9 Reasons you’re CRAZY for not starting a Home-Based Business!
Having served the Direct Sales industry for over 20 years now, I’m constantly surrounded by entrepreneurs that work from home. According to the Small Business Administration (SBA) those of us doing so make up a whopping 53% of all small businesses in the United States – and the REASONS we do so are so completely obvious and internalized to us that we can hardly conceive of living life any other way!
So whenever I bump into someone that has never even considered a home-based business… it amazes me how so many have NO idea what they are missing! Too many people are resigned to a life showing up at a job when and where they are “told” to… earning what someone “tells” them they are worth… taking vacations on days someone “allows” them to… and spending time with their family and friends only with what’s left. Talk about a miserable existence!
But sadly, most people stuck in a rut working for someone else haven’t even stopped to really think about the advantages of starting up a business from home. There are a million articles out there listing the various advantages of a home-based business, but the following are a few of my favorites.
You get to be the boss! You decide the hours you want to work based on what’s best for you, not some company’s bottom line. You can decide when you want to scale up your business, or scale it down in periods when you’ve got other things going on.
Stress is a killer! So imagine how much less stressful it would be each day NOT having to rush into work, battle traffic, and deal with people you may not even like! Commuting to the coffee pot in your sweats is a lot more peaceful! Or better yet, your business travels with you. The lines between work and vacation are blurred when you can work from your phone or tablet while sitting at the beach or by a pool.
Even starting up a new business is flexible. There’s no need to quit your current job. You can easily start it up working a few hours here and there around your current schedule. Once you’ve got it growing enough, you get to fire your boss!
#2) Earnings Potential
One of the most insulting things about a traditional job is how they tell you what you’re worth. Ever been passed up for a promotion? Or loyally worked for a company for years and still not making the money you deserve? By owning your own business you’ll actually be rewarded for your true value, not some arbitrary pay level you’re stuck at.
Plus there’s no glass ceiling. No one to tell you the maximum you can earn. And through a Direct Sales business you have the ability to build up a team of independent distributors and leverage your income based on the time and effort of others… which is the same thing the company you work at does right now, except you won’t even have the hassle of “employees” to deal with!
#3) Low Cost/Risk
Where else can you start a business for under $500? Consider the costs of starting up a “brick and mortar” business in your town, or maybe a franchise of some sort. Beyond the $100,000’s in franchise fees you’ve got a long list of start-up costs to deal with. Rent, overhead, inventory, utilities, labor, payroll tax, etc. So you’re looking at a sizable loan from the bank (if you can even get it!)
These days you can start up a full blown business for a few $100 total investment. Technology is on your side like never before… making is low cost and realistic to achieve success and actually be in a profit quickly (compared to years of work just to break even with that franchise!) We you compare these tiny start up costs to the “cost” of blindly throwing yourself into 40-50 years working for someone else just to scrape by… is there ANYTHING you really have to lose?
#4) Time Freedom
People who haven’t started a home business tend to focus on the money, but for those who took the plunge and now have a successful business at home… the number one benefit you’ll hear really is “freedom”. It’s NOT all about money. It’s about how you’d live your life if your bills were covered WITHOUT having to spend 8 hours a day at some job?
Spending more time with family and friends – how much is that worth? Being able to schedule your vacations whenever you want? Or simply being able to work at home and see your kids throughout the day… to actually be present in their lives?
Personal growth goes hand in hand with being an entrepreneur. Your business can be a creative outlet for your passions and talents. Your self-confidence will increase and as you grow your business you’ll experience a greater sense of pride and accomplishment.
You’ll also grow professionally. One of the cool things of owning your business is that you get to wear lots of different hats (not be stuck with a single role at a job). You’ll make all kinds of new friends (and they’ll be positive minded people, seeking to better their own lives as well). There is a certain sense of dignity and fulfillment that comes with the achievement of running your own business.
#6) Financial Benefits
You often hear a lot about achieving Financial Independence through a home business. And certainly many do. The lifestyle that comes with it is obviously very appealing and if that’s your goal, you have the ability to achieve it.
But that doesn’t have to be the goal. Many are simply looking to earn a little extra money on the side of their current income. Most people could save $100,000’s in mortgage interest by just earning an extra $500/month and putting it towards their payment. Or use it to pay off that car loan. Or beef up your retirement fund over the next 5-10 years. Or simply… to have as a monthly slush fund to pay for dinners out, movies, or an awesome annual vacation!
But regardless of how big a business you decide to build, you are creating an ASSET that will continue bringing in income even after you’re done building it. Something you can pass on to your kids… rather than toiling each day at a job to benefit someone else’s kids!
#7) More Productivity
Think about all the time people waste at jobs. The commute alone can add up to months of lost life over the course of a career. Ever notice how people are just killing time when at the office, waiting to be able to clock out, or get to the weekend. Wow… just imagine turning all of that into something productive that actually benefits your life!
With a home-based business your income is directly associated with the time you invest into your business. No need to sit there pretending to look busy – if you want to stop work early and take of, do it! But then for the time you DO invest in your business, YOU get to receive the full payoff… not some company that then pays you a tiny wage for your trouble!
#8) Tax Benefits
This is where the obligatory “I’m not an accountant so seek advice from your CPA” comes in, but… the tax benefits alone from having a home-based business can exceed $3,000/year… simply for turning on the lights!
The IRS recognized “business use of the home” and allows you to take deductions related to all kinds of costs you are already paying… mortgage interest, property taxes, utilities, cell phone, etc. Plus many of the activities you do for business (traveling, meetings, dinners, etc.) are also tax deductible at some level.
#9) Job Security
Ever been fired? Laid off? Ever worried about being let go from your job for any reason? It’s a horrible feeling to know that your entire world could be turned upside down by losing your job based on things that are totally outside of your control.
When you own your own business, you have more control. Not only is there no one to fire you, there’s also no one to say “no” to your request for a raise. (If/when you need more money, you control the ability to go get it!) Plus, once you get one business up and stable you can even start another to create multiple streams of income, providing even greater security.
Have a home-business? Been thinking about it? Tell me what you think?
Throw your comments below!
October 10, 2016 Home-Based Business