If there’s one thing we can all probably agree on, it’s that the world has become a much more unpredictable place than it was just a year or two ago.
Many of us were sent home to work because the office was deemed unsafe. Millions of us were put out of work because the government said it was unsafe for us to be there.
And now, with government restrictions as a constant possibility in the background, we’re facing the prospect of double-digit inflation, which will eat away your buying power… assuming you’re still employed in the first place.
For these reasons and more, many of us have thought about the idea of starting a home-based business.
I’m among them.
Here are a few reasons I think it’s a good idea for most of us.
Maybe after seeing them, you will, too.
Start part-time
The first advantage to starting a home business is that you can start while you still have your full-time job. This gives you an economic cushion during your start-up phase.
Your job ensures that your bills are paid, giving you time to get your first customers and start generating a profit. You can start to earn without having to take money out of the business to eat.
Having that job income lets you reinvest your business income in marketing and lets you leverage up faster. Then when you’ve built a solid income with your business and you have a good emergency fund stashed away, you can covert to full-time and ditch the 9 to 5 job.
You get to build part-time until it becomes a full-time income
Alternatively, you can keep your home business as a side-project for as long as you like, using the increasing profits from it to fund your investment account.
Whether you’re an employee or an owner, the true goal is to build an investment account to create wealth. Having that means you are not dependent on either your job or your business for income. You own assets that generate enough income for you to live on whether you’re working or not.
Less Risk and lower overhead
A second advantage to starting a home business is that there is less risk involved.
As I said before, you don’t have to quit your job to get started. You also don’t have to commit to renting space, paying additional utilities or buying/ leasing office equipment. You can start on your dining room table or in a spare bedroom.
You aren’t taking out a second mortgage or putting your life savings at risk to open a brick-and-mortar business or an expensive franchise.
You get to be the boss
When you own a home business you are the person who decides what clients and customers you’ll serve. You decide what hours you’ll work. Likewise, it’s up to you what the dress code is, what the work environment is, the personality of the company and who, if anyone, you work with.
No Commuting
Commuting sucks. Having a home business negates the need (once it’s full-time, anyway) for that 20-minute, 40-minute or longer trek to and from the job each day.
That gives you more time in your day to be more productive, reduce your total amount of time dedicated to work and increase the time available for family. Dumping the stress of fighting rush hour traffic twice a day can save you hundreds of hours per year and significantly improve your mental state.
You keep what you produce
It’s a fact of life and economics that your employer buys your time at wholesale so they can sell it at retail. If they weren’t making a profit on your time, you wouldn’t be there.
Working for yourself lets you fully reap the rewards of what you produce. You will keep a higher percentage of the sales you make and the projects you complete.
Income Tax Advantages
Starting a home business makes you eligible for tax advantages you don’t currently enjoy as an employee. All legitimate expenses you incur in the operation of your business, from your cell phone to your computer to travel, meals and education are all deductible. Under the right circumstances, you can deduct part of your mortgage or rent, a portion of your utilities, your car or mileage…the list goes on.
Family Time/ Flexibility
Being able to decide what hours you work lets you operate your business around family time. Got an event to attend? Schedule around it. Want to have lunch with your spouse every day? Done. Be home when the kids get home from school? No problem. Your hours are your own and you get to schedule them so that your business serves your life, not the other way around.
You won’t have to ask permission to take vacation, either.
Live wherever you want
Along with time flexibility, comes location flexibility. Since you are your business, it goes where you do.
If you work mostly online, you can travel as much as you want and still maintain your business.
If your business requires more face-to-face involvement with clients/ customers, you still get to decide whether you want to do business in a big city or a small town. Wherever you want to go, your business and your income will be there with you.
Conclusion
To sum it up, you can start part-time, without any significant risk. You can build it around your life and do it from anywhere you want. Also, you get tax breaks that employees don’t, the option to eventually ditch the 9 to 5, and the means to invest in more assets and eventually create wealth.
If this all sounds like a pretty good thing to you, I’d like to offer you a free book that explains how to start and operate an online business based around your passions and interests, that you can run from your home. The book details the simple process that every successful online business follows to go from start-up to success. Get a copy today by clicking HERE.
Read the book, put it into action. Make the decision to own your life.
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