Thursday, January 27, 2011
Starting a home based business
Another example, my very sweet friend and neighbor decided she did not want to be away from her children by going to work for long hours everyday, so she opened up a licenced home day care in her basement. She was able to obtain a loan from a self help agency to upgrade her basement into a daycare. She has a strong thriving business and is able to be home with her own kids.
Obviously, at first, you may not turn a real profit from your home based business but their are advantages besides money to consider. Being a business owner, you are able to deduct everything you use for your business as an expense from your income taxes. Your home office, supplies, advertising, gas, lunch meetings, utilities, even your home mortgage interest can be a tax deduction which can be money in your pocket and not in uncle Sam's.
Another advantage of being a home based business owner is that you can schedule your own hours, rules, how much you make and who you decide to deal with as your customers. You are your own boss. Of course there is a downside to everything, even being your own boss. You wont be able to call in sick and sometimes you might be working way over 40 hours per week and not seeing any money for all that hard work.
Starting a home based business is a life changing decision that should be considered from all aspects, but if you have just a little bit of faith in yourself and perseverance, starting a home based business can be an answer to your prayers. I would love to hear of your success stories as a home based business owner.