10 Top Reasons Smart Moms (and Dads) are working from Home in Home-Based Businesses
I watched The Accountant last night. There’s a scene in which Ben Affleck, a high functioning autistic mathematical genius who works as an accountant for dangerous criminals, but, is using the cover of being a small town CPA, counsels a couple about their finances. The husband in the scene is a farmer and the wife mentions she makes jewelry as a hobby. Affleck begins asking them questions about having a home office to save them money on their taxes. They leave his office elated. I’ve had home based businesses my whole life, but these days, more and more smart moms and dads are working from home in home-based businesses.
You don’t have to be a stay-at-home parent to reap the benefits of having a home-based business. The truth is everyone should consider a ‘Plan B’ business, according to experts like Robert Kiyoski, American businessman, entrepreneur and author of “Rich Dad Poor Dad” and other books about personal finance and being an entrepreneur.
There are several reasons smart moms and dads are working from home these days even if the business hasn’t grown in to a full-time income.
10 Top Reasons Smart Moms and Dads are working from Home
1. Flexibility – When you’re trading hours for dollars, the sad truth is that for at least eight hours a day your employer owns you. If you have children you may have to juggle who takes them to school, who picks them up, et cetera, but if they are younger than school age working from home means you can spend time with your kids that wouldn’t be possible in a traditional job. Your kids are only young for a short time, so you might as well enjoy.
2. Tax benefits – Having a home based business is like giving yourself a raise. Not only can you deduct part of your mortgage and utilities as a business expense, your phone, car, and anything you need to run your business is a potential deduction.
3. Scaling your business – A few years ago a friend of mine and his best friend started a business in his garage. They were hunters and designed a duck decoy system that didn’t get tangled when you toss them in a bag. They found a plastic injection molding company so they could make some of their parts and were in business. They spent a lot of money on patents which didn’t prevent another company from stealing their idea but, they did move fast enough to get into one of the biggest sporting catalogs in the United States. Eventually they sold their business for a lot more than they had invested. If they had decided not to sell they would have had to decide whether or not to stay in the garage or up-size and hire employees.
4. Less time commuting – The average commute is about 25-30 minutes. Times two that’s an hour out of your day that you could spend being productive. Not only that, working from homes saves money on gas, wear and tear on your car and reduces the change of having an accident since you’re not driving in rush hour traffic.
5. Reduced overhead costs – While many traditional businesses require a brick and mortar front, businesses that are service based or those that don’t require storage of products can usually be run from home. If you’re savvy, you can employ family to help.
6. Less expense overall – Home based businesses cost less overall because you’re not required to adhere to a certain dress code, leasing office space or paying additional expenses. Working from home allows you to test the business and the market and lowers the risk of start-up costs.
7. Less stress – Working from home, possibly in the comfort of your pajamas or favorite sweats is definitely less stressful than going to an office and surprisingly, and studies show that people who are less stressed are more productive. One Harvard study showed people working from home were about 13% more productive. Those who telecommute or work from home report being about 25% less stress.
8. Happiness factor – According to statistics most people making under 75K are year are dissatisfied with their job. Working from home gives people a sense of control over their own destiny which usually equates to being happier.
9. Health – People who work from home are usually healthier. Why? It may have to do as much with being happy, which improves the immune and cardiovascular systems as not being exposed to whatever latest illness is running through the office.
10. The sky’s the limit – Did you know that 82% of women who make over 100K a year do it through home based direct sales businesses. They are not limited by salary ceilings. 20% of millionaires have made their money via network marketing or direct sales. Home-based businesses report an 85% success rate, compared to a 5% success rate for traditional small businesses like retail stores and restaurants.
Of the over 300 million people in the U.S., about 15.8 million people work from home full-time amd another 38 million (12% of the population) work from home part-time. What most people don’t realize is they may have a talent or hobby that can grow into a thriving business. These days , people are turning their passions into possibilities and smart moms and dads are working from home in greater numbers than ever before. My advice, shoot for the moon, because if you’re not working for yourself you’re probably working for someone who doesn’t appreciate what you have to offer.