Should You Start a Home Based Business?

start a home based businessAre you thinking you might want to start a home based business? More and more people are and for good reason. Do you want to make it easier to plan for retirement? Do you want to replace your traditional income stream? Do you want to add to your traditional income stream?  Do you want to see if you can turn that hobby in to a side business? If so, it might be time for you to start a home based business.

Starting your own home based business makes sense for a lot of reasons.

Home based businesses get tax breaks that W-2 income earners never see. Ask your tax professional for advice on the many tax advantages that may be available.

Home based business professionals typically enjoy a more flexible work schedule and dress code. Depending on what your business does and where your clients are, sweat pants may become your new dress code!

Family time was a big reason I decided to start a home based business over 18 years ago. I got tired of coming home and hearing about the day my kids had. I wanted to be involved in their lives. My wife and I talked it over and it made sense for us to start a home based business.

The kids are all grown now. We are all very grateful for the memories we built and experiences we had as a result of me working from home.

There are no shortage of challenges you need to be aware of, too.

Running a home based business can be lonely. There is no water cooler talk. I find that I enjoy getting out at the end of the day and going to local events and meeting places to get more social interaction.

You have to be self-motivated. There is no boss to tell you where to be, what to do, or how to do it.  Your results will be based on how well you learn and then apply what you’ve learned. It can be challenging but the rewards can be well worth it.

When you start a home based business, recognize that your success is your responsibility. Whether you start your business as a solo entrepreneur, partner with a network marketing company, or some other option, you will be the creator of your experiences (including your success and setbacks).

Before you decide to start a home based business, sit down and write out what you want from your new venture. What is your big motivation? Money? Time? Travel? Early retirement? Then map out the path your business needs to take to help you reach that goal. Decide how you will be able to set the necessary time aside to build your business. Decide who you will reach out to for advice, tax planning, marketing, etc… When you are just getting started, you may be the one handling all these tasks. You can begin to reach out to related professionals as your business grows.

Feel free to ask any questions you may have for us in the comments section, below:

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