Thinking about starting a home-based business but still weighing the pros and cons? Running any business, whether you run it from your home or from a rented space, is going to come with its challenges and risks.
However, we find that there are plenty of good reasons to run a business from the comforts of your own home. Here are the top 6 benefits of starting a home-based business:
1. Say Goodbye to Long Commutes
In fact, you can say farewell to commutes period. When you exit the rat race, you’re no longer subjecting yourself to being stuck in traffic or having to get up extra early just to get to work in time.
Maybe you’re most productive working from your favorite café that’s a 3-minute walk from your home, or you feel inspired working in a coworking space. The point is, the only time you would have to travel is when you choose to work from anywhere other than your dedicated home office or your bed, if that’s the case.
2. The Harder You Work, the More Money You Make
The biggest perk of starting a home-based business is that you keep the money you make. Your earning potential relies entirely on your performance. You no longer have to feel you’re missing the opportunity to make more because someone else got the promotion you were gunning for. You have the power to give yourself a raise when you feel you deserve it simply by working for it.
3. Tax Advantages
As a legitimate business, you do need to file taxes. However, if your home office is your principal place of business, you may qualify to deduct a proportion of home expenses which include repairs, utilities, and maintenance against your business income. This can even cover a percentage of your mortgage, property taxes, and insurance.
4. More Time, More Flexibility
A home-based business means more time for the things you love because you make the rules and aren’t confined by the conventional 9 to 5 work structure. A home-based business means having the power to move items around in your calendar to make way for the things that matter such as being seeing your kids off to school and being at home when they return.
Being flexible with your working hours means working when you feel most inspired, even if that means working late at night or in the wee hours of the morning when the house is most quiet.
5. Keep Your Overhead Costs Low
The costs of buying work clothes, gas for your car, and lunch add up when you work in an office in the city. And think about how much you’d be spending if you were renting an office space and paying for office utilities. Working from home eliminates all those costs, significantly reducing overhead costs.
One of the most significant and attractive advantages of starting your own business is the personal freedom you gain by being your own boss. There’s more room for your creativity and inpiration to thrive. Less time commuting combined with more time for family, friends, and yourself means less stress. The freedom you have to make the major decisions allows you to test out new ideas and different approaches without the fear of being reprimanded by a superior.
As with any business, there will always be risk. However, starting your own business means freedom, flexibility, and more control of your finances. And most importantly, you have the opportunity to own a business selling a product or service that you are truly passionate about.