In today’s post, I want to share 37 reasons to start a home-based business. Owning your own home-based business can be like a dream come true. It offers so many advantages you might not find in a job or traditional business.
Check out the reasons I’ve listed below and set your eye on the possibilities of owning your own home-based business.
37 Reasons to Start a Home-Based Business
# 1: More Quality Time with Your Family
One of the best things about working from home is that you are HOME most of the time. This is great if you have children who still live at home. By working from home, you can have more quality time with your family, especially since you have no commute, and you have flexible hours. In many cases, you can even hire your children to work with you.
Here’s what lifestyleplus.net has to say about spending more time with your family.
If you spend 40, 60 or even 80 hours a week at work, how much time are you spending with your family? How many dance recitals or parent-teacher meetings have you missed? These years of family time that you are losing can never be regained. Make the choice to own your life today, and start giving your family the love and attention that both you and they deserve.
# 2: Location Independent
Depending on what type of home-based business you own, you can be completely location independent. That means you can work from anywhere in the world and still run your business. That is what my website business has allowed me to do. I can work from the beach, the local coffee shop or my home office. Most of the time I just work from home in my pajamas, but it’s nice to know I have that option.
Here’s what financialsamurai.com has to say about location independent in home-based business.
Being able to run your business anywhere in the world is truly liberating. You can geo-arbitrage by moving to a cheaper country if you wish. If you don’t want to go that far, you can always relocate to the heartland, where housing is often one third the price of coastal city real estate. Vacations are no longer limited to just two or three weeks. There’s nothing more fun than seeing the world while making money.
# 3: Start Part-Time
This is one of my favorite reasons to start a home-based business. Everyone needs a side hustle, something they can do part-time that does not interfere with their primary source of income. Most new businesses require you to go “full-time” from day one because you have a lot of money invested and you need to recoup it quickly. With a home-based business, you should start part-time and work it part-time until your part-time income eventually replaces your full-time income.
# 4: Eliminate Your Commute
Most people spend at least an hour a day sitting in traffic, driving to and from work. I have several friends who spend two to three hours per day driving to and from their job each day. Personally, I think that’s crazy. When you work from home, you just need to walk from your bedroom to your office. The time you save from commuting can be used as family time or can be additional time you can spend growing your business.
Here’s what thebalances.com has to say about having a shortened commute time.
The most obvious home business advantage is the lack of commuting necessary. No more minutes or hours spent each working day sitting in a car, on a bus or subway fighting your way to work. For many home-based business owners, their commute consists of just walking down a flight of stairs. (Of course, this advantage is wiped off the board if you don’t actually work at home but have to travel to customers and clients.)
# 5: Flexible Work Schedule
When you have your own home-based business, you can have a flexible work schedule. That doesn’t mean you work less. It just means that you can work when you want to, an hour here, two hours there, etc. If you want to take off work and go to the gym, or watch a movie, you can do that. If you want to sleep in, or work at night, it’s possible.
# 6: Set Your Own Deadlines
When you have a job, your boss gives you deadlines. They tell you what needs to be done, how it needs to be done and when it needs to be completed by. When you have your own home-based business, you can set your own deadlines. It’s wonderful.
When you want to succeed as much as you want to breathe, that’s when you will become successful. ~ Popular online quote
# 7: No Bureaucracy
I spent 15-years in the Army. While I loved the experience, the one thing I did not like was the bureaucracy. Most employers have layers of management. The bigger the company, the more bureaucracy there is (in most cases). This means things move slow and new ideas are not always embraced. When you have your own home-based business, you are the CEO. The buck stops with you. The decision stops with you. There is no board of advisers or “committee” to give you permission. If you want to do something, you just do it.
# 8: Love What You Do
Everyone should have a career they enjoy. Life is too short to do something you do not enjoy. Create a business around an idea that you love. Do that and you will never work another day in your life.
# 9: Be Involved with Your Local Community
It’s fulfilling to be active in your local community. As a home-based business owner, you can join your local Chamber of Commerce, participate in local fundraisers and be an active member in your community. The respect and admiration you get from other entrepreneurs in your home town is awesome. It just feels good to give back and make a difference.
# 10: Learn New Skills
The purpose of life is to learn, grow and help others. The day we stop learning is the day we are on our way out of this world. As an entrepreneur, you should be committed to your own personal development. Attend workshops, try new things and learn new skills. You might find that you have a special skill you never knew existed.
# 11: Travel
As a home-based business owner, you can travel the world. You can travel to conferences and events. You can travel for fun. You can simply go to a new location each day to work on your business. If you have a laptop lifestyle business like I do, you can work from anywhere in the world.
Here’s what small-bizsense.com has to say about travelling in a home-based business.
