As big corporations continue to downsize and layoffs are at the corporations discretion at any given time the internet makes telecommuting ever more attractive to free lancers, entrepreneurs and independent contractors. Starting a home based business is for a person who has the drive, discipline, determination and belief that success as a small business is achievable.
Some of the biggest companies began in a spare bedroom, garage, basement, living room, kitchen or sometimes even a bathroom. That’s how companies as diverse as Apple Computer, Baskin-Robbins ice cream, Electronic Data Systems, Hallmark cards, the Lillian Vernon catalog, and Purex began. Of course, the internet makes operating a virtual company from home more feasible and popular than ever nowadays.
tel·e·com·mute
/ˈteləkəˌmyo͞ot/ verb: work from home, making use of the Internet, email, and the telephone.
Home-Based Business Definition: A business whose primary office is in the owner’s home. The business can be any size or any type as long as the office itself is located in the home.
Benefits and Advantages
Personal freedom
If you’re used to spending hours in traffic to and from work every day, some of the most exciting advantages to starting a home-based business are your newfound freedom and the retrieval of lost time. The average American spends 348 hours each year commuting, according to the U.S. Federal Highway Administration.
You get to keep the money you make. It’s a simple principle: the harder you work, the more money you can make.
Your earning potential is directly proportional to your performance, so you don’t have to wait for a raise or a promotion.
Increased opportunity
With so many corporations and industries in a slump, starting your own home-based enterprise means you can create your own income-producing opportunities.
Good job prospects can be scarce in some industries, and promotional opportunities within major companies are also shrinking.
Tax advantages
There are a number of tax advantages to having your home and office under one roof. You can deduct a part of your home’s operating and depreciation expenses on your home as business expenses.
This can be a percentage of your mortgage, property taxes, insurance, utilities, and/or the expenses of household maintenance.
Tax write-offs
Businesses are able to write off different elements of the company; however, there are other business tax write-off options for those who work from home. For instance, you can write off a portion of your mortgage, your internet/cable bill, and even your utility bills, as long as these areas and utilities are used for your business. This can help you earn a higher refund on your taxes or break even as a business.
Opportunities for professional growth
Being your own boss gives you the chance to wear a lot of hats: sales director, marketing professional, strategist, business development manager, and more. This gives you insight into and experience with all the aspects of running a business, which, in turn, makes you even more marketable.
Increased productivity
Now that you no longer have to budget time and energy for commuting or attend useless meetings, you should have a lot more time and energy to make your business a success. In most businesses, the more products that you or your workers produce or services you or they complete, the more money comes in to the business, making increased productivity a high priority for many business owners.
A creative outlet
Launching your home-based business can be an opportunity for you to give birth to your passions and hobbies and create money-generating outlets for your unique and creative talents. Many entrepreneurs call this method of passions and hobbies “side-hustles”.
Being your own Boss
There is nothing more satisfying than being your boss. The payoff is priceless. Suddenly with a home-based business, you have those extra hours to regain control of your personal life. Plus, there are no bosses because you are the boss, no dress code, no set work schedule, and no office politics to maneuver. All you need is personal drive, discipline, and time-management skills.
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