits and spending time with family that can rejuvenate you and bring happiness and fulfillment.