In today’s economy, it’s hard for a large majority of the population to make ends meet. Everywhere we look our expenses creep upwards while our income lags behind. One salary households struggle to get through the month and have been known to “rob Peter to pay Paul”. Even in households with two salaries coming in, there are times when there is more month than money!
Juggling the family finances can at times be trying. What’s the answer? Perhaps a second job . . . It’s an option if you don’t mind giving up some family time for additional work time. Try paring back the expenses , if that can be done. Stretch your dollars as far as you can. Go through the storage bins and closets and have a yard sale or advertise items online as that could bring in some extra cash. Most of us have been around this block at one time or another!
Enter the technological age with all the advances in how we connect with our world. The portability of an office is at hand in the form of smartphones and tablets. Business can be conducted from any location as long as a phone and internet connection are available. Given the ease in which you can conduct business using modern technology, it is not a wonder that the number of households with home based businesses have shot up substantially in the last few years.
Whether a person starts a home based business on a part-time basis or whether a person jumps right into full time at the onset, there are many advantages. Among these perks are personal freedom and independence. Time spent in traffic can be redirected towards spending more time with family. There are no bosses, no dress code, no set work schedule, and no office politics to deal with. Personal drive, discipline, and time-management skills are required.
There are tax advantages to having a home based business. A percentage of most household bills including mortgage or rent, utilities, property taxes, insurance, phone and internet bills can be deducted based on the percentage of your house that is used for your home office. Be sure to follow the Tax Guides for Small Businesses as set out by the Government. Any improvements or repairs to your home office are also deductible business expenses. Be sure and keep all receipts.
Any home based business expenses are tax deductible including tax preparation fees for your home based business; education expenses for classes you take to improve your business skills; software and office supplies purchased to use for your business, and transportation used for business purposes (deduct expense for mileage traveled for business at a per mile/km amount). All items you need to conduct your business are deductible.
There are other positives when considering a home based business. Start up costs of a home based business are considerably less when compared to starting a brick & mortar business or owning a franchise. You get to expand your skills as you deal with all aspects of running a business. You get to set your own schedule therefore it will be a little less stressful when having to juggle demands of work and family. You are rewarded as the harder you work, the more money you can make.
There are a multitude of home based businesses to choose from so be prepared to spend some time and effort checking out the opportunities before deciding which opportunity to pursue. Be sure to take into consideration your lifestyle. Think about whether you would want to be able to conduct your business from more than one location; if not now, perhaps in the future. Plan ahead. It’s just as easy to choose a business that can be conducted primarily over the internet than a business that requires a more permanent location.
Give starting a home based business some thought . . . it may be just what you need!