Some of you might prefer job, some of you might prefer business. But I am sure there are many of you who are confused between the two. I mean, you might not want to work for someone else for a fixed salary, but you don’t like the hassles of starting a business either. Raising/ investing the startup capital, then setting up office, registering your own company (optional though), hiring right people, then managing those people etc etc are not the things you want in your daily life. Trust me, when I say that there are many people who want to take the Entrepreneurial path, that means doing something by their own, but when they see the lives of most Entrepreneurs, they prefer to stay in their jobs. I’m in no way judging any of the professions. Purpose of this post is to let people know that starting a business now-a-days is not what it used to be. Anyone can start their own business from home, with no experience and very little investment (just a computer and internet connections may be). Also Home Based Business (HBB) is much easier to maintain than any traditional business. Let me tell you all the reasons to start your Home Based Business.
- Low Investment (sometimes no investment): Many people love the idea of starting their own business, being their own boss. But the first obstacle that make them kill this idea within themselves is ‘money’. Most people don’t have the financial condition to invest the capital to start a traditional business. Now if you are an Entrepreneur running a startup, you might say that there are many ways to raise a capital. But try to understand, most people aren’t aware of it. And also it’s not very easy for most people to raise capital in those ways. That’s why Home Based Business can be a favorable choice, as it requires very small capital, and sometimes you can even start a Home Based Business with zero investment.
- Can Be Done Part-Time: Most people start thinking about starting a business while they are in a job. So it’s very scary for them to think that they have to go to their own office after finishing their 8 hours duty in their job. And how can you hire people for your business who will be ready to work at that odd hour? But the beauty of Home Based Business is that you can always start part-time. You can just get back home from office everyday and start putting 1-2 hours in your business. Then gradually when your income from your HBB exceeds your salary, you can quit your job and pursue your business full-time if you want.
- Risk free: I know Entrepreneurship and business is always associated with ‘risk’. But HBB can be quite risk free. If you are not investing much, if you can start part-time with your current job, what risk can you have?
- Flexibility of Time: You know probably this is the most important reason for people to choose Home Based Business. I went to an Entrepreneur’s meetup recently. And a very successful Entrepreneur was sharing her journey there. She said “work life balance is a myth for Entrepreneurs” and all other Entrepreneurs (except me) nodded in agreement. I am no one to judge other’s priorities, but for many people ‘life’ specially ‘time with family’ is very very important which they can’t compromise for their work. And I am one of such people. Yes I love my work, but I want to spend more time living. I want to work when I feel like, not when I must. And unlike other businesses, home based business gives you this flexibility of time. And for this very reason more and more women specially mothers are choosing it as their profession. [ Just think about it, how happy kids will be to see their parents spending more time at home with them than working in office leaving them.]
- Laptop/Mobile Lifestyle: Most home based businesses aren’t even attached to your home. You can run most home based businesses from a computer /mobile/ tablet from any part of the world. And that gives you unbelievable freedom. Just think about it, when most people in jobs or traditional businesses plan for a holiday once in a year, as a home based business owner, you can spend whole year travelling to different places and working from there. Trust me, there is few things cooler than sitting at your favorite beach, sipping your favorite drink while making a Skype conference call and making money.
- No Office, No Physical Boundaries: Setting up and running offices / branches are among the top expenses in a business. But still it limits your business operations in your local area. But as today’s home based businesses are run mostly as online businesses, you can do business with anyone from anywhere in the world without spending loads of money of physical establishments.
- Less / No Real Employees, Less Headache: Dealing with people is a very interesting and valuable skill. But making people work for them is not a cup of tea for many. Hiring the right people, supervising a team, motivating them to work productively, tracking their performance, firing when necessary, training them with latest skills, making sure that they are not using your company’s phone to talk to their spouse etc are severe headaches many are not willing to take. But most home based businesses can be run using technology without any employees. When your business gets so big, that you can’t manage it all by yourself, you can outsources less important tasks to other freelancers available at very affordable cost. Also if you must hire employees ever, you can go for virtual employees. That means they will also be working from their homes. And they’ll be paid not for their time, but for getting things done.
- More Profit Margin: Now you don’t have to be a math genius or MBA to understand that profit margin of home based businesses are ridiculously higher than any other kind of businesses. Why? Because of such small capital investment and low business expenses.
