Starting a business of your own might seem like a daunting task, but it doesn’t have to be! Most home-based business entrepreneurs start with something they have a passion for, something they love, or at least have an interest in and slowly grow from there. The beauty of a home-based business is that it can require little overhead and can build into a successful side hustle or burgeoning business in time.
There are literally hundreds of home-based business ideas available on the internet:
- From Service-based businesses like pet walking to tutoring
- From Passion-based business ideas like jewelry-making to personal fitness training
- From Effective Side Hustles like reselling used clothing or becoming an influencer
Thousands of people are already doing what you are considering. If they can do it, you can do it!
Plus, it can all be done from home and be both fun and profitable!
Sometimes it grows into a substantial business, but for most people, it remains a passion, a hobby, a fun and enjoyable way of doing something they love that makes a profit.
One reason for why many home-based businesses remain passion projects that earn a supplemental income versus becoming a larger enterprise, is that most people don’t have the drive, ambition, or desire to become a millionaire. What most people want is a peaceful life, no stress, and some money left over at the end of the month after all the bills are paid.
Consider that if your business only brought in an additional $250 each month, after one year you would have an extra $3000. Would that pay for a vacation? Help with college savings or retirement? Finance a fun girls’ trip?
When you have a business of your own, doing something you love, it can become a fun and profitable driver in your life and give you a very compelling reason to make good use of your spare time.
Consider these Top 10 reasons for starting your own home-based business:
- Freedom and independence. You’re no longer tied to your boss or your job. As long as you take care of your customers, you can do what you want when you want! Plus, having a business of your own that gives you even a modest second income can be a lifeline.
- Pride and satisfaction. Even a small, part-time venture, especially if it is something you have a passion for, will make you feel good about yourself. After all, you did this!
- Expand your social and business circles. As a business owner, you’ll move toward cooperation and collaboration with others as you create and grow a profitable venture.
- You’ll meet customers, suppliers, service providers and advisors, all of whom have a vested interest in helping you succeed.
- Plus, there are scores of business clubs you can join for free who meet regularly to help promote each other’s business.
- Starting your own business will open so many doors of interest and opportunity, you’ll be wondering why you didn’t do this earlier!
4. Tax breaks. Check with your own tax office or accountant for the latest accurate advice, but there are many ways you can use your business to reduce your tax liabilities.
- For example, not only can you claim the things you buy for your business, like computers and office furniture, but you may also be able to claim the office space you use at home, phone and internet service costs, and even some utilities. And these are just a start!
5. Financial freedom. What if your home-based business really took off and you started making more money working from your hobby than you did at your regular job? Is that possible? Yes, thousands of people have already done that. Why not you?
6. Financial stability. Knowing that you can pay your bills brings peace of mind.
- For most of us, our mortgage or house payment is the biggest regular expense we have, right? If you could use your business profits to pay your mortgage or pay it off early, that would be a huge weight off your shoulders, wouldn’t it?
- What if you rent your home? How much pressure would it take off if you had enough money in the bank to pay your rent for a whole year in advance? Even 3 months ahead would be a great help, wouldn’t it?
7. Confidence. The biggest asset you can ever possess in life is self-confidence, and having even a small business of your own, doing something you love, will bring out the very best in you and grow your confidence as a result. As your profits grow, so will your confidence!
8. Timing. This is a perfect time to start your own business! Recent events have led to huge increases of people buying things online. Many of these people could be your customers.
- There is never a better time to start your own business other than NOW. No amount of delay or procrastination is going to make it quicker, safer, easier, or more profitable.
- It’s important to get going. You can make any changes or adjustments as you go. What’s important is that you START.
9. More options and greater control over your life. There’s no doubt about it. When you have money in the bank you do have more choices and all of them are under your direct control.
10. What’s your “Why?” Determine your strongest personal reason for starting a home business.
- For example, maybe you want to show everyone what a success you are. Maybe your strongest desire is to travel, and a home business can enable that to happen. Maybe you want to run a wildlife preserve.
- Whatever your reason, hold onto that feeling. This is the most important reason of all and will give you the motivation to overcome challenges, persist in your business, and drive you to succeed.
Life is short. Make the decision and do something today that will move you closer to having your own business tomorrow. Soon, you’ll be reaping the rewards!