Top Financial Reasons to Start a Home Based Business

by Leslie Truex

Home Business / Other Business Opportunities

Published on this site: January 28th, 2011 - See more articles from this month

The financial crisis and mass lay-offs of the last few years has been a wake-up call to take charge of your financial life. Companies no longer offer secure employment with benefits and pensions. Even before the recent recession, financial gurus were recommending that owning a business was the only way to build financiall security. That idea is truer now as people struggle to find work and support their families. Starting a home business is a fast, affordable way to take charge of your finances.

Save Money

When most people calculate their finances for a home business, they don't usually offset those expenses by the savings working at home affords them. Working at home can eliminate many expenses associated with a job such as childcare and commuting. Other savings can come from reduced or eliminated grooming and clothing costs and dining out or vending machine costs. Further, being home means you can take care of home repair or at least hire a well-researched service person to come during regular hours instead of the more expensive after-hours.

Tax Benefits

Some people avoid home business because they don't want to hassle with complicated taxes. It's unfortunate because home business offers a host of tax deductions not available to employees including some expenses you already pay such as your electric bill. I'm not a tax expert, so check with a tax professional or the IRS online for clarification on tax issues. With that said, owning a home business allows you take deductions for the expense of running your business, travel to a client's house or the office store to pick up paperclips, as well as a home office deduction that includes portions of your utilities and Internet costs.

Financial Control

Today there is no such thing as job security and salaries are not keeping pace with the cost of living. While a home business doesn't offer a salary like a job does, that doesn't mean the income cannot be stable and regular. Further, you probably won't fire yourself from your business and you can set your fees and prices to keep up with the cost of living.

Get Paid What You're Worth

Running your own business allows you set your fees based on your knowledge and skills, not what someone else dictates. For example, a virtual assistant job pays $10 an hour, while most virtual assistant business owners are paid $30 or more per hour. If you've ever felt undervalued and underpaid, owning a home business is the best way to change that.

© 2011 Leslie Truex

Leslie Truex is the author of The Work-At-Home Success Bible (2009 Adams Media). She has been telecommuting and running home businesses for over 15 years and helping others to work at home in jobs or home businesses since 1998. Get work-at-home jobs and other resources with her free newsletter at: http://www.WorkAtHomeSuccess.com.