I read an interesting couple of statistics the other day. One stated that 52% of Americans are unhappy with their jobs. The other claimed that 77% of business owners are happier than the average worker. If those statistics are true, they support my general contention that pretty much everyone should have a side business. Besides the inferred potential for it to make you happier, here are four more reasons you should have a side business that you operate from home.
Potential for financial increase.
A profitable side business means more income. And it potentially means a respectable additional income. 18% of home business owners earn $5000 to $10,000 per year and an additional18% earn $10,000 to $30,000 per year. While that may not be enough to fully support your lifestyle, it could certainly help you do other things. set aside an emergency fund, supplement your retirement or provide the money to fund your retirement account, provide the down payment for a home or be part of a plan to achieve financial independence.
Financial Diversification
A home business could also provide a safety net. The pandemic has shown us just how tenuous our jobs might be. There are a lot of people out of work through no fault of their own for whom a side income would be a huge blessing. Even in more “normal” times, having a second income provides a cushion against job loss. Placing all your income needs in one basket is risky. A home business can help mitigate that risk.
Personal Development
Having a side business provides you with opportunities to meet new people and expand your network outside of your current job/company/industry. New connections and new relationships can provide even more professional opportunties
In addition, you’ll have the opportunity to learn new skills. These skills could blossom into new opportunities with your current job or open doors to a new job.
Tax deductions are fun
One really cool benefit of having a home based business is the ability to turn some of your everyday expenses into deductions from your taxable business income. I am able to deduct a portion of my mortgage, my utility bills, my car payment and insurance and travel expenses from my business income.
How many places around the country/ world would you like to travel? Would it be OK if you could make all thos trips tax deductions? One of my daughters lives in Texas, so I’m making it a point to expand my business down there so I can go visit her more often and deduct the trip. The possibilites are endless with this.
Having a home business will improve your life
More money. A path to financial freedom. Tax deductions. Self improvement to make you more valuable on your job. These are just some of the reasons I contend that most people should have a home based business.
One if the bigger challenges to building a home business is the length of time it can take to build a significant income. Many programs pay small commissions, requiring a very large customer base to earn a full-time income.
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