According to a recent report by Forbes, the fastest growing segment of startup companies are people who have a home based business. As the economy begins to recover, more and more people are opting for home based businesses due to the benefits that come with it. More people are taking the leap of faith to try and make it on their own instead of getting back into employment where job security is not assured. In the next few sections, I take a look at some of the major benefits that come with a home based business.
6 Benefits of a Home Based Business
With the rising cost of fuel, commuting has become a costly undertaking. Working from home saves you the money you would have spent on fuel going to and from work.
2. Dress Code
Most companies have a code of dressing which all employees must adhere to. Working from home, you can dress as you wish with no loss in productivity. This freedom also helps you to become more creative and think outside the box as you have less limitations. (you can even work in your pyjamas if you want lol)
3. Huge Earning Potential
When working from home, you have the potential of making as much money as you deserve since it is your efforts. You do not have to wait for your next promotion or ask for a raise in order to earn more money. All you need to do is work harder and your earnings go up.
4. Flexible Working Hours
In a normal business setting, people work from 9 to 5. However, for a home based business you are the one who decides on the hours you will be working. This way, you can schedule your working hours for those times when your productivity is at the highest. You can also easily plan your work around family duties and household chores hence giving your more control over your life-work balance.
5. Less Risk
A home based business has less risk as compared to traditional brick and motor businesses or even buying a franchise. Once the business is up and running, maintenance is much easier while the overhead costs are reduced.
6. Tax Benefits
Last but not least, having a home business offers you great tax benefits. Things such as a home office, business lunches and travels are all deducted from the taxes. When filing your tax returns, it is always a good idea to consult a tax professional who will be able to identify the expenses related to your business which are genuine deductions and can help reduce your tax. This way, you are able to keep more of what you earn.
Starting your own home based business can be an opportunity to not only follow your passions but also have an income generating activity that brings out your creativity and innovation.
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