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Who said starting a business must come with the challenges of finding and renting commercial real estate, commuting from home to the office, and managing lots of employees? We live in the era of the rise of home-based businesses. Therefore, all these problems can be out of the question if you choose to have it be that way. Moreover, as data shows, 50% of US businesses are home-based businesses.
In today’s digitized world, people can stay connected no matter where in the world they are. So take advantage of all this flexibility and start your business right in the comfort of your own home. Still not convinced that starting a home-based business is more advantageous? Keep reading to see why starting a home-based business may be the best idea you ever had.
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You’ll Have a Flexible Work/Life Balance with a Home-Based Business
The most obvious advantage of starting a home-based business is that you will be in charge of your work/life balance. You will be the CEO of your business, after all. There will be no one else to tell you how much you should work and what tasks to complete. Simply put, you will be your own boss.
Keeping a balance between your work and the rest of your life can be really difficult when you have a nine-to-five job. You may be compelled to work after working hours, for example. Plus, you spend a lot of time commuting. Also, even when you are feeling sick, you can’t just simply decide that you are not going to work.
Well, this won’t be the case if you run your own home-based business. You will be in charge of your schedule and activity and you will work from the comfort of your home. So you will never have to worry that you might have to leave your kids alone when they are feeling sick or that you must spend hours in traffic to get to work.
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There Will Be Opportunities for Professional Growth
Working in a team has been proven to be one of the most efficient ways to learn. However, when you are your own boss, you will get the chance to wear a lot of hats. This is because the success of your home-based business will depend solely on you. On the other hand, all of this diverse experience will contribute to your professional growth.
Who will be the sales director of your business? Who will promote it on social media and in the offline world? And who will take the role of the business development manager?
Most probably, that would be you completing all these tasks for your home-based business’s growth. It might sound overwhelming. But, in fact, it provides you with opportunities to gain insights into and experience with all the aspects of running a business.
You’ll Save Money with a Home-Based Business—and Lots of It
Starting a business at home requires by far the lowest initial investment of any business. Moreover, you will have fewer costs as your business grows and thrives. Additionally, a home-based business comes with many perks, including freedom, independence, convenience, and more. However, the most important advantage is your opportunity to save a lot of money.
First of all, you won’t have office expenses, since you won’t have to pay rent on a commercial space, nor will you need to include any improvements or repairs to your home or utility bills in your business expenses. Plus, you will also probably save on dry cleaning.
You will, however, need to purchase supplies and equipment for your home-based business, even though these will likely be minimal expenses. Also, until your business starts providing profit, you might need to dip into your savings for a while.
On the other hand, many home-based business expenses are tax-deductible, including tax preparation fees, software purchased to use for your business, or transportation costs used for business purposes.
Also, you can also save money on insurance. For example, if you have a home-based business and you only have a few business-related visitors, and your business is valued at less than $10,000, you don’t usually need separate business insurance. Instead, just do an online search for “where can I get insurance for my house in Florida?” for example. Then your home insurance provider can help you with your insurance needs. It is important to do a home insurance comparison to ensure that you’re getting the right coverage before making a decision
It’s an Opportunity to Give Your Talents a Try
Does your home-based business idea spring from one of your passions or hobbies that you would love to turn it into a money-generating outlet? But have well-meaning friends and relatives told you that you’ll need a large amount of capital to start your business?
Well, they’re just plain wrong. Don’t let anyone talk you out of your dream, because you don’t need a lot of money to start your business, especially if you start your business at home.
So go ahead and give your home-based business idea a try. Tell those well-meaning relatives and friends that your home-based business will incur fewer risks, especially financial risks. For example, you won’t have to pay rent for commercial real estate, and you also don’t have to hire employees, at least at first.
RELATED ARTICLE: HOW TO TURN YOUR HOBBY INTO A PROFITABLE BUSINESS
Scale Your Home-Based Business up or Down Whenever You Want
When you start your business in a rented commercial property instead of starting out as a home-based business, the size of your business is fixed to the size of the space you operate in. This probably won’t be a problem if your business runs at the same rhythm for a long time.
But what if things go wrong and you must downsize due to a lack of financial resources? If you are signed to a long-term lease, this can lead to a series of complications and challenges.
Moreover, what if your business goes so well that you must scale it up? How will you manage to adapt it to the space you have already rented? This will be another challenge to deal with.
On the other hand, running your business from home can make things a lot easier. If you ever decide to down-size your business because things aren’t going well, you can simply close your business’s website and that’s it. But if you decide to scale up, it will be easy to look for a commercial property that is suitable for the size of your business.
Enjoy Increased Productivity
Since you won’t have to stress about such challenges as having to pay rent, managing employees, or commuting, you will be able to focus more on your tasks. Working from home can actually increase your overall productivity because you will be working from the comfort of your home. Best of all, you’ll have an easier time balancing your work with the rest of your life.
A Final Word
Starting a home-based business will give you more freedom and flexibility. Plus, it can help you save money. Moreover, you will be in charge of your schedule and budget. This means your business growth will happen at your own pace.
Browse our blog for more inspirational ideas for entrepreneurs and owners of small businesses.