Did you know that according to a survey conducted in 2011 in the US a home based business is started every 12 seconds! Isn’t that amazing?
Additionally, this same survey indicated that home-based businesses:
- Bring in revenues of more than 427 billion per year
- 44% of Home Based Businesses are started for less than $5k
- 20% of Home Based Businesses make $100k-$500k a year
Just goes to show you that you don’t have to have a traditional brick and mortar business to have a profitable business.
Why Should You Start a Home-Based Business?
Basically, a home-based business gives people with limited funds and resources a chance to create a successful company, without the high costs of a traditional brick and mortar business.
Here is a list of the top 5 benefits of a home based business:
1. Less Risk
What if I don’t get any customers? What if I chose the wrong place (to establish my office at)? What if I don’t earn enough to pay the bills? These are just some of the pressing concerns people who want to start a business have. A home-based business reduces those risks by minimizing costs and allowing quicker exits.
2. Greater Opportunities
Opportunities are endless for home-based business owners. How and why?
- You can work on an inherent passion you might have (e.g., crafts, cooking, or writing like this).
- You can learn more specialized knowledge in different niches through books and the internet.
- You can effortlessly test product ideas and marketing strategies at minimal costs.
- You can offer your products and services to a bigger community through social media (e.g., Facebook, Pinterest, YouTube, etc.) and your own network of family and friends.
You are your own boss. You can choose what kind of projects to take on, who to work with, and how much you get paid for a certain number of product or length of service. You can expand or downsize your company when needed without affecting other people, and you’re the only one you need to answer to when discussing problems, crafting ideas, and testing campaigns.
Aside from getting control, a great benefit of home-based business is the flexibility it offers. Not only can you choose when to work but you can also decide where to work. You don’t need to confine yourself in an office cubicle; you can be on a cruise, by the beach, or in a plane and still be able to work on the projects you took.
5. Cost Savings
There are a ton of cost-savings that you can get from running a home-based business that I probably can’t list them all here. Nonetheless, here are a few of them:
- Utility bills (electricity, water, phone using cloud based phone systems like Ringcentral or Grasshopper)
- Office space
- Gas and/or fare
- Production equipment and materials
Starting a business can be tough, but with a home-based business, the process becomes simpler, the risks fewer, and the expenses lower.
So if you’re planning to have a business but want to start small, then you should definitely consider starting a home-based business instead. Make it a great day guys!
Pssssstttt!!! I wanted to wish each and every one of you Happy Holidays. I will be taking the next few weeks off to enjoy the holidays with the fam. I look forward to seeing you guys next year 🙂