Are you still in the investigation stage when it comes to creating your small- or home-based business? While the advantages to being your own boss are many, one of the "pros" of the situation seems to surprise a lot of folks I meet. Everyone seems to like the idea of commuting in your slippers, but the advantages to your wallet may not be as apparent until you stop and think about them. While not every small business can be home-based, many can...and are.
According to the November/December 2005 edition of Natural Home & Garden, "working at home is good for you and the planet." Richard Henderson, publisher of Home Business Magazine, predicts 2006 will be the year of an economic crash (Jan/Feb 2006 issue) and exhorts entrepreneurs to prepare themselves for the worst by investing their best in their home-based business efforts.
With a growing number of companies allowing (and even encouraging) telecommuting and recruiting independent contractors, what are the advantages to you as a business person?
Financially speaking, if you choose to create your own business rather than serving as an employee to someone else, there are many benefits. Operating a home-based business helps your wallet by:
- Allowing you to take advantage of tax-deductions for expenses and supplies, rather than another company.
- Lowering premiums for vehicle insurance and gas, both by reducing your commute and allowing you to travel during off-peak times where possible.
- Potentially eliminating expenses for daily lunches out, attire, and other "nickel-and-dime" issues while at the office.
- Daycare costs can be reduced or eliminated (for instance, as a homeschooler, I have virtually no childcare costs, because my daughter is home with me while I work).
- Potential health costs can be lowered as well...which is, well, priceless. Between the stress-reducing opportunities and the environmental control one receives, a home-based business offers a lot of opportunities. We'll cover those issues next!
» Better Health for Small Business Owners? from SmallBizMentor
As we just discussed, owning your own business can actually be quite good for your bottom line. The most obvious asset is being in control of your company's assets, of course. One of the easily forgotten benefits (perks?) of being... [Read More]
Tracked on: January 16, 2006 5:35 PM | Permalink to Trackback