These days, the only certainty of working for someone else may be the uncertain future that offers you. The income that supports you and your family could be downsized, off-shored, eliminated by a merger, or re-organized out of existence.
Along with that uncertainty comes your commute, layers of management, never-ending meetings, stagnant wages, and little or no control over your life.
As an alternative, millions of people around the world have already found freedom, flexibility, and success in home based businesses. Some were forced to take the step after being laid off. Some hedged their bets by starting with a part time home based business, while still working. And some transitioned directly from working for someone else to working for themselves.
Industry and census statistics are quite consistent. Starting a home-based business is a sound option for many people. 70% of home-based businesses succeed within 3 years versus 30% of regular businesses. One big reason for this difference is the much lower overhead needed for a home based business. Over 40% of home-based businesses are started for under $5,000.
Home-based businesses have other significant advantages, too.
- One of the best benefits is that commuting involves no more than a few steps, leaving more time for revenue-producing activities. Instead of almost 50 minutes a day commuting to and from an office, according to a recent Gallup poll.
- Setting the working hours that work best for you. You could work mostly at night or first thing in the morning if you are juggling children or other obligations.
- The tax benefits of operating a home-based business can be significant. If your situation qualifies, you can deduct a portion of your home’s expenses, such as mortgage interest, property taxes, utilities and repairs and maintenance, against your business income. Be sure to consult a tax professional.
- Scale up or scale down quickly. You can work longer or shorter hours, increase or decrease marketing, or bring others into the business.
- Take advantage of mentoring and coaching and test new business ideas with very little cost. Make adjustments to get the results you want.
- Use the Internet and social media to grow your business – even globally. People all over the world use many of the same products to improve their lives.
A home-based business will give you the control, flexibility, and opportunities you could never have working for someone else. Begin slowly on a part time basis with one order at a time, and watch things grow. For example, sales in your first six months may produce $1,000 per month. But if you can continue growing by 20% during each ongoing six-month period, in five years your annual sales will be over $370,000.