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5 Reasons Why You Should Consider a Home-Based Business by Tony Mase
In his classic masterpiece "The Science of Getting Rich",
later republished as "Financial Success Through Creative
Thought", Wallace D. Wattles wrote:
"If you cannot get rich working for the steel trust, you can
get rich on a ten-acre farm..."
Hmmm...
He may or may not have intended it this way, but it sure
sounds like Wallace D. Wattles was talking about a home-
based business to me.
Regardless of whether he intended it that way or not, if you
don't already have a home-based business, here are five
great reasons why you should at least consider one:
Reason #1 - Low startup costs.
Unlike most "traditional" businesses, most home-based
businesses can be started on a "wing and a prayer", so to
speak. Odds are, depending on the home-based business you
want to start, you *already* have everything you need to get
started and what little you don't have, which you might
need, can be easily purchased from your existing income
and/or business profits as you go along, without your having
to incur debt to do so.
For those of you who buy into the "it takes money to make
money" mentality and/or equate "high" startup costs with the
ultimate profitability of a business, it might interest you
to know the businesses that cost me the most to start were
the least profitable (and ultimately failed) and the ones
that cost me the least to start, those I literally started
with "pocket change", were the most profitable (and were
profitable from "day one", I might add).
That alone ought to tell you something. :-)
Reason #2 - Low overhead.
High "overhead" (the general ongoing, recurring costs of
running a business, excluding the costs of labor and
materials; mortgage/rent, utilities, and maintenance for
example), is, in my opinion, one of the biggest, if not
*THE* biggest, killers of businesses there is, as a quick
glance at recent financial news stories will tell you.
Because you're *already* paying a mortgage or rent,
utilities, and maintenance, the overhead of a home-based
business is *zero* or darn close to it.
In addition, at least here in the United States, a home-
based business allows you to convert a portion of those non-
deductable personal expenses you're *already* paying into
tax-deductable business expenses (see Reason #4 below),
further reducing your "cost of doing business".
Reason #3 - Low risk.
Low startup costs and low overhead, combined with the fact
that most home-based businesses can be started on a "part-
time" basis, allowing you to keep your "full-time" source of
income, make a home-based business practically "risk-free".
Thus...
If for some reason it doesn't work out for you (you end up
not liking it, it's not profitable, etc.), it's no "big
deal" to shut it down and start another one if you like.
Reason #4 - Tax advantages.
A business, at least here in the United States where I live,
is just about the last legitimate "tax shelter" there is.
This is *especially* true of a home-based business as it
allows you to *legally* convert a portion of the money
you're *already* spending and the money you make from your
home-based business into tax-deductable business expenses,
thus giving you "more bang for your buck", as they say
(depending on your income tax bracket, roughly 10-100%+
more!).
Reason #5 - Profit.
It's been said the first business of *any* business is to
make a profit and a home-based business is no exception.
Though it's number five on my list of reasons why you should
consider a home-based business, the number one reason for
starting a home-based business is...
PROFIT!
Plain and simple. :-)
This profit can be used to supplement your current income,
which recent economic events prove a wise thing to do, or to
grow to the point where your home-based business can
*reliably* (the key word here is *reliably*) serve as your
full-time source of income.
Either way...
I *highly* recommend you consider a home-based business!
A word of warning though...
A home-based business, especially one intended to be a
"full-time" source of income, is *NOT* for everyone.
Why do I say that?
Simple...
In my experience, many, if not most, folks are so used to
working for someone else, without a "boss" to tell them
exactly what to do and when, left to their own devices with
the freedom a home-based business provides, *won't* do
what's required to be successful in business, home-based or
otherwise.
That being said...
If you have the self-discipline (or are willing to develop
it) to do what it takes to be successful in a home-based
business...
I *highly* recommend you consider one!
It may well prove for you, as it did for me, to be one of
the wisest things you ever did.
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