Now, more than ever, people are looking for additional streams of income, whether it be to pay off bills, prepare for retirement, or replace an income from an unsatisfying career. A home-based business can be a great vehicle to accomplish such a feat. For many, it’s more than just a means to pay off some bills. It’s a desired lifestyle of freedom.
No matter what your scenario is, a home-based business might just be the missing link that could change your life beyond your imagination.
1.Unlimited Income Potential
One of the most frustrating parts of working as a salaried or hourly employee is knowing that your hard work isn’t necessarily compensated to its fullest potential. When you work for yourself, your income is directly related to your effort. While this may seem like a simple concept, the freedom that comes with realizing that you actually get to keep the money you make is a major confidence boost. There is nothing to stand in the way of your earning potential.
Tip: Look for a business that offers true residual income. Residual income is defined as “income that continues to be generated after the initial effort has been expended.” With the right product line or service, residual income can offer you true security in your finances.
2.Flexible Work Hours
Working in corporate America demands most employees be at their office or worksite eight hours a day, five days a week. With a commute, those eight hour days often become 10+ hour days. However, a home-based business means you get to determine what time is most productive for you. As an added bonus, you can be home for the appointment with the cable company, to sign for a registered package, or pick up a sick child from school, all without cutting your work day short.
Tip: Choose a business that offers mentors or a support system to help you create the necessary structure in your new ‘flexible schedule.’ Learning from others who have gone before you makes for an easier and more successful transition.
3. Workspace Flexibility
Besides being able to work the hours that are your most productive, a home-based business also allows you to work wherever you wish. Take your laptop to the back patio with your morning coffee, make a couple of cell phone calls at the pool while your kids swim, or curl up in a comfy chair at the end of the day and answer emails on your tablet. When you aren’t limited to doing the bulk of your tasks in a corporate setting, you can dictate what environment makes you the most successful.
Tip: Choose a business that allows you to work where you love spending time. Do you love to work out? Then maybe the gym is a great place to build relationships that could become clients. Do you love spending time with your kids? Then, look for a business where other moms would want your products or services. With the right package, you can build a great business and not even feel like you are working.
4. Save on Day-to-day Work Expenses
Unreimbursed work expenses can be found in a variety of places. The most obvious is usually the money you spend on your commute to and from work. With a home-based business, this traditional work expense all but disappears.
Your work wardrobe is another place to save. Work clothing can be expensive, even if you’re hitting sales or buying secondhand. While working from home may require occasional business meetings, either in person or via online video, you won’t likely need a classically tailored business suit every day of the week. This reduces both the cost of buying new clothing and dry cleaning.
However, the largest hidden cost that many of us rarely consider is how much we spend on food when we work outside the home. When you take into account the occasional morning coffee and pastry, buying lunch out several times a week, and the trip to the vending machine for an afternoon pick-me-up, a lot of money gets wasted. Working at home lets you brew your own coffee just to your liking, take a break in the middle of the day to make your lunch, and spend a few extra minutes creating a healthy afternoon snack.
Ultimately, running a home-based business can be an incredibly freeing experience that has many benefits for those people ready to take the plunge! A home-based business is a fantastic way to give yourself and your family the freedom you need to live a better, happier life that still supports those you love.