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9 Reasons to Start a Business From Your Home

Starting a full or part-time home business is a major decision that requires research and planning that can seem daunting. But before you put off or dismiss doing it, consider these reasons why you should work at home.

  • You have control of your schedule when you work from home
  • Work-life balance is easier to achieve
  • You might be able to do something you enjoy
  • Costly and time-consuming commutes will be a thing of the past
  • Opportunity to switch between job types, adding variety to your work

Control Over Your Schedule

Being in charge of your day is one of the biggest benefits of working from home. You can set and customize your work hours to meet the needs of your life. Do you wish you could take a power nap in the middle of the day? You can as a home business owner. Do you do your best work late at night? You can schedule your work time then.

However, this freedom can also bring with it distracting temptations and the risk of procrastinating on work-related tasks. You’ll want to make sure you have the right entrepreneurial traits and a good daily organizational plan to handle this new responsibility. If you have a family, a partner, or have roommates, you’ll have to ensure that your home environment is conducive to the work environment you need.

Work & Life Balance

If you feel like your job is taking up too much time, having a home business could be the solution. Having a flexible schedule means you can make time for your kids and family, if you have them, or pursue other personal interests. If you want to homeschool while running your business, you can.

Balancing work and life at home can be challenging if certain rules and standards are not set and followed. Continuous interruptions from your children, for instance (while welcome and a good way to take a break) can cause you to lose quite a bit of work time.

However, achieving a work/life balance does take some planning and time management. In some cases, you may still need to arrange for child care. 

Make Money Doing Something You Love

One of the best aspects of starting a home business is being able to turn a hobby or a passion into income. In fact, you’re more likely to achieve success if you focus on pursuing your passion for profits when starting a home business.

No More Commuting

Working outside the home not only takes a lot of time, especially if you have a long commute, but also job-related travel expenses. Americans spend an average of $386 per month on gas. Cutting down on a daily commute would put some of that money back in your pocket. Other expenses many don’t consider are tolls, wear and tear on the car, and more frequent tune-ups.

Control Over Income

Many people choose not to start a business because they worry about making a consistent, livable income. While the potential ebb and flow nature of running a home business is something you need to consider, the reality is that a home business can allow you to earn what you’re worth.

As a home business owner, you set your own income goals, as well as your own product or service prices. As long as you do the work that needs to be done, such as drumming up new customers and marketing your business, you’re likely to make a profit. 

Tax Benefits

A big perk of working for yourself is the tax advantages not given to employees. You can write off equipment, supplies, services, and even a portion of your home or car if it’s appropriate.

Further, when you have a home business, you can deduct your expenses first and pay taxes on net income. With that said, it’s important to learn about home business deductions, reporting, and when to pay to ensure you’re following proper tax laws. Ideally, you should consult a tax expert.

Control Over Your Work Attire

No more blazers and dress pants. No more ties or pantyhose. You can wear whatever you want in your home office. If you’re most comfortable and inspired in your fluffy bathrobe, you can wear it every day if you want.

No Boss

A home business is ideal for someone who doesn’t like to be told what to do. You can do the work in the way you feel is best. Further, home business owners don’t have to feel guilty for showing up late (unless of course, it’s to an appointment). There’s no having to ask for time off or calling in sick. There’s no one looking over your shoulder to make sure you’re working.

Being your own boss and working from home requires a level of self-discipline that takes time to cultivate. If you are just starting out, and tend to procrastinate, take it slow at first to allow yourself time to get used to it, if you are able to.

More Opportunity for Growth and Variety

Too often, employees end up feeling stuck in their jobs. In a home business, even if your day-to-day tasks are relatively similar, there are many opportunities to mix things up more. You can work from a different location, change your schedule, or re-prioritize the order of the tasks you have to do.

Starting a business does require more initial investment than traditional work, such as gaining a working knowledge of basic accounting practices, marketing, and money for the equipment you need. To stay competitive, you’ll want to continue to study, grab some certifications, and keep abreast of current trends in your industry or small business management. In essence, you design your day and what you do, which allows you to expand and grow your skills and your business.

OriginalMINDY LILYQUIST

The Flexibility And Strengths Of Real Estate Investment

There are many different ways to invest your money and improve your financial well being. Modern technology has made access to investment tools easier than ever no matter if it’s your bank or money market account the ability to engage with your investment activity and funds is easier than ever. However, investing is a broad term that can mean a lot of different things to a lot of different people.

When you talk about an investment it can be a money market account, high-interest savings, an IRA, real estate, and more. For many people investing in real estate remains a long-standing and popular way to invest your funds and turn a profit. An advantage real estate has over other methods of investment is its a real tangible object that is in a physical location making it something easier to conceptualize and personally manage.

Real estate is also flexible and can be something as simple as an apartment complex to high-end real estate in Monaco. As a financial investment real estate requires careful research before you buy any piece of property to see if it fits your investment profile. Here are some general advantages real estate offers as an investment and advice to see if real estate investing is right for you.

The Strengths Of Real Estate Investment

  • Stability: real estate, in general, is more stable than the stock market. The stock market represents multinational corporations that are worldwide and as such are easily affected by a variety of international events. While real estate can certainly be impacted by outside events but in most cases, these are more localized.
  • Return On Investment: when well maintained and managed real estate offers a consistent income flow. While real estate’s earnings aren’t as high as the stock market they are more predictable and easier to directly impact through direct involvement such as property improvement and hiring outside management companies.
  • A Growing Investment: many properties appreciate in value resulting in their listed value increasing over time. This means that money can also be made by selling the property if ownership becomes infeasible in the future.
  • Tax Savings: an investment is meant to make money and real estate investments can generate income by reducing costs via tax write-offs. These tax incentives include depreciation, interest incurred on mortgages, and more.

Ways To Invest In Real Estate

Real estate is a far more versatile investment than you may first assume. While rental properties are the first thing that comes to mind when you think of making money off of real estate there are several ways to make use of it as an investment opportunity.

  • As Rental Properties: the most well-known form of property investment renting out property has been an investment strategy for centuries. It allows a hands-on approach and several companies are willing to assist with management, maintenance, and repairs if needed.
  • Real Estate Limited Partnerships: not everyone can be a sole property owner as there are several barriers to entry such as capital and time. In a real estate limited partnership, you are a limited partner buying a share of a property portfolio which is managed by a larger company that serves as the primary partner and property manager. Income is made through distributions and later on when the property itself is sold.
  • Property Flipping: another popular form of real estate investing is flipping property. This type of investment is short term, not lasting more than a few months, and it tends to take two forms. The first type buys an undervalued property in an area with appreciating property values and flips it to turn a profit in response to market forces. The second type renovates the property, makes improvements, increases its value, and then sells it for a profit exceeding the upfront costs.
  • REITs (Real Estate Investment Trust): a REIT is traded on the stock market like any other stock and represents an investment in a property portfolio. REITs pay out dividends like other stocks and offer the unique opportunity to invest in properties that have a high barrier to entry such as malls, office buildings, other commercial properties, healthcare facilities, and others.

Final Thoughts

As the above information shows real estate investment is a sound strategy that should be a part of your investment strategy. It is a flexible investment that offers many ways to use your money and if traditional rental property management doesn’t fit your goals there are several other options to consider. With proper research, your real estate investments can turn a stable predictable profit for many years.

Original – NuWire