- Tax Benefits and Simplicity: Incase you didn’t know earlier, let me tell you that businesses/ Entrepreneurs always get more tax benefits than employees. I guess the reason behind this is that they are not only not asking for a job from Govt. also they are creating new job opportunities. But yes, for traditional companies with many branches, products, services, and employees calculating and submitting tax returns is a very complex task. And that’s why it’s handled by CAs in exchange of a large amount of money. But as a Home Based Business owner, you will be able to enjoy all the tax benefits of an Entrepreneur, but you don’t have to deal with all the hassles of a traditional business. If you can just keep proper records of all your incomes and expenses, you’ll be able to manage your own tax returns if you want.
- Freedom of Being Who You Are: In a corporate environment, be it in your job or your own business, most of the times you have to focus more on appearing professional and presentable to people around you. Where some of you may definitely enjoy it, but many people feel suffocated to pretend to be someone they are not. Home based business gives you the freedom to run your business aligned with your true nature. As you will be working from home, and with clients you choose, you’d seldom have to pretend to make an impression to others. And if you feel more comfortable working in your Bermuda/Jeans, t-shirts and flipflops then home based business is perfect for you. You can avoid wearing formals or suit if you don’t like it. [ Even if you are on a video conference, the people on the other side can only see your upper part of the body, right? If know what I meant, then you understood how comfortable you can be 🙂 ]
- Personal and Professional Growth: You know Home Based Business helps you to develop tremendous self-discipline. Neither you have any bosses to supervise you or keep you under pressure (job scenario), nor you have any employees to make an impression to. Also as you are working from home, it’s very easy for you to get busy in other responsibilities or just get lazy. That’s why to succeed in home based business you need to work on your personal growth, self motivation, balancing time for work and family etc. I have read a definition of leadership somewhere “Leadership is doing the right thing, even when no one is watching”. That’s what you have to practice to succeed in home based business. Also as a home based business owner, you have to wear many hats (atleast in the beginning). You’ll be working on your products and services, promotions, sales, branding, online marketing, customer service etc etc. So you get a chance to learn various practical business skills without spending lots of money and time in management schools.
- High Productivity: Have you ever thought how much time is lost while commuting between homes and offices? If you could focus all that time in doing something productive for your business or even for your family, don’t you think that could have created much better lifestyle for you? That’s another beauty of Home based business.
- Making Money Doing What You Love: Do you know why most people spend their whole life working in some job or business, that they hate (or atleast don’t enjoy that much)? Whereas they spend little or no time doing things they really enjoy! Because most people don’t know how to make money doing what they love. Tell me what you really love to do, I’ll tell you how to make money starting a home based business around that activity ( Feel free to book an appointment for this purpose). That’s why home based business owners are among the most passionate people you can find.
- Green Business: I am sure that I don’t have to inform you how important it is today to start taking care of our environment. Just think about it, how much fuel is consumed daily for the home – office commute, how much electricity is being consumed in large offices, how many trees are being cut to supply for papers and advertisement banners for big businesses. But in contrast, when you are running a home based business you are not only saving fuel, electricity; but as you are mostly operating online you are also saving trees by cutting requirement for papers. So if you love your environment, home based business gives you an amazing way to go green.
- Being part of $427 Billion Booming industry: I always notice that many people who are in jobs has some negative impressions and misconceptions about business or entrepreneurship. But few days back I was surprised to find that even Entrepreneurs running traditional businesses have very little idea about what a promising industry HBB is! In a Facebook group for Entrepreneurs, an admin posted that “Talk about your business here only if you have a real business, not a home based business.”. Surprising! Let me introduce you to the truth and open your eyes up to the real strength of HBB and how fast this industry is growing!
This is just the scenario in America. I hope you can guess the global figures.
Do you have any experience regarding Home Based Business? Please share! Do you want to add any more reasons to this list? Please comment and I’ll update the post with relevant reasons. Want to know about different types of Home Based Businesses? It would be too long to write here. I’ll be writing a different post on that soon, subscribe to Live Your Best Life newsletter (near top of right sidebar), if you don’t want to miss that post.
P.S. Yes. You guessed it right. That is my workplace just beside my bed. I know, a bit messed up. If I haven’t taken the picture for this post, I could have still ignored getting it organized. Though I don’t like staying messy, but as I said, in Home Based Business you focus more on doing some good work than appearing good.
You know I spent 12 years of my life in hostels – all childhood away from home. All I ever wanted was to spend more time with my family. And HBB made that possible for me. I’m forever grateful!