The economic downturn dragged many Americans out of work, highlighting a fundamental truth: you can’t control your financial future if you work for someone else.
The prospect of being your own boss has a lot of appeal. Americans who run their own enterprises from home report to no one, establish their own hours, avoid office politics, and set their own compensation.
According to Paul J. Meyer, author of “Pink Slip Proof: How to Control All Future Paychecks,” “no other circumstance besides a home-based business allows you to set your own work schedule, plan time for your social life, and experience ultimate flexibility for meeting family obligations while at the same time providing unlimited reward.”
The following are some of Meyer’s reasons for considering beginning a home-based business:
1. Personal Freedom. You can choose the type of business you want to run and set your own working hours.
2. Stress reduction. You will feel less stressed if you are in command. It doesn’t matter when you finish your assignment as long as you finish it. If you’re a night owl, for example, you can work late and sleep late.
3. Involve your family in the process (or not). Spouses or other family members can pool their abilities and resources to start a successful business together. Furthermore, if both partners are at home, you may be able to save money on daycare. Also depends on their supportive…but don’t let other deter from your decision to pursue your dreams if it’s feasible.
4. Financial Rewards. Home-based enterprises provide opportunities for handicapped people, students, stay-at-home moms, and others who may be unable to get high-paying corporate positions. You can earn as much money as you want if you work hard enough.
5. Gain a competitive advantage. Working from home allows you to save money on overhead, which you can put back into your business. Pass on your personal savings to your clients.
6. Improved Productivity Your productivity will rise as a result of your increased enthusiasm – after all, you are the direct recipient of your own work.
7. Tax Benefits. You can deduct a portion of your mortgage or rent, as well as a portion of your automobile expenses.
If all of this seems like a fresh start, a home-based business could be the key to realizing all of your hopes and goals.