Having my own home business has made me reflect on what the benefits are of starting a home based business. Depending on what you decide to do from home your situation could be different but these are seven reasons I started a home based business.

Residual income. I realized that working for someone else is limiting. Firstly you are limited by the value they put on you and secondly by the number of hours in the day. At the end of any working day that is it – you will not get paid again for that day’s work. Elvis has been dead for years and is still one of the top earners in the world! Go figure.

Commuting. Have you ever worked out how many hours you spend getting to and from work? Or how many hours you spend in a vehicle driving to go and see customers or client? With a home based business you can spend that time with your family or going for a walk.

Reducing Costs. The obvious cost cutter is the commuting one. No more being held to ransom by the oil producing countries! Work out what you would save if you did not have to commute every day. There are even more financial benefits in terms of tax deductible expenses. These vary from country to country and you will need to check with your accountant. I claim a portion of my mortgage repayment, all my phone bills, my computer and stationery costs and a portion of my power bill.

Lifestyle. Working from home allows me to plan my day/week/month/year around the things I want to do. I take my holidays and weekends off when we want to and not when the boss says I have to. This includes playing golf on Wednesdays and Saturdays.

Time with my children when they were small. I have always been home when my children wake up and when they come home for school. Driving them to school every morning and picking them up in the afternoons has been invaluable to me.

Security. This is a tough one for people to understand because we have been brought up to believe that having a JOB means security. Nothing can be further from the truth. What happens in a recession? You lose your job. That’s what happens. Whereas I tend to make more money because I can benefit from a recession.

Retirement Income. I do not need to rely on the government’s handout or the performance of fund managers to secure my retirement. If you live in the USA will your 401K sustain you? A million dollars now is a lot less than it was 20 years ago.
Since starting a home based business I have come to realize that the benefits are far greater than I initially thought.Starting a home based business wasn’t just a walk in the park – nothing worth doing ever is. But with perseverance and application things got easier and easier as I began to understand and appreciate what I was doing.You now have 7 good reasons for starting a home based business – what are you waiting for?