With outside employment opportunities dwindling through downsizing, layoffs, and even closures, entrepreneurs are discovering the benefits of running businesses out of their homes. If you are looking to leave the rat race and lead a more balanced life a home based business may be a good decision for you. There are some great advantages of working from your home – here are some of the best:
1. Get your time back. According to the US Federal Highway Administration, the average American spends 348 hours each year commuting – that’s an additional 9 weeks (40hr/wk) of time spent towards your job each year! With a home based business you get all that time back, can you imagine “adding” 9 more weeks to your life each year? In addition, there’s no set work schedule, no bosses, no office politics to deal with.
2. Earning potential is directly proportional to your performance. With a traditional job no matter how hard you work, your paycheck remains the same. The only motivation may be the yearly review when you can hope for a raise or promotion. But, with a home based business, the harder you work, the more money you can make. Your work directly benefits you – your can give yourself a raise just by working harder. Plus, you save money on gas by not commuting and preparing lunch at home can be very cost efficient.
3. Tax advantages. You’ve probably heard about this one – and it’s true. There are several tax advantages of running a business from your home. A percentage of your mortgage, property taxes, utilities, insurance, and even household maintenance can be deducted. Plus, running a business from home is much more cost efficient than a freestanding business.
4. More opportunities. With traditional jobs, your responsibilities can be very limited. By being your own boss, you have the opportunity to expand your skill set. You can learn about marketing, sales, management, accounting – it’s up to you how much of it you want to control. By running your own business and being familiar with all the aspects of running and maintaining a business develops your professional growth, which makes you even more marketable in the future.
5. Increased productivity. With less time commuting and spent in meetings, you should have plenty of time to devote to your business. When you have an idea, you can act on it instead of setting up a meeting to discuss your proposal. If you feel particularly motivated on a certain project you can get right to work – your productive hours don’t have to be limited to 9am to 5 pm. You may be more productive just by working at your best time instead of being forced to work at time set by your employer. Maybe you never really get anything done before 10am anyway – if that’s your style, you can take advantage of it in with a home based business.
6. More time with friends and family. This is where life balance comes into play. By setting your own schedule you can be more available to your loved ones. You can spend time with your kids when they get home from school in the afternoon and then spend some time on your business in the evening once they are in bed. If you enjoy spending time outdoors – take a bike ride in the middle of the day.
What it boils down to – if you have a home based business you are in control of your business, schedule, and personal time. This does require discipline, but if you think you have the drive, knowledge, and management skills to be successful starting a home based business may be the best thing you can do for your life, family, and earning potential.
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