| Home-based businesses are the trend of the future. | | | | and what cannot be deducted from using your home |
| Government and industry reports show that | | | | office. |
| increasing numbers of men and women are now | | | | 3. To be with the family. Many opt to start their |
| opting to work out of their homes. In fact, the latest | | | | business from their homes to strengthen family |
| data from the U.S. Bureau of Labor Statistics show | | | | relationships. A home business allows family members |
| that 4.12 million entrepreneurs are now working at | | | | to be involved in the business. Husbands or wives can |
| home, most of which are in services industry. | | | | help in various aspects of the business, while children |
| Entrepreneurs are rediscovering the benefits of | | | | have the opportunity to see what their parents do |
| working at home. The continuously good | | | | for a living. Parents, most especially, can both work |
| performance of the economy, followed by a change | | | | and earn, while taking care of their children; although |
| in lifestyles buoys well for the home-based | | | | daycare arrangements or babysitter may be needed |
| entrepreneur. Many people now want to combine | | | | to help you concentrate on the work at hand. |
| their careers with families, opting out of the rat race | | | | 4. To reduce stress. Working at home can reduce |
| to spend more time with their families and take a | | | | the stress of juggling the demands of your work life |
| more proactive part in raising their children. The | | | | with those of your private life. You can work while |
| technological innovations in the past decades have | | | | staying at home to care for a sick child, or continue |
| also made working at home easier and more feasible. | | | | to work late at night after preparing and sharing |
| You need not look farther than your kitchen, | | | | dinner with the family. Since you work alone, there is |
| bedroom, den, living room, or garage to find the | | | | no office politics and deadlines imposed by your boss. |
| foundation on which to build your business enterprise. | | | | You only need to follow the deadlines and schedules |
| Here are seven reasons why it pays to work at | | | | you have set for yourself. |
| home: | | | | 5. For job enrichment. As a home-based |
| 1. To gain personal freedom. The most enticing | | | | entrepreneur, you are not boxed into one job and |
| aspect of starting a home-based business is the | | | | given a label identifying you as a researcher, |
| opportunity it provides to gain control over your own | | | | secretary, banker, manager, or administrative |
| life. As a home business entrepreneur, you can shape | | | | assistant. You are free to learn and perform a |
| your work life depending on your goals and | | | | variety of work-related tasks. If you are a solo |
| environment. There are no bosses to follow, no | | | | entrepreneur, then you even have to be ready of |
| corporate culture to abide by, and no rigid work | | | | being all things for your business: the strategy setter, |
| schedules nor time clocks. Instead, you have the | | | | marketing and sales person, customer service |
| freedom to work and earn as you choose, in the | | | | representative, accountant and bookkeeper, and |
| comfort and convenience of your own homes. Of | | | | other roles. You can vary your activities to keep you |
| course, having all the time and freedom to work as | | | | from getting bored. While it means greater workload, |
| you please also has its drawback. Thus, a home | | | | the plus point is that you develop an understanding |
| business entrepreneur needs to have good time | | | | of all aspects of your own business. More |
| management skills and discipline to push yourself to | | | | importantly, personal growth is greatly enhanced as |
| work. | | | | you learn what you can (and cannot do) and your |
| 2. To reap financial benefits. The financial benefits of | | | | goals become much more achievable. |
| working at home are equally attractive. The | | | | 6. To increase productivity. Many home-based |
| convenience of having your office a few steps away | | | | entrepreneurs find that working at home helps them |
| from your bed allows you to save on commute time, | | | | to be more productive. With lesser time dedicated to |
| gasoline and transportation expenses. There is also | | | | commuting, there is more time available to work. |
| little need to buy power suits and dress up every | | | | More importantly, working for your own business - |
| workday as you can work in your jogging outfit or | | | | wherein the amount of financial compensation |
| pajama. Since you work at home, you save on rental | | | | depends on your productivity and business |
| payments and overhead costs are cut significantly; | | | | management - increases the level of enthusiasm. |
| allowing you to plough all your capital and profits back | | | | Many get so caught up in what they're doing that it's |
| into the business. Your earning potential is directly | | | | actually hard for them to stop. |
| proportional to your performance: no more waiting | | | | 7. To harness competitive advantages. One of the |
| for your boss to give you your raise or promotion | | | | biggest benefits of working out of your home is the |
| before you can increase your income. More | | | | reduced overhead cost. Lower operating costs can |
| importantly, however, a home business allows people | | | | enable you to be more competitive, not just in the |
| who have been frequently shut out of the job | | | | prices you charge but also in the quality of service |
| market--homemakers, students, retirees, and the | | | | you offer. You can use the money you save on rent |
| disabled, to name a few-to to create new income | | | | to increase your overall profitability, or you can pass |
| opportunities. | | | | it on to customers in the form of lower prices. |
| 3. To exploit tax advantages. Using your home as a | | | | Competitors restricted by higher overhead costs |
| place of business offers a number of tax advantages. | | | | have no such options. What they charge is |
| For starters, it allows you to deduct a part of the | | | | predetermined by their rental agreements. The higher |
| operating and depreciation expenses on your home. | | | | the rent, the higher their prices. Moreover, a smaller |
| This means that a percentage of your rent or | | | | business makes it easier to provide customers with |
| mortgage payment, depreciation, property taxes, | | | | personal service. |
| insurance, utilities, and expenses for household | | | | Given these benefits and more, the trend toward |
| maintenance, repairs, or improvements is deductible. | | | | home-based businesses is clearly just beginning. As |
| You can also be entitled to deduct expenses from | | | | more people recognize the opportunities of working |
| using a vehicle for your business, including gas, | | | | from their homes, coupled by the need to be |
| insurance, depreciation, and others. Consult your | | | | independent and the drive to succeed, others will |
| accountant for a careful evaluation of what can be | | | | soon join this growing movement. |