8 Benefits of a Home Based Business
If you are thinking about taking control of your career path, a home-based business is a concept you may want to take advantage of because of the benefits, flexibility, and savings it offers.
The first year of any business is a crucial time where the likelihood of success or failure is determined. In traditional business, leasing an office space, lack of flexibility, and overhead business costs can all be stumbling blocks in the early startup days of a new company. With a home-based business you can avoid many of these obstacles and reach success with less struggle and more benefits than a traditional business model offers. Here are eight benefits for your consideration.
1. Work Hours Are Flexible
You get to choose your work schedule. If you decide to work late one day, you can work less the next day. Choosing when you work is a great advantage for anyone with kids because you can mold your work schedule to their schedules. This also allows you the freedom to work when your customers and other businesses are operating. Such flexibility is especially helpful if you are in a different time zone than your customers.
2. Much Less Commute Time
If you base your business out of your home, the only commute time you will have will be from your bedroom to your home office area. On average, people spend about 50 minutes a day commuting to and from work. If you work from home, that’s 50 extra minutes you have to get ahead of the competition while they are still in traffic just trying to get to their office.
3. Work Where You Want
Taking the commute time a step further, you can do your work wherever you want. If the office is feeling stuffy but the fresh air and sunshine are calling, take your laptop to the back patio and keep working. Maybe you need to work through lunch, go to the local café and keep working over your favorite cup-of-whatever. You can work inside, outside, or upside down. The point is that you work your way, where you want, and how you want. The key is to be disciplined and work effectively. Only you know how you work best. Do your job your way because it’s your business and there isn’t anyone telling you how to do your work. Sounds nice doesn’t it?
4. Income Tax Deductions on Home Expenses
Depending on your situation, you may be able to deduct a percentage of the expenses of home ownership from your business income. Such expenses may include, repairs and utilities, interest and property tax. If your main business office is located in your home, you may qualify for this deduction. Please note that only a fraction of your home ownership expenses can be applied to this deduction.
5. Try New Business Ideas
Because 25 percent of traditional businesses do not survive the first year of business, attempting a new business idea is not only risky, it’s expensive. Starting a new business out of your home reduces the amount of financial risk you get yourself into and allows you to give your business idea the best shot at succeeding in the first few months.
6. Scale Up or Down Easily
Businesses have ups and downs, especially if the product or service you are offering has a seasonal appeal. In slow months it may become important to scale down as many business expenses as you can to survive a dry spell. This can be done more effectively if your business is operated out of your home, because you are not under a rental agreement for the office space.
7. Low Overhead Costs
Overhead costs are the expenses that are going to keep coming every month regardless of how well or poorly your business is doing. These expenses include, utilities, rent, and payroll among other things. With a home-based business, you save money on renting an office space, utilities, and phones. You also save money on travel for your commute and miles on your car. Low overhead costs are an advantage for more reasons than just saving money. That savings also allows you to offer more competitive pricing to your customers, an advantage that competing brands out of brick and mortar offices don’t have.
8. Higher Success Rate
Does having a successful home-based business sounds like a dream to you? Think again. According to Forbs.com, 52 percent of small businesses in the U.S. are home-based business. Approximately 70 Percent of home-based businesses succeed in three years. That’s a stark contrast to the 30 percent success rate of regular businesses.
If this list of home-based business benefits gets you excited, consider transforming your career and your life by becoming the owner of a home-based business. If you don’t know where to start, take a look at franchise businesses with a proven business model and a successful track record. There are a wide variety of business opportunities in franchising. Do some research and find the best fit for you.
Five Star Bath Solutions™ is a network of bath and shower renovation specialists. With franchise locations throughout North America, the Five Star Bath Solutions franchise system provides a home-based business opportunity in the home remodeling industry for aspiring entrepreneurs. For more information about our franchise opportunities please visit us online at:www.bathsolutionsfranchising.com or call us directly at 888.344.0828