Benefits Of A Home-Based Business

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REIB REPORT

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Benefits Of A Home-Based Business

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With the advanced connectivity available through media via IPhones, tablets, laptops, television, and other applications, more people are creating a livelihood by working from their own home. Many of us, may be so ingrained in the notion of being employed and reporting work at a fixed location that we don’t realize the many benefits of self-employment in a home-based endeavor.

 Test Drive Your Business- One of the most beneficial things about a home-based business is that it will allow you to try your business concepts before investing in a workspace. While traditional, these expenses are not necessary if you are careful. According to Chron.com, businesses should spend about 5% to 10% of their profit on workspace. Anything more than that will cause the business to financially plateau and no real progress can be made.

 Low initial income and high overhead can kill a business venture which could otherwise be viable. Another benefit of the test drive is that you are transition from an employment situation to self-employment. Again, you have the opportunity to see if the business is sustainable before quitting your current job.

Flexibility- The flexibility of being self-employed is unrivaled. When you can set your own hours or deal with personal matters when it is best for you takes a lot of stress out of your life. When you throw in the advantage of working from home, you maximize your total flexibility. You can work at night, or off and on throughout the day if you so desire.

Productivity- Productivity can be enhanced or diminished in a home-based business. It takes self-discipline to work at home. Meeting production requirements can be challenging, but if you have the necessary discipline you will be able increase production significantly. The ability to work 24 hour days if you so wish speaks well for productivity.

The Tax Benefit- Using your home as your primary business location carries a tax benefit. Federal income tax regulations create reduction in business income tax for the cost of that portion of your house. A percentage of your mortgage interest, property taxes, utilities and maintenance costs can offset business income. This deduction cannot result in a business loss, but unused amounts can be carried over to subsequent years. There are certain requirements that must be met for a home office deduction, so it is important to make sure your situation qualifies before claiming the deduction. See our newsletter next month for details.

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