Is a Home Based Business

Right for YOU?

You CAN earn money from home.

In fact, you can do quite well with a home based business. Many people are looking for ways to make extra money, and are finding that home is best place to do just that. Now, I don’t want you to get the idea that you can just hang out your shingle and start a business (home based or otherwise), because that’s not the case. However, if you don’t have the resources, or the desire to start a traditional brick and mortar business, then there are many available home biz solutions, and one of them may be right for YOU.

I don’t want to spend my days stuffing envelopes.

You shouldn’t create ANY business around an activity you don’t want to do. If you don’t like stuffing envelopes, then choose one of the thousands of other great concepts out there. Find something that you enjoy doing, and create your business around it. And of course you will need to watch out for the scams, but if you perform your due diligence you will find that there are many legitimate home-based businesses out there, and one (or more) is right for you.

You may believe that your choices are limited, but that is not the case. A home based business lends itself very well to service and professional activities. (Your retail and manufacturing options will be severely limited, though.) You can create an online business, or a mobile business, and network marketing works well from home. With so many options, you can use your home to earn supplemental family income, or to make enough to leave your 9-to-5 altogether.

One thing you need to understand is that there is a difference between a home based business and a work at home opportunity. When you work from home, you actually have a job. It’s nice that you’re working at home (instead of commuting to the office), but it’s still a job. You’re still working for somebody else, giving them your time and talent in exchange for their money, and creating wealth for your employer. When you have a home based business, you work for YOU and create your own wealth. (If you don’t understand the difference between the two, I highly recommend you read Cashflow Quadrant: Rich Dad’s Guide to Financial Freedom by Robert Kiyosaki.)

Now, there is nothing wrong with having a job, and there’s nothing wrong with owning your own business. Both are perfectly legitimate ways to bring money into your life. The only difference is that one merely brings you money, while the other will bring you wealth.

Which would you rather have?

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There are some wonderful advantages to consider …

Your physical location is already in place. – Because you already have the place where you will do business, you won’t have the extra expense of real estate. Not only does this save you money, but you will be able to get your business up and running much faster.

You will receive significant tax benefits by operating a home based business. – Uncle Sam actually wants you to start a business from your home. You will be able to take deductions for things such as rent and mortgage payments, utilities and major repairs, use of your personal vehicle, ALL out of pocket medical expenses, trips and vacations, meals and entertainment, and much more. If you know your rights, you can cut your taxes by thousands each year - STARTING THIS WEEK.

Your business can be operated part time while you continue to earn money at your job. – For those who are not ready to leave their jobs and jump into a business, operating one from home can allow you to keep your current income, while building your business.

This sounds great! What’s the downside?

I’m glad you asked. While I am very high on owning a home based business, there are some pitfalls that you will need to consider.

It is very easy to become distracted and procrastinate. – Even if you have a great work ethic, it is extremely easy to become distracted when you work at home. A neighbor knocks on the door to borrow your shovel … A relative calls you on the phone … Your cat needs petting … There are HUNDREDS of potential distractions each day, and if you don’t know how to deal with them, you will end up doing nothing.

If you are going to have a successful home based business, you will need to learn how to deal with the distractions.

It is easy to work too much. – While it’s easy to become distracted and procrastinate, it is even easier to work too much when you're always at home. If you don’t have a system in place, you will find yourself working all of your waking hours. While most of us are inclined to work long hours to make our business successful, you need to resist the urge. Think of it this way. If you get tired of your job, you can always escape to your home. If on the other hand you become burned out with your home based business, you’ve got nowhere else to go.

It is easy to become detached from society. – Our jobs fill a very important need for us – the need to socialize. If you operate a business from your home, you can quickly become detached from society. Some ways that you can stay connected are keeping in touch with old colleagues, joining a networking group, and volunteering.

So, is a home based business the best way to become an entrepreneur?

I’m a huge fan of home based businesses, but they’re not for everybody. There are significant advantages to being able to run a business out of your home, the biggest of which is your tax savings. With that said, if you don’t think you will be able to stay away from the distractions, this type of business might not be the right fit for YOU.

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