Discover the 9 Awesome Benefits of A Home-Based Business.
Now a days, its getting extremely hard to make ends meet with just one income. Therefore, many people are looking into the possibilities of starting their own home-based businesses to generate extra money.
However, you will have to evaluate for yourself whether a home-based business is the ideal situation for your needs as working from home is not for everyone. There are many advantages to working from home, the main ones being:
A home-based office eliminates much of the overhead expense of a brick and mortar business. Your home office incurs less expensive operating costs.
Home-office tax deductions
The beauty of a home-based office is that a portion of these costs can be claimed on your income taxes.
Flexibility of hours
The flexibility gained in a home-based business makes them very attractive to parents of young children. If you are too ill to work, you can rely on your voice mail or take the portable phone to bed and rest. You can burn the midnight oil if you lose time during the day from the comfort of your home.
Safety in inclement weather
You can continue working through rough weather conditions outside without having to take one step into the danger zone. This benefit I particularly like especially during Hurricane season!
Security, peace and quiet
When everyone else heads off to school and work, you have the security that you’re protecting your home by being there and the peace and quiet of no boss and/or office politics.
With a home-based business, there are many opportunities you need to take into consideration and be careful about like the following:
A home-based business isn’t for everyone. You need to outweigh the pros and cons.
Find out for yourself, first-hand, just how many people are in your area who are interested in your proposed product or service. Are they willing to stand in line and pay money for it? Who are your competitors? This is known as defining your market and pinpointing your customers. Research will allow you to find out what others are charging for their similar products/services, so that you can base your own prices and stay competitive within your chosen field.
Regardless of what kind of business you start, you must have the capital and the available time to sustain your business through the first six months of operation. Specifically, you must not count on receiving or spending any money coming in from your business on yourself during those first six months. All the income from your business during those first six months should be reinvested back into your business in order for it to grow and reach your planned first year potential. Once you’ve passed that first six months milestone, you can set up a small monthly salary for yourself, and begin enjoying the fruits of your labor. 😉
There are many accounting programs that can make it a lot easier for your business planning stages. Remember,” if you plan to fail, then you fail to plan!”
Does your idea have market potential?
The key to a successful and innovative idea is to identify a niche and a need in the marketplace. It is what successful marketing is all about. Take a small slice, become an expert in that area and discover if there is a need for your unique product/service in the market. Potential customers are everywhere for you. Learn how to market your business effectively to attract those customers.
Get the word out about your new business. Send out brochures, include business cards in all outgoing mail, post flyers in your neighborhood supermarkets, put all business info on every stationary including your web site address. Network with other business like minded individuals on social media platforms. Remember and tell a friend; ask them to spread the word. Word of mouth is key!
What are other benefits of a home-based business you can think of? Please share your comments below. Thank you!
About the author: Sonia Colon is writer/publisher of My Fashion E-Mall Blog & The Biz Buzz of A Latina Mom Blog. She is also owner at Books About Me. Sign up for the newsletter and never miss a powerful business marketing article plus receive a FREE eBook on ‘How to Rock Your Business with A Blog’.
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