5 Reasons Why You Should Consider a Home-Based Business
Copyright (c) 2009 Tony Mase
In his classic masterpiece "The Science of Getting Rich", later republished as "Financial Success Through Creative Thought", Wallace D. Wattles wrote:
"If you cannot get rich working for the steel trust, you can get rich on a ten-acre farm..."
Hmmm...
He may or may not have intended it this way, but it sure sounds like Wallace D. Wattles was talking about a home-based business to me.
Regardless of whether he intended it that way or not, if you don't already have a home-based business, here are five great reasons why you should at least consider one:
Reason #1 - Low startup costs.
Unlike most "traditional" businesses, most home-based businesses can be started on a "wing and a prayer", so to speak. Odds are, depending on the home-based business you want to start, you *already* have everything you need to get started and what little you don't have, which you might need, can be easily purchased from your existing income and/or business profits as you go along, without your having to incur debt to do so.
For those of you who buy into the "it takes money to make money" mentality and/or equate "high" startup costs with the ultimate profitability of a business, it might interest you to know the businesses that cost me the most to start were the least profitable (and ultimately failed) and the ones that cost me the least to start, those I literally started with "pocket change", were the most profitable (and were profitable from "day one", I might add).
That alone ought to tell you something. :-)
Reason #2 - Low overhead.
High "overhead" (the general ongoing, recurring costs of running a business, excluding the costs of labor and materials; mortgage/rent, utilities, and maintenance for example), is, in my opinion, one of the biggest, if not *THE* biggest, killers of businesses there is, as a quick glance at recent financial news stories will tell you.
Because you're *already* paying a mortgage or rent, utilities, and maintenance, the overhead of a home-based business is *zero* or darn close to it.
In addition, at least here in the United States, a home-based business allows you to convert a portion of those non-deductable personal expenses you're *already* paying into tax-deductable business expenses (see Reason #4 below), further reducing your "cost of doing business".
Reason #3 - Low risk.
Low startup costs and low overhead, combined with the fact that most home-based businesses can be started on a "part-time" basis, allowing you to keep your "full-time" source of income, make a home-based business practically "risk-free".
Thus...
If for some reason it doesn't work out for you (you end up not liking it, it's not profitable, etc.), it's no "big deal" to shut it down and start another one if you like.
Reason #4 - Tax advantages.
A business, at least here in the United States where I live, is just about the last legitimate "tax shelter" there is.
This is *especially* true of a home-based business as it allows you to *legally* convert a portion of the money you're *already* spending and the money you make from your home-based business into tax-deductable business expenses, thus giving you "more bang for your buck", as they say (depending on your income tax bracket, roughly 10-100%+ more!).
Reason #5 - Profit.
It's been said the first business of *any* business is to make a profit and a home-based business is no exception.
Though it's number five on my list of reasons why you should consider a home-based business, the number one reason for starting a home-based business is...
PROFIT!
Plain and simple. :-)
This profit can be used to supplement your current income, which recent economic events prove a wise thing to do, or to grow to the point where your home-based business can *reliably* (the key word here is *reliably*) serve as your full-time source of income.
Either way...
I *highly* recommend you consider a home-based business!
A word of warning though...
A home-based business, especially one intended to be a "full-time" source of income, is *NOT* for everyone.
Why do I say that?
Simple...
In my experience, many, if not most, folks are so used to working for someone else, without a "boss" to tell them exactly what to do and when, left to their own devices with the freedom a home-based business provides, *won't* do what's required to be successful in business, home-based or otherwise.
That being said...
If you have the self-discipline (or are willing to develop it) to do what it takes to be successful in a home-based business...
I *highly* recommend you consider one!
It may well prove for you, as it did for me, to be one of the wisest things you ever did. :-)
Questions and Answers
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