Control Over Your Schedule
Being in charge of your day is one of the biggest benefits of working from home. You can set and customize your work hours to meet the needs of your life. Do you wish you could take a power nap in the middle of the day? You can as a home business owner. Do you do your best work late at night? You can schedule your work time then. However, this freedom can also bring with it distracting temptations and the risk of procrastinating on work-related tasks. You’ll want to make sure you have the right entrepreneurial traits and a good daily organizational plan to handle this new responsibility. If you have a family, a partner, or have roommates, you’ll have to ensure that your home environment is conducive to the work environment you need.
Work & Life Balance
If you feel like your job is taking up too much time, having a home business could be the solution. Having a flexible schedule means you can make time for your kids and family, if you have them, or pursue other personal interests. If you want to homeschool while running your business, you can. However, achieving a work/life balance does take some planning and time management. In some cases, you may still need to arrange for child care.
Make Money Doing Something You Love
One of the best aspects of starting a home business is being able to turn a hobby or a passion into income. In fact, you’re more likely to achieve success if you focus on pursuing your passion for profits when starting a home business.
No More Commuting
Working outside the home not only takes a lot of time, especially if you have a long commute, but also job-related travel expenses. In 2019, Americans spent an average of $2,094 ($174.50 per month) on gas. Cutting down on a daily commute would put some of that money back in your pocket. Other expenses many don’t consider are tolls, wear and tear on the car, and more frequent tune-ups.
Control Over Income
Many people choose not to start a business because they worry about making a consistent, livable income. While the potential ebb and flow nature of running a home business is something you need to consider, the reality is that a home business can allow you to earn what you’re worth. As a home business owner, you set your own income goals, as well as your own product or service prices. As long as you do the work that needs to be done, such as drumming up new customers and marketing your business, you’re likely to make a profit.
Tax Benefits
A big perk of working for yourself is the tax advantages not given to employees. You can write off equipment, supplies, services, and even a portion of your home or car if it’s appropriate. Further, when you have a home business, you can deduct your expenses first and pay taxes on net income. With that said, it’s important to learn about home business deductions, reporting, and when to pay to ensure you’re following proper tax laws. Ideally, you should consult a tax expert.
Control Over Your Work Attire
No more blazers and dress pants. No more ties or pantyhose. You can wear whatever you want in your home office. If you’re most comfortable and inspired in your fluffy bathrobe, you can wear it every day if you want.
No Boss
A home business is ideal for someone who doesn’t like to be told what to do. You can do the work in the way you feel is best. Further, home business owners don’t have to feel guilty for showing up late (unless of course, it’s to an appointment). There’s no having to ask for time off or calling in sick. There’s no one looking over your shoulder to make sure you’re working.
More Opportunity for Growth and Variety
Too often, employees end up feeling stuck in their jobs. In a home business, even if your day-to-day tasks are relatively similar, there are many opportunities to mix things up more. You can work from a different location, change your schedule, or re-prioritize the order of the tasks you have to do. Starting a business does require more initial investment than traditional work, such as gaining a working knowledge of basic accounting practices, marketing, and money for the equipment you need. To stay competitive, you’ll want to continue to study, grab some certifications, and keep abreast of current trends in your industry or small business management. In essence, you design your day and what you do, which allows you to expand and grow your skills and your business.
