Without question the greatest lure for starting and running a business is the fact that you become your own boss. Of course, this is only partly true, for the simple reason that your customers will always be your bosses. I have been self-employed in various ventures for a number of years, with the majority being operated from my home. For me the lure of self-employment is the freedom, hands down. It is not so much the ability to create a significant income or the potential to generate equity, it is the sense of freedom and independence that being your own boss brings. What this means is that you can establish your own work schedule, you can work at any pace you desire, and you can earn how ever much you wish. Just so long as the work is getting completed, your customers and clients are delighted with your work, and you are meeting deadlines. And you can do all this in your slippers and bathrobe if you would like, unless someone is coming over for a meeting. More importantly, you can see goodbye to office politics.
Though it is probably not a very valid reason to begin a home business mainly to make big money, but it is correct that most folks have more potential to create higher incomes by owning and operating their own business than they do working for someone else. Why? When you work for someone else, there is only you and so many hours in the day to work for an hourly wage or a commission.
However, when you operate a business, you can duplicate yourself by hiring employees and sales people to increase revenues, you can duplicate your customers and find more to purchase your goods or services, you can scale up your business model and venture into new geographical regions, and you can replicate and grow the amount of products that you feature in your business. After building a business that is creating a good source of revenues and profits, you can then duplicate the thing that works which will dramatically boost your personal income and equity.
Even without duplicating, you can set your own wages, put in more hours to complete a job if necessary, and remain in control of that project. Too often in a business, you will have to wait for nine other departments to get on board before you can finish a task. Whenever you working at a pace that you control, you can ascertain just how long every task should take, you can charge customers accordingly, and then even finish the project on your own if it is feasible.
When you have the power to mold your own work environment and the capability to operate you business as you desire, there are even more primary advantages of operating a business from home. If you so choose, you can spend some of these commuting hours getting work done or enjoy more time with friends.
The average employee commutes at least one hour each day. That is five hours a week in which you have flexibility to do as you choose. If you like, you can walk the dog at noon, be there to pick up the kids right after school, be at home to let the plumber or electrician in, take your car for repairs, and do a plethora of other personal needs on your schedule, without hurting your business responsibilities. And there is no boss or employer that you have to ask, or vacation days that you have to burn.
Another nice thing about your own business is that you have the ability to work in an office setting of your choosing, you can decorate and furnish as you wish, and decide which high-tech and no-tech appliances that you prefer. For the all the millions of individuals that have chosen home offices over cubicles, this choice is a huge factor. Additionally, if you are green conscious, you can regulate your own heat, shut off unused lights and even go solar-powered if you so choose. While many businesses today are getting in step with the green environmental movement, plenty are not. You, as your own boss, can do so and feel that sense of doing something good for Mother Earth in your own little piece of the world.
Operating a business from home also qualifies you for any number of the tax benefits associated with operating a business, even if you work a regular job and operate your business only part time. As soon as you open for business, a portion of your utility bills are tax-deductible against business revenues, a portion of your transportation costs (equal to the percentage of time and mileage your car is used for business) are tax-deductible, and even this book that you just purchased is an allowable deduction for educational purposes. While you will pay some self-employment taxes, you can typically benefit by more deductions with a home-based business.
Though it is probably not a very valid reason to begin a home business mainly to make big money, but it is correct that most folks have more potential to create higher incomes by owning and operating their own business than they do working for someone else. Why? When you work for someone else, there is only you and so many hours in the day to work for an hourly wage or a commission.
However, when you operate a business, you can duplicate yourself by hiring employees and sales people to increase revenues, you can duplicate your customers and find more to purchase your goods or services, you can scale up your business model and venture into new geographical regions, and you can replicate and grow the amount of products that you feature in your business. After building a business that is creating a good source of revenues and profits, you can then duplicate the thing that works which will dramatically boost your personal income and equity.
Even without duplicating, you can set your own wages, put in more hours to complete a job if necessary, and remain in control of that project. Too often in a business, you will have to wait for nine other departments to get on board before you can finish a task. Whenever you working at a pace that you control, you can ascertain just how long every task should take, you can charge customers accordingly, and then even finish the project on your own if it is feasible.
When you have the power to mold your own work environment and the capability to operate you business as you desire, there are even more primary advantages of operating a business from home. If you so choose, you can spend some of these commuting hours getting work done or enjoy more time with friends.
The average employee commutes at least one hour each day. That is five hours a week in which you have flexibility to do as you choose. If you like, you can walk the dog at noon, be there to pick up the kids right after school, be at home to let the plumber or electrician in, take your car for repairs, and do a plethora of other personal needs on your schedule, without hurting your business responsibilities. And there is no boss or employer that you have to ask, or vacation days that you have to burn.
Another nice thing about your own business is that you have the ability to work in an office setting of your choosing, you can decorate and furnish as you wish, and decide which high-tech and no-tech appliances that you prefer. For the all the millions of individuals that have chosen home offices over cubicles, this choice is a huge factor. Additionally, if you are green conscious, you can regulate your own heat, shut off unused lights and even go solar-powered if you so choose. While many businesses today are getting in step with the green environmental movement, plenty are not. You, as your own boss, can do so and feel that sense of doing something good for Mother Earth in your own little piece of the world.
Operating a business from home also qualifies you for any number of the tax benefits associated with operating a business, even if you work a regular job and operate your business only part time. As soon as you open for business, a portion of your utility bills are tax-deductible against business revenues, a portion of your transportation costs (equal to the percentage of time and mileage your car is used for business) are tax-deductible, and even this book that you just purchased is an allowable deduction for educational purposes. While you will pay some self-employment taxes, you can typically benefit by more deductions with a home-based business.
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