The interconnected world has opened the doors for millions of new niches for entrepreneurs to kickstart their home-based business, allowing them to connect with several other home-based business owners, use their successful decisions and learn from mistakes on their path to become a successful entrepreneurs. In fact, according to reports, 97.9% (1.2 million) are small businesses in Canada. Now, that’s something interesting, right?
If 9 to 5 working isn’t suited for you, it may be time for you to set the pace and climb your own ladder to leave your mark on the world. Starting a full-time or part-time home business is an important decision that may seem daunting but requires research and planning. However, before you postpone or give up on this activity, consider the following reasons why a home-based business is the best bet for you.
Why Start a Home-Based Business?
- Be Your Own Boss
Taking responsibility for the day is one of the biggest benefits of a home-based business. You can customize your working hours according to the needs of your life. Want to take a nap during the day or do you want to work late at night? You simply can. You can schedule your working hours based on your timings. However, this freedom can also present the risk of distraction and procrastination with work-related tasks. You need to make sure you have the right entrepreneurial qualities and a set organizational plan for this new responsibility. If you have family, partners, or roommates, you need to make sure that your home is conducive to the work ecosystem you want.
- You Get to Keep the Money You Income
Many people do not choose to start a business because they are concerned about a stable and affordable income. You have to consider the potential ebb and flow of your home business, but in reality, you can earn as much as it’s worth. As a home-based entrepreneur, you set your own income targets and prices for your products or services. Just do what you need to do, such as attracting new customers or promoting your business, and you are more likely to make money.
- Work and Life Balance
If you think your job is draining away from your energy fluid, a home business may be your best bet. Being flexible with your schedule means that if you have children and family, you can set aside time to pursue or pursue other personal interests. If you want to study from home while running a company, you can do so.
Note: If you don’t set and follow certain rules and standards, it can be difficult to achieve a work-life balance at home, it can waste significant work time.
- Tax Benefits
A big advantage of being self-employed is the tax benefits that are not available to employees. If necessary, you can deduct equipment, supplies, services, and even parts of your home or car. Also, if you run a home business, you can curb your expenses and pay taxes on your net income. That said, it’s important to learn about home business deductions, reporting, and payment times to ensure you’re complying with the appropriate tax laws.
- Control Over Work Attire
No more dress pants and blazers or typical formal dresses that are required before entering a traditional office. In your home office, you can carry anything you want. If you’re comfortable wearing a fluffy bathrobe or pajamas and oversized tees, you’re free to wear it without any fuss.
- No More Commuting
Working away from home is not only time-consuming, especially if you have long commutes, but it also costs you business-related travel expenses. If you cut back on your daily commute, you can put quite a few bucks back in your pocket. Other costs that many don’t consider are tolls, vehicle wear and tear, and more frequent adjustments. At the end of the month, you’ll be surprised to see a whole lot of money saved.
That said, starting and growing a business is no easy feat, especially if it’s a home-based small business. Starting your home-based business gives you the opportunity to nurture your passion and potentially create a source of income from your personal interests or hobbies.
To learn more about small businesses and entrepreneurship in Canada, do not forget to subscribe to our monthly CanadianSME Small Business Magazine.