Today I would like to share with you Top 7 Benefits of a Home Based Business as a part of our VA Life series.
Did you know that according to a survey conducted in 2011 in the US a home-based business is started every 12 seconds! Isn’t that amazing?
As corporate downsizing continues to make news and the Internet makes telecommuting ever more productive, more and more entrepreneurs are discovering the benefits of running businesses out of their homes. If you are looking to get out of the rat race, to spend more time with family and friends, and to live a more balanced life, a home-based business may be the right decision for you.
Just goes to show you that you don’t have to have a traditional brick and mortar business to have a profitable business.
Why Should You Start a Home-Based Business?
Basically, a home-based business gives people with limited funds and resources a chance to create a successful company, without the high costs of a traditional brick and mortar business.
Here is a list of the top 7 benefits of a home based business:
Personal freedom
If you’re used to spending hours in traffic to and from work every day, some of the most exciting advantages to starting a home-based business are your newfound freedom and the retrieval of lost time. The average American spends 348 hours each year commuting, according to the U.S. Federal Highway Administration. Suddenly with a home-based business, you have those extra hours to regain control of your personal life. Plus, there are no bosses, no dress code, no set work schedule, and no office politics to manoeuvre. All you need is personal drive, discipline, and time-management skills.
Greater Opportunities
Opportunities are endless for home-based business owners. How and why?
- You can work on an inherent passion you might have (e.g., crafts, cooking, or writing a blog).
- You can learn more specialized knowledge in different niches through books and the internet.
- You can effortlessly test product ideas and marketing strategies at minimal costs.
- You can offer your products and services to a bigger community through social media (e.g., Facebook, Pinterest, YouTube, etc.) and your own network of family and friends.
Control
You are your own boss. You can choose what kind of projects to take on, who to work with, and how much you get paid for a number of products or length of service. You can expand or downsize your company when needed without affecting other people, and you’re the only one you need to answer to when discussing problems, crafting ideas and testing campaigns.
Flexibility
Aside from getting control, a great benefit of home-based business is the flexibility it offers. Not only can you choose when to work but you can also decide where to work. You don’t need to confine yourself in an office cubicle; you can be on a cruise, by the beach with your sunscreen on, or in a plane and still be able to work on the projects you took.
Less stress
It’s a little less stressful to juggle the demands of work and family when you know you can stay home to care for a sick child and generally set your own schedule.
Opportunities for professional growth
Being your own boss gives you the chance to wear a lot of hats: sales director, marketing professional, strategist, business development manager, and more. This gives you insight and experience with all the aspects of running a business, which, in turn, makes you even more marketable.
Cost Savings
There are a ton of cost savings that you can get from running a home-based business, and I probably can’t list them all here. Nonetheless, here are a few of them:
- Utility bills (electricity, water, phone using cloud-based phone systems like Ringcentral or Grasshopper)
- Office space
- Gas and/or fare
- Production equipment and materials
- Tax
- Clothing
Starting a business can be tough, but with a home-based business, the process becomes simpler, the risks fewer, and the expenses lower.
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