Without question the greatest lure for starting and running a business is the fact that you become your own boss. Of course, this is only partly true, for the simple reason that your customers will always be your bosses. I have been self-employed in various ventures for a number of years, with the majority being operated from my home. For me the lure of self-employment is the freedom, hands down. It is not so much the potential to generate a substantial income or the ability to grow equity, it is simply the sense of freedom and independence that being the boss affords. This means setting your own schedule, working at your own pace and earning what you wish. As long as you get the work done, satisfy your customers and clients and meet your deadlines, you can work in your bathrobe if you so choose, if no one is coming over for a meeting. More significantly, you will not have play office politics.
While it may not be a good reason to start a business solely on the prospect of making big bucks, it is true that the majority of people do have the potential to make more money by owning and creating a business than they do working for a paycheck. This is because when you are working for someone else; there are just a limited number of hours in a day for which to earn an hourly wage or a commission. This is the primary reason why most people cannot get wealthy as a traditional employee unless they invest their money in something independent of their work. Trading time for money will never get anyone rich.
However, when you operate a business, you can duplicate yourself by hiring employees and sales people to increase revenues, you can duplicate your customers and find more to purchase your goods or services, you can scale up your business model and venture into new geographical regions, and you can replicate and grow the amount of products that you feature in your business. After building a business that is creating a good source of revenues and profits, you can then duplicate the thing that works which will dramatically boost your personal income and equity.
Even without duplicating, you can set your own wages, put in more hours to complete a job if necessary, and remain in control of that project. Too often in a business, you will have to wait for nine other departments to get on board before you can finish a task. Working on your own, you can determine how long each task will take, charge accordingly, and complete the job on your own if it is feasible.
Having the ability to create your own work environment and the ability to be flexible in how you operate the business are two more of the major advantages of starting and operating a business from home. For starters, instead of spending time commuting to and from work, you can use this would be commuting time to get work done or have more time to do as you wish.
The average employee commutes at least one hour each day. That is five hours a week in which you have flexibility to do as you choose. If you like, you can walk the dog at noon, pick the kids up after school, be at home to let the TV repairperson in, and do a host of other personal activities on your schedule, without sacrificing any of your business responsibilities.
You also have the opportunity to work in an office setting of your choice, decorate as you like, and decide which high-tech and no-tech appliances are to your liking. For the millions of people who have moved from cubicles to home offices, these personal choices are a major factor. Additionally, if you are green conscious, you can regulate your own heat, shut off unused lights and even go solar-powered if you so choose. While many businesses today are getting in step with the green environmental movement, plenty are not. You, as your own boss, can do so and feel that sense of doing something good for Mother Earth in your own little piece of the world.
Operating a business from home also qualifies you for any number of the tax benefits associated with operating a business, even if you work a regular job and operate your business only part time. As soon as you open for business, a portion of your utility bills are tax-deductible against business revenues, part of your transportation expenses (which is proportional to the amount of time and mileage your car was used for business purposes) are tax-deductible, and any books or publications that you bought for your business can be deducted for educational purposes. Even though you will pay some self-employment taxes, you can usually greatly benefit by many more deductions with a home-based business. - 15478
While it may not be a good reason to start a business solely on the prospect of making big bucks, it is true that the majority of people do have the potential to make more money by owning and creating a business than they do working for a paycheck. This is because when you are working for someone else; there are just a limited number of hours in a day for which to earn an hourly wage or a commission. This is the primary reason why most people cannot get wealthy as a traditional employee unless they invest their money in something independent of their work. Trading time for money will never get anyone rich.
However, when you operate a business, you can duplicate yourself by hiring employees and sales people to increase revenues, you can duplicate your customers and find more to purchase your goods or services, you can scale up your business model and venture into new geographical regions, and you can replicate and grow the amount of products that you feature in your business. After building a business that is creating a good source of revenues and profits, you can then duplicate the thing that works which will dramatically boost your personal income and equity.
Even without duplicating, you can set your own wages, put in more hours to complete a job if necessary, and remain in control of that project. Too often in a business, you will have to wait for nine other departments to get on board before you can finish a task. Working on your own, you can determine how long each task will take, charge accordingly, and complete the job on your own if it is feasible.
Having the ability to create your own work environment and the ability to be flexible in how you operate the business are two more of the major advantages of starting and operating a business from home. For starters, instead of spending time commuting to and from work, you can use this would be commuting time to get work done or have more time to do as you wish.
The average employee commutes at least one hour each day. That is five hours a week in which you have flexibility to do as you choose. If you like, you can walk the dog at noon, pick the kids up after school, be at home to let the TV repairperson in, and do a host of other personal activities on your schedule, without sacrificing any of your business responsibilities.
You also have the opportunity to work in an office setting of your choice, decorate as you like, and decide which high-tech and no-tech appliances are to your liking. For the millions of people who have moved from cubicles to home offices, these personal choices are a major factor. Additionally, if you are green conscious, you can regulate your own heat, shut off unused lights and even go solar-powered if you so choose. While many businesses today are getting in step with the green environmental movement, plenty are not. You, as your own boss, can do so and feel that sense of doing something good for Mother Earth in your own little piece of the world.
Operating a business from home also qualifies you for any number of the tax benefits associated with operating a business, even if you work a regular job and operate your business only part time. As soon as you open for business, a portion of your utility bills are tax-deductible against business revenues, part of your transportation expenses (which is proportional to the amount of time and mileage your car was used for business purposes) are tax-deductible, and any books or publications that you bought for your business can be deducted for educational purposes. Even though you will pay some self-employment taxes, you can usually greatly benefit by many more deductions with a home-based business. - 15478
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