The Benefits Of Having A Home Business

by Felipe Boralas

There is no doubt that the biggest attraction for starting and operating a home business is to become your own boss. But this is only partially true as your customers will always be your bosses. I have been self-employed in numerous business ventures for many years, and the major portion of that time was spent working from my own home.

Freedom was my number one reason for becoming self employed. It is not so much the potential to generate a substantial income or the ability to grow equity, it is simply the sense of freedom and independence that being the boss affords. This means setting your own schedule, working at your own pace and earning what you wish. As long as you get the work done, satisfy your customers and clients and meet your deadlines, you can work in your bathrobe if you so choose, if no one is coming over for a meeting. More significantly, you will not have play office politics.

While it may not be a good reason to start a business solely on the prospect of making big bucks, it is true that the majority of people do have the potential to make more money by owning and creating a business than they do working for a paycheck. This is because when you are working for someone else; there are just a limited number of hours in a day for which to earn an hourly wage or a commission. This is the primary reason why most people cannot get wealthy as a traditional employee unless they invest their money in something independent of their work. Trading time for money will never get anyone rich.

However, when you operate a business, you can duplicate yourself by hiring employees and sales people to increase revenues, you can duplicate your customers and find more to purchase your goods or services, you can duplicate your business model and open in new geographical areas, and you can duplicate and expand the number of products that you sell. Once you have built a business that is generating revenues and profits, duplicating what works can greatly increase your personal income and equity.

Regardless of whether you scale up your business or not, you can still set your own wages, work more hours to finish a project when required, and maintain complete control of that project. Too often in a business, you will have to wait for nine other departments to get on board before you can finish a task. Working on your own, you can determine how long each task will take, charge accordingly, and complete the job on your own if it is feasible.

When you have the power to mold your own work environment and the capability to operate you business as you desire, there are even more primary advantages of operating a business from home. If you so choose, you can spend some of these commuting hours getting work done or enjoy more time with friends.

The average employee commutes at least one hour each day. That is five hours a week in which you have flexibility to do as you choose. If you like, you can walk the dog at noon, pick the kids up after school, be at home to let the TV repairperson in, and do a host of other personal activities on your schedule, without sacrificing any of your business responsibilities.

You also have the opportunity to work in an office setting of your choice, decorate as you like, and decide which high-tech and no-tech appliances are to your liking. For the millions of people who have moved from cubicles to home offices, these personal choices are a major factor. Additionally, if you are green conscious, you can regulate your own heat, shut off unused lights and even go solar-powered if you so choose. While many businesses today are getting in step with the green environmental movement, plenty are not. You, as your own boss, can do so and feel that sense of doing something good for Mother Earth in your own little piece of the world.

Whenever you have a home business you are also qualified for several tax benefits that are associated with operating a business, even if you still work a normal job for someone else and only run your business part time. The very day that you open for business, you can deduct part of your utility bills against business income, a portion of your transportation costs (equal to the percentage of time and mileage your car is used for business) are tax-deductible, and even this book that you just purchased is an allowable deduction for educational purposes. While you will pay some self-employment taxes, you can typically benefit by more deductions with a home-based business.

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