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.
# 12: Personal Freedom
This is one of the top things I love about being my own boss. FREEDOM. No one tells me what to do or how to do it. I call my own shots, work when I want and have complete freedom over my own time and life.
Here’s what allbusiness.com has to say about “freedom” with a home-based business.
If you’re used to spending hours in traffic to and from work every day, some of the most exciting advantages to starting a home-based business are your newfound freedom and the retrieval of lost time. The average American spends 348 hours each year commuting, according to the U.S. Federal Highway Administration. Suddenly with a home-based business, you have those extra hours to regain control of your personal life. Plus, there are no bosses, no dress code, no set work schedule, and no office politics to maneuver. All you need is personal drive, discipline, and time-management skills.
# 13: Give Your Children a Stay-at-Home Parent
Your children will only be kids once. Wouldn’t it be great to stay at home with them, yet still make money and do something you enjoy? Guys, I’m talking to you too, not just the ladies. Most kids spend more time in daycare than they do with their own parents. It’s awful. If you have young children, having a home-based business might be your ONLY option to be able to make money and still stay home with your kids.
Here’s what lifestyleplus.net has to say about giving your children a stay-at-home parent.
Life is full of tough choices. You hated the idea of taking your kids to day care instead of being home with them every day. You had to, though, just to make ends meet. Very few jobs today pay enough to let one parent stay home. When you live and work at home, you can earn as much as you need and still be there for your children. Your spouse may be able to stay home, too. You won’t miss any more of the crucial bonding years with your children. You decide how much time you need to spend working, and take the family time that you need.
# 14: No Formal Education Needed
In the corporate world, there is a huge emphasis placed on your formal education. Having a degree is vital if you want to move up the ranks (in most cases). Not so with your own home-based business. Having a degree will not help you and not having a degree will not hurt you. Instead, you will simply need to develop specialized knowledge about your chosen industry.
# 15: No Office Politics
Yes boss. Yes boss. You will never have to say that again. You don’t have to pretend you like someone, kiss butt, or “politic” like you have to do in a traditional job. You don’t have to worry about who is talking to you at the water cooler. No politics or brownie points needed.
# 16: No Discrimination
As a minority or woman, this is huge. While the corporate world has improved discrimination in the work force, it is still a huge problem. Not so when it comes to your own home-based business. The only thing that matters is YOU. What a breath of fresh air.
# 17: Have No Regrets
We get one shot at this thing called life. While I can’t guarantee you will succeed with your business, I do believe it is better to attempt something great and fail than attempt to do nothing and succeed. Most people live lives of quiet desperation because they are too afraid to step out of their comfort zones.
# 18: Inspire Others
As an entrepreneur, you will inspire others. While your friends and family will be skeptical of your decision initially, if you stick with it and succeed, you will be admired and respected by them. You might even inspire a few people you know to start their own home-based business.
# 19: Call Your Own Shots
If you’re like me, you don’t want someone else telling you what to do. Personally, I’d rather be the Captain of my own canoe than the admiral of someone else’s battle fleet. Can you relate? As a home-based business owner, you call your own shots!
# 20: Explore Your Creativity
I personally believe we all have a creative force within us. It is our job to discover it. Many of us never tap into our creative force, because we don’t pursue our true passions. Big mistake! Having your own home-based business allows you to try new things, learn new skills and explore your creativity. You will find that you are really good at things you never thought you would have been good at.
Here’s what allbusiness.com has to say about exploring your creativity in home-based business.
Launching your home-based can be an opportunity for you to give birth to your passions and hobbies and create a money-generating outlet for your unique and creative talents.
# 21: Meet New People
Of course, you can meet new people in any profession. I’ve just found that the people I met in the home-based business industry were absolutely amazing. I’ve met people from every walk of life. I’ve connected with other entrepreneurs in other countries I never would have met otherwise.
# 22: Help People
As entrepreneurs, we get paid to help people solve problems. That’s it. Your job is to show people how your product, service or business can help others solve their own problems. They will benefit from your product or service. Plus, as your business grows, you will be able to tithe, sponsor sporting teams, help your church, etc.
# 23: Become an Expert
Over the years, I’ve become an expert in my chosen niche. No, I’m not famous, but the people in my niche know who I am and respect me. It’s a great feeling to be an expert.
# 24: New Challenges
As an entrepreneur, we get paid to solve problems. You will have new problems 24/7. You’ll have to keep customers happy, try new things, manage cash flow, face your fears and hundreds of other things. These challenges force you to step up your game and see what you are made of. There’s never a normal day at work when you work for yourself.
# 25: Recognition
As an entrepreneur, you will be recognized. You may receive awards. You may have an article written about you. You might be awarded a special award from your niche or trade. It’s an awesome feeling, considering that most people do not feel appreciated at home or at work.
# 26: Change the World
It may seem like a lofty goal for you right now, but your business really could change the world. You might create a product or service that makes the world a better place, or makes one person’s life better. Isn’t that a great feeling?
Here’s what inc.com has to say about changing the world in home-based business.
Walk around and start complaining (to yourself). You’ll see tons of problems that require solutions. Those solutions are ideas. Or walk around your business and start complaining. There are tons of problems you can address.
“New” is hard to imagine. “Better” is much easier.
Most companies are built on “better,” not on “new.”
# 27: Big Office
If you’ve dreamed of having the lofty, huge, corner office, it’s now possible. You can pick the biggest room in your home and turn it into your home office, if you want to. You can buy nice office furniture, set it up how you want to, and have a nicer office than your former boss did.
# 28: Develop Multiple Streams of Income
As you grow your home-based business, you can develop multiple streams of income. You will stumble across new ideas and opportunities. If you want to, you can create additional income streams, while you still focus on your primary business.
# 29: Personal & Professional Growth
One of my favorite things about working for myself is the personal growth I have experienced. I’ve tried new things, spent time with like minded people, faced my fears, gone new places, and lived outside of my comfort zone. The person I have become in the process is my greatest reward.
# 30: Job Security
In the traditional work force, job security is a thing of the past. When you own your own business you don’t have to worry about mergers, downsizing or sell offs. You don’t have to worry about whether or not you will have a job on Monday. You call the shots. The only person that can fire you is yourself (and your customers).
# 31: Create an Asset
To me, the whole purpose of having a business is to create an asset that you can one day sell, or continue to earn income with it, even if you stop working. You can’t sell a job, but you can sell a business. Work hard for five or ten years and then sell your business for a big pay day.
# 32: Make More Money
While many new entrepreneurs make less money in their first couple of years in their business than they did at their previous job, the sky is the limit. As an entrepreneur, you have no ceiling to your income. You can make as much, or as little, money as you want to. As your business matures and grows, you will make even more income, without working as hard as you did in the early years of your business.
Here’s what businesstips.ph has to say about making more money in home-based business.
You have the opportunity to grow your income based on your initiative, hard work and efforts.
# 33: Lower Overhead Costs
With most businesses, the monthly overhead costs is brutal. With a traditional business, especially one with employees, you could have tens of thousands of dollars in monthly overhead. That means you need to make that much money before you make a dollar of profit. With several of my home-based businesses my monthly overhead is less than $100 per month. This makes it very easy to be profitable, right from your first month in business.
Here’s what forbes.com has to say about lower overhead costs.
Working from a home-based office keeps your overhead costs low as you are not renting office space or phones or paying for office utilities. The zero commute also saves money on gas and wear and tear on your car. The reduction in fixed costs allows you to be more flexible in your pricing decisions than competitors who must cover those types of costs. You can choose to either give more favorable quotes or keep the same pricing as your competition and have a healthier bottom line.
# 34: Less Risk
Starting a traditional business is normally quite risky. Most traditional businesses require tens of thousands of dollars just to get started, and sometimes much more than that. With many home-based businesses, you can get started for less than $100. Plus, you can keep your day job while you start your business part-time, so there is little, if any financial risk.
Here’s what small-bizsense.com has to say about less risk in home-based business.
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.
# 35: Eliminate Debts
You can take on debt, or pay off debt, in any profession. I don’t deny that. One of the great things about starting a part-time home-based business is that you can use the money you make initially to become completely debt free, while you keep your day job. At that point, you have options and could potentially pursue your business full-time.
# 36: Create Jobs
Small businesses are the largest employer in the United States. Most new jobs come from small businesses. It’s a great feeling knowing that you are creating jobs in your local community. I don’t personally have any employees, but I have five to ten independent contractors who work for me. I know they appreciate the work, and it feels good to know I help provide an income for several other families.
# 37: Work with Your Family
While some people dread the idea of working with their family, I find it exciting. I love working with my wife every day. I couldn’t imagine doing anything else. Families in business together will work harder because of their family bonds. Those are my thoughts anyway. Of course, you don’t have to have your family members work with you, but it’s a nice option to have.
Here’s what smarta.com has to say about working with your family in home-based business.
Your partner, siblings, and/or parents can help with the running of your company if you operate your business from home. Not only will family members often work for free, but you’ll have the added benefit of spending more time with your loved ones.
There you have it folks. These are 37 reasons to start a home-based business. I hope you found the information helpful. I’d love to know what you think. Why did you start your own home-based business? Leave a comment below to share your story.