Advantages of Running a Home Based Business
Owning your own business is a dream for many people today. As unemployment rates rise and corporations start reducing pay and benefits and even outsourcing jobs, people are starting to wonder what it would be like to work only for themselves and to create their own jobs.
Running a home based business offers many advantages, and the ability to eliminate your boss is only the beginning.
One of the most appealing aspects of starting a home based business is that it can require almost no investment. If you already own a car, a cell phone, and a computer with Internet access, then you are already equipped to start your own business.
A simple startup kit and a clear business model are all you need to get into the game and start making money.
The low expenses are only the tip of the iceberg, however. Starting your own business is a great way to make more money. Imagine if you received all of the profits related to the work you do at your current job. If you are self employed, there are no higher-ups who are taking a percentage of the profits.
You aren’t helping to pay the salaries of CEOs, upper and mid management, and your boss. The money you make is going right to you.
If you own a home based business, you are also able to keep a larger portion of your income. There are many tax deductions that are made for self employed individuals.
Your home office will enable you to take a portion of rent, mortgage costs, utilities, and more off of your total taxes at the end of the year. You can also deduct work related phone, computer, and car expenses.
If you calculate the mileage you drive for your job, you can even deduct these costs, and the current IRS rate is $.55 per mile.
Last, owning your own business offers security. You aren’t going to fire yourself or sell your job to the lowest overseas bidder. Job security is something that most people do not have these days.
When you need to obtain security, great income, and the ability to maximize your deductions at tax time, owning a home based business is a great way to do it all at once.