What are the Advantages of Starting a Home-based Business?
By: Samik on June 27, 2016
In today’s times, most people don’t want to work in an office anymore. The daily commute, inflexible and strenuous working hours, constant deadlines, and not to mention, interacting with people you don’t particularly like can be quite a pain. As the willingness to work from an office is declining, the entrepreneurial spirit of starting a home based business is slowly erupting among them. More and more people are looking to start their own businesses, especially from their homes. Thus Home-based businesses have become the rage recently.
Unlike working from office or having to rent out space won’t give you the independence and flexibility as working from home. Although you need a lot of self-discipline to work from home, there are several advantages that can be rather substantial, especially when your business is still very young. Here are some advantages of starting a home-based business:
1. More time at work, less time in traffic
People living in large cities can spend close to 50 minutes every day stuck in traffic while commuting to and from work. One of the biggest advantages of a home-based business is that you don’t have to leave your house, so you can use the time to focus on revenue-producing activities.
2. You can scale up or down quickly
When you own office space, your business can expand to only how large space is. So, scaling up can be quite difficult. On the other end, if you’ve signed a long-term lease, you won’t be able to downsize quickly enough either. Working for your own home-based business, you can recruit as many people as you need. You also have the liberty to work however long you’d like to accommodate your business needs.
3. The world wide web is your best friend
When you start a home-based business, you have endless options regarding what you can do online. The internet has been a connecting tool, bringing people closer from all over the world. It also gives them exposure to things they could never imagine coming across in real life. In today’s world of technology, you can use the internet for your business, for marketing, to deliver services, interact with your clients, etc.
4. Deduct income tax by starting a home based business
If your situation complies with the norms, you can use your business income to subtract a portion of your home expenses like property taxes, mortgage interest, as well as maintenance and repairs. To qualify for this lucrative benefit, your home should be the principal location of business. Remember, you can only deduct proportionate amounts from the total expense.
This is one of the most obvious advantages of working from home. For entrepreneurs who have small children or need to stay at home, working from the comfort of their homes is a boon as their work hours are flexible through the day. You can easily interact with your clients, even if they’re from a different time zone. It also gives you more time to spend with your family and ease your way around your kids’ school schedules.
Working for a home-based business allows you more flexibility and freedom as well as gives you the liberty to nurture your business at your preferred pace.
What more advantages you think that are unbeatable to start a home based business? Share your comments below.
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