This is the best time to start a home-based business. This trend is in for a long haul. The financial benefit is not the only reason one should consider starting a home-based business. There are plenty of other reasons why you should start a home-based business.
SAFETY DURING THE COVID-19 PANDEMIC
The world is going through a hard time during the covid-19 pandemic. The transmission and death rate are accelerating from day to day. Even though the vaccine is proven to help stop this pandemic, bad thing is not going to end soon. Working for your own business at home is a good option to get yourself in safer position than in a crowded space.
Who doesn’t hate the hour-long commute to work and getting stuck in traffic every day? One of the best advantages of starting a home-based business is personal freedom. An average person spends 348 hours commuting each year. When you are working from home, you will gain control of your personal life by getting back those extra hours.
SCALE UP OR DOWN AS YOU WANT
When you have rent an office space, upscaling isn’t that easy. Switching from one lease contract to another can get you in trouble. On the other hand, if at some point you have to downsize, you will be stuck with your lease contract and all that extra space.
There is no such problem with a home-based business. Your employees can join you in your home office. You don’t have to think twice when upscaling or downscaling.
LESS OVERHEAD COSTS
When you are working from a home, your overheads are reduced. There are no phone expenses, office rent, or office utilities. Plus, there’s zero commute. You are not just saving on gas but keeping your car from all that wear and tear.
This allows you to be flexible with your pricing as compared to your competitors who have to deal with spiked overhead costs.
The tax benefit of working from home is huge. If you qualify, you can deduct a portion of the home expense against the business income. You can also carry your home office expense to future tax years if your business hasn’t generated enough income in the current year.
SAVE FOR A RAINY DAY
If there any extra money you are earning from your business, it can either go in your retirement fund or you can save it for a rainy day. While you are still working 9 to 5 on a day job, it’s hard to meet the daily expenses let alone save for an emergency like a broken car.
FOLLOW YOUR PASSION
Most of us take any job we get because we have to pay bills. Only the lucky ones get to enjoy their work. By starting a home-based business, you are converting your passion into a business. This gives you a whole new sense of satisfaction. Most small businesses have the mission to help their community. If yours does too, then you are going to fall in love with what you do every single day.
If you have always wanted to be your own boss, go ahead, start your own home-based business. But, do all the research you can to pick a selling business idea.
Here in this book, we intend to provide 425 home-based business ideas for your references. Choose a niche that you are interested, then turn it into a profitable and sustainable business.