Thanks to the internet and ease of accessibility, more and more people are starting their own home-based businesses. While there are several barriers to entry, raising finance for a small, home-based setup is relatively easy. Here are some of the benefits of home-based business.
1) Any Money You Make Is Yours
When you’re working for your own business, any revenue that you generate is exclusively yours. Your earning is not limited to your salary. You don’t have to wait ever year for a raise or promotion. The harder you work, the more you earn. Having a home-based business can also save you a lot on commuting.
In fact, the US Federal Highway Administration says that the average American spends at least 348 hours every year commuting. This means you get to avoid getting stuck in traffic jams, while saving money on gas.
2) Newfound Freedom
You are your own boss, and you dictate your own working hours. There is no one you have to report to, and the pressures of completing an assignment on time no longer disturb your peace. Your only obligation is to your client. Just make sure you honor any deadlines committed to potential clients, and you should be good to go. Best of all, you don’t have to put up with office politics.
3) Lots of Opportunities for Professional Growth
Since you’ll be working on your business all alone, at least during the first few years, you’ll get to wear a lot of hats such as marketing strategist, business development manager, sales director, and operations manager. This gives you a lot more insight into how businesses work, which, in turn, makes you more marketable.
Even if the business doesn’t take off as you planned, it shows potential employers your willingness to make difficult decisions and take calculated risks.
4) Productivity That Yields Results
As an employee, more work does not equate to a higher pay. Your total earnings are tied to your salary, and they won’t increase that much unless you’re entitled to bonuses, which are few and far between. With a home-based business, increased productivity results in an increased net worth.
More importantly, you won’t have to waste time in commuting or attending pointless meetings. This makes it easier to optimize your resources to boost productivity. In other words, you take on the risk, and you reap all the rewards… unless you want to share them.
5) More Time for Friends and Family
Time is especially important for home-based business owners who have young children. Since you are now tied to your home due to your work obligations, you get to see more of your kids, friends, and family members. This also makes it substantially easier to run errands when no one is around to help, such as grocery shopping.
6) Be as Creative as You Want
Traditional jobs restrict your role in a specific environment regulated by your manager. You have to obey their rules even if it limits your creative potential. The result is a product or service that you know is sub-par. In contrast, a home-based business puts you in direct control of projects. Everything is guided under your supervision, opening up a creative, money-generating outlet that harnesses your unique talents.
7) You Won’t Get Fired
It isn’t uncommon for employees to constantly assume a state of paranoia where they fear getting fired from their job. That’s not ht case when you own your own home-based business, since you get to make the decision about who to hire, and indeed, who to fire. When you’re in the driver seat, you can dictate the company policy, how best to delegate, and the ability to direct the company culture.
8) You Choose the People You Work With
When you work for someone else, you are forced into an environment with coworkers whom you may not get along with. But having your own business allows you to hire your friends, family members, and former business colleagues you previously had a good relationship with.
This allows you to create a network of ‘yes-men’, which is not a bad thing so long as it doesn’t promote delusions and bad decisions. The idea is to stay confident, optimistic, and put more distance between yourself and people who give you negative vibes.