Good afternoon and welcome again. I have 6 More Benefits of More Cash Flow. Recently, I was working on my personal business outlook and found some sites to expand and re-enforce my belief in everyone owning a home based business. Times are changing and will continue to change. More intelligent people than I am have explained how business is changing. People like Jim Rohn, Robert Kiyosaki, Warren Buffet and Eric Worre have said for years, a major way to get financial freedom is to have a home based business. Beyond the money, there are more benefits to owning a home based business.
- Flexibility – My father letters signs and vehicles on the side. He’s done this for years and has a big following and a reputation for getting the sign or vehicle done for his clients. He was able to have a home based business while he worked his 40 hour a week job and used his painting business to make ends meet and save up for the vacations our family would take growing up. The flexibility allowed him to do both his primary and secondary jobs. He made his own hours for the signs and his clients. You can do this also.
- Keep the Money – It’s your business and you keep the money you make. It’s not going to your boss or the corporation you work for. I had a friend tell me once; “Yeah, you make the money, but you still have to pay taxