Financial benefits of starting a home-based business

Financial benefits of starting a home-based business

A lot of people are opting to work from home to realize their full potential. Working from home gives you the freedom to work as per your schedule. It gives you full control of the number of hours you put, the quantity of work you get done and of course, honing its quality. Working from home makes you your own boss- there are several work-from-home options you can choose from. It is no longer limited to creative professions. It can range from data entry and research to start your own little venture. Apart from work satisfaction, being a home-based entrepreneur also provides some financial benefits. Here are some of them.

Saving on commutes and lunch: One of the pros of working from home is being able to avoid the hassles of commute and traffic. Plus, you also save all the money you might spend on cabs, buses and metro trains. If you are someone who drives to work, you end up saving a sizeable amount of fuel. Another great advantage of working from home is getting to eat a decently healthy lunch every single day. You also end up saving money and a number of sandwiches, pastries, and cups of coffee. You no longer have to spend on business lunches that end up costing a bomb.

Saving on day care: Whether you are a mom or a dad who has opted to work from home, you can cut the number of hours your child spends at daycare depending on your schedule. Or if your hours are totally flexible, you needn’t send your tiny tot to a creche at all. This will not only improve your bond with your kid but also save you a lot of money.

Saving on formal clothing: Truth be told, when you opt to be a home-based entrepreneur, you don’t meet that many people on a daily basis. And hence, you could easily work while wearing lounge clothes. You don’t really need to update your work wardrobe anymore unless you know you will be meeting someone soon or have an important event to attend. And let’s be honest, formal clothing does cost more. So, that’s a lot of dollars you are saving!

Lease and other amenities: When you are working from home, your income is directly proportional to the number of hours you put in. and since you will be saving on commute, lunch, day-care and formal clothing, you can pocket most of your income. Now, isn’t that great? Another advantage of starting your business at home is that you aren’t renting out an office and hence saving on the lease. Plus, expenses for other amenities like electricity and water will be saved. Yes, your electricity bill may increase a tad. But that isn’t much compared to what you would pay separately for an office.

Other pros of working from home include a better balance between family time and work. You don’t have to deal with office politics. It is also a great way to brush up your skills and get started on working if you’ve recently taken a baby break. It is a great way to get back on track while you update your resume.