Why You Should consider ownin A Home Business

by Bob Ullman

Having your own home based business is a great choice in today's times. It can either supplement your regular income or possibly replace it. I will discuss the major benefits in this article.

First, I would like to emphasize the obvious convenience. I like to call it the 20 second commute. While many workers spend an hour or more on the highways in traffic, the home business owner can saunter into the adjacent room/office and has arrived at work. Naturally this can also be a challenge if there are too many interferences. I advise finding a quiet and private space to locate your home office. It is also crucial that family members understand that you are working and that they should not interrupt you while your are engaged.

Second, I want to discuss the benefit of being your own boss. As long as you are disciplined to get the job done it is a great feeling to not have to answer to anyone or have someone always hovering over you or even interfering. Many bosses mean well but if you have a sense of discipline and drive, you really will enjoy being your own boss. It is also a great sense of achievement to know that you accomplished something without being prodded or coaxed.

Third, I want to mention the potential for unlimited income that can be achieved. While not every home business owner will achieve a high income, the potential exists. With the right motivation, research, and drive, there really is no limit to what can be accomplished. Many people choose to start out their business part time to earn extra income and this can be a wise choice. It can take the pressure off when starting out which might have the effect of making you more productive. Others may choose to throw caution to the wind and jump in full force using borrowed or saved funds to finance the business until it is profitable. Many great companies were actually started at home including Apple Computers. If the latter approach is taken it is important to carefully research any business that you are interested in and to be realistic about your reserve funds that you will need to sustain you and your family until you are profitable. Once the decision is made, it is important to maintain a total belief in your project and to adapt a never give up attitude. There may be challenging times ahead, but it is best to look at them as bumps, or pebbles in the road, then kick them aside and not let them derail your mission.

Fourth, I would like to highlight the tax advantages. The tax laws provide many advantages to the home business owner. These include deducting all expenses incurred in conducting your business from your income. Also because the business is based in the home, a percentage of the home expenses (rent, mortgage, utilities, etc) are tax deductible. The IRS also allows a substantial deduction for automobile/travel expenses. It is important to keep good records of all expenses for accurate accounting. I also advise using a Certified Public Accountant to make sure you are maximizing all of your allowable tax deductions. Not doing this can be a costly mistake. Make sure that the CPA has a good understanding of all the deductions that are allowed.

In summary I would like to say that owning your own home business can be a great decision especially if you really like the idea of taking control of your own fate and have some good ideas or services that you would like to bring to the marketplace. This may lead to a great accomplishment and allow to truly take control of your own life.