Continuous advancements in technology continue to add to the list of home-based business benefits.
The technology that is readily available in most homes today has allowed more people to work from home than ever before. Working from home does come in many forms – whether you are an employee having the option to work in a home office or you run your own home-based business. It is the latter that is the fastest growing form of start-ups.
The entrepreneurial spirit continues to grow and with the ability to actively work a business from the comfort of your home, more people are now venturing into the entrepreneurial world than ever before. As with all business ventures, there will be associated risks involved and working out of your home does involve self-discipline, but the benefits can be substantial – especially in the cash-crunched start-up years. Here are the top 6 home-based business benefits.
Home-Based Business Benefits
Less Commute Time, More Work Time
How much time do you think is wasted every day with commuting? In a recent Gallop poll, the average working adult spends 50 minutes of their day commuting to and from their offices. Just in the commute time alone is almost an entire 8-hour workday! One of the best benefits of working in a home office is the lack of a commute. Now it simply involves grabbing a coffee in the kitchen and taking the few steps to the spare room or the basement. This, of course, leaves much more time for revenue-producing activities.
Ability to Scale Up or Down Quickly
When you rent or own office space, the size of your business is fixed to the size of the space. In the event where downsizing makes sense, you may not be able to do so quickly if you are signed to a long-term lease. Working from your home allows you to hire more people or fewer people, or simply work longer or shorter hours to right-size your business operations.
Deductions on Your Income Taxes
Making money in your home business is the name of the game and you can start with saving money on your income taxes. Depending on your situation and how you qualify under the tax laws you file against, you can deduct a portion of your home’s expenses, such as mortgage interest, property taxes, utilities and repairs, and maintenance, against your business income.
In most cases to qualify for deductions, your home office must be your principal place of business and you can only deduct the proportionate amounts of the total expense which are directly related to your business. Although you cannot create a loss with your home office expenses, you can carry them forward to future tax years if you do not have enough business income to use them up in the current year.
Flexible Working Hours
Many home-based businesses are started by a stay at home parents. The ability to work their business around their family’s activities is a blessing as you have the ability to work at the best time that suits your lifestyle. Entrepreneurs are always busy, but having the ability to juggle your working hours around family life ensures a proper balance.
In addition, cell phones, email, and messaging services allow you to interact with your customers and suppliers day and night and easily communicate even with those in different time zones. Smartphones by themselves can act as mobile office units that keep you in touch with your business while you are taking your kids to their various activities.
Reduction in Overhead Costs
Working from a home-based office keeps your overhead costs low as you are not renting office space or phones or paying for office utilities. The zero commute also saves money on gas and wear and tear on your car. The reduction in fixed costs allows you to be more flexible in your pricing decisions than competitors who must cover those types of costs. You can choose to either give more favourable quotes or keep the same pricing as your competition and have a healthier bottom line.
Safety Net for Testing Business Ideas
Starting your own business from the ground up is difficult and this is proven through statistics. More than 50% of all businesses fail. We are not looking to discourage you from starting your own home business, but the simple fact you are starting at home is a major advantage in mitigating some of the risks you may encounter should your business fail.
If you have had to put money out for office space and other fixed costs right off the bat, a start-up failure can be costly. Working from a home office allows you to test out a new business without a lot of overhead. This way, you can determine its viability before investing a lot of money.
You are ready to step into the entrepreneurial world and have your business plan together, congratulations! By starting your business from home, you can start to experience success from these home-based business benefits.
It allows you many freedoms and flexibility to focus on the important aspect – growing your revenues and profits. It saves you money, allows you to grow it at your own pace and definitely helps to keep costs at a minimum in those potentially lean start-up years.
But what happens if you don’t have the business idea that will allow you to benefit from working from home? You want the ability but do not have the business idea that will work? In that case, speak with Engineered Lifestyles. We have been helping people work from home since 2006.
With all the advantages we have already shared, plus many more, you can have the home-based business you have been looking for started and running before you know it.
* Engineered Lifestyles does not guarantee any level of success or income from the NHT Global Business opportunity or any other money-making opportunity. Every independent distributor’s income depends on his or her own efforts, diligence, and skill. Please see our full Earnings Disclaimer here.