Many Americans are considering the benefits of starting a home-based business. Working at home can be very emotionally and financially rewarding. Working at home can mean no stressful morning commutes to an office, low overhead costs, fewer restrictions, and few or no employees to manage, plus being one’s own boss. Even more beneficial to the home-based business is that many tax laws do not apply to businesses with a few employees or no employees.
How Good Business Can Be
It has been estimated that 95% of all successful home-based businesses have an average income of over $50,000 in their first year of business. The primary benefits of starting a home-based business are tax advantages, money making potential and savings on transportation and clothing costs.
Home-based businesses receive numerous tax advantages. Tax deductibles can include your home, spouse, cars, business vacations and business meals. You can even set up a pension plan while operating a home-based business. Any losses sustained can also be tax deductible and may be refunded by the IRS, depending on the circumstances.
How to Succeed
There are certain factors that enable a home-based business to succeed. The first thing you need to do is outline a solid business plan. Most people start a home-based business without a proper plan, thinking that by just setting up an office they are in business. Such thinking sets a business up for failure. Before starting a home-based business you need to study the market, know what services are required to keep a business running and what types of businesses are doing well. You also need to know how much capital is required for future business expansion. Doing research and talking to other home-based business owners can enable you to benefit from the experience of others.
Starting a home-based business is an excellent financial opportunity; the tax benefits alone can make starting a home-based business a great financial move. Keep in mind that the success of your business is directly related to the amount of pleasure you get out of it compounded by the amount of work you put into it. Choosing a home-based business that you enjoy is hugely important because choosing a business that you do not enjoy makes it a job from which you get no emotional satisfaction.
Home-based business opportunities
Many people now want to opt out of the ‘rat race’ and spend more time with their families, taking a more proactive role in their children’s lives. With the help of technological innovations, working at home is becoming more feasible, simple, easy and convenient. There are plenty of business opportunities available to anyone looking to work from home. Most of these require minimal start-up costs and offer a tremendous amount of scheduling flexibility. Some of these businesses include:
- Alternative medical practitioners
- Animal services/pet care
- Day Care/Child Care providers
- Creative gifts and products/arts and crafts
- Cultural and recreational services
- Event Coordinators
- Graphic Designers/Writers/Editors (freelance)
- Health and fitness professionals
- Marketing professionals
- Personal advisers
- Architects/Accountants/Book keepers
- Property and business services
- Real estate agents
- Secretarial services
- Software and hardware designers