7 Benefits of Starting a Home-based Business
Author: Akiesha M. Foster
Home-based businesses are one of the quickest easiest ways to get started, on the path, to entrepreneurship. While, opening up several opportunities to take on new projects, build a diverse portfolio, and financial independence.
The main reason I started a home-based business was to be available for my family, to improve my way of life and a deep desire to help people in my community do the same. Hindsight, I have always had a desire to work for home. I let fear stop me from making it a reality. However, I’ve learned that there is nothing to fear just start small. I believe in productivity, time management and personal development which are key to starting and building a home-based business.
1. Have an Idea or an Expertise you would like to pursue
Starting a home-based business is the perfect way to test out if your idea is lucrative. What are you passionate about? How can you translate this into a package that you can deliver to your ideal clients? Identifying the type of business that will allow you to earn a little extra money or replace your job. The idea must be a need in the community, be solving a problem, or you have a better way to do something that is already out there.
Check out Jeff Rose article, “67 Home Based Business Ideas That are Easy to Start”. The article is jam-packed with a lot of great ideas. There are so many opportunities to start a home-based business.
Let’s say for example you have an expertise that is very beneficial to small businesses. Packet your service and provide it to small business owners. Invest 10 to 20 hours a week in your business and you will not regret it. Keep your full-time employment, while you start your business, this will eliminate the stress of waiting for a client to pay. Having your full-time job provides your business with a steady income flow. This will give you the needed time build your contacts, leads, referrals and strategic partners.
2. Low Startup Cost
The internet allows us the ability to reach the masses, affordable and quick. Invest in a Website. A low-cost digital advertising vehicle in a technology-driven society. It is becoming increasingly important to have an online presence. A website is a cost-effective way to advertise your business’s services and products you offer. Your website is up and running 24/7.
What is the first thing most consumers do when you are looking for a product or service? We google it to check out the reviews, what are people saying about this product or services. I have made many purchases just off of reviews. Why not have the purchase come from your website or social media?
You can either hire a web developer or Do-it-Yourself (DIY), I choose to build my website myself because at the time all my income was tired up. How I built my website was from watching Katrina YouTube video tutorials. I love her clean and neat style. She really gives so much value to her YouTube followers with great easy to follow videos. The videos were comprehensive; she walked you through setting up a WordPress site, adding plugs, opt-in forms and so much more. Check here to watch her videos.
3. Opportunities to Work with the Government
However, to work with the Government you will have to meet the requirements of an independent contractor.
Don’t let having a home-based business stop you from bidding on contract awards. Check out Geoffrey Crow article, Government Contracting for Home-based Business.
Also, another great article feels it is a good idea to have the government as a client. I really like Felicia Streeter post on “5 Reason why you need contracts in addition to clients”.
4. Tax Savings
Many business owners start their business legal structure as a sole proprietor because it is easy to get started. Check out the Internal Revenue Service (IRS) for more information on what legal structure you should start with.
A home office is where you will get a lot of tax saving. Talk to your Tax professional/bookkeeper for information on all the tax savings. I love creating a positive work environment. You are in charge of your day. You create the atmosphere. I love to listen to meditation music, self-development audiobooks and how to videos on YouTube.
You must have a dedicated space according to the IRS. Space should be used for business only. What better way to start your business is to clean out a room measure space and take off a portion of your bill and make money.
The ability to work early in the morning, late, weekends the choice is truly yours. I like to get up early in the morning. The old saying the early bird gets the warm resonates with me. I feel I get my most important work when I am fresh.
6. Decrease Commuting Time
The IRS defines your commute as “transportation between your home and your main or regular place of work. Make sure you research allowable deductions such as a business meeting with Team/Client. For example, a drive from office to meet clients is deductible.
These are just 7 reasons that resonated with me. There are so many more. Starting a home-based business can give you extra income, flexible and more. However, these are just a few reasons that pushed me to start my business sooner than later.
If you stay in the National Capital Region (Maryland or Virginia) you are very much aware of the 2 hours, one way, commute to work. Just decreasing your commuting time saves many hours of frustration.
7. Additional Income
The government has taught me one thing there is no such thing as a stable job anymore. I decided it was time to have a backup plan. Employment has rapidly changed. We must change too if we want to have a life of freedom and financial independence.
Do your research and Check out another great resource for home-based businesses
I have followed the Work at Home Woman for about 2 years. She has a website full of opportunities that are tailored to the individual who wants to home-based businesses or is looking for remote work.
Please share your ideas on a great home-based business to start. Leave a comment in the section below!
To learn and understand more about starting your own small and home-based business, here are your quick start guides to get started! Get yours now!
2 thoughts on “7 Benefits of Starting a Home-based Business”
Great post, Akiesha!
Starting a side hustle online, or going full time with your online business can be really scary steps, but they are so rewarding! I highly recommend it haha.
Either way, awesome blog. Looking forward to some more of your content.
Ana – Blogging Growth Strategist & Coach
Yes, it is definitely rewarding being able to share with other entrepreneurs and build a community of like-minded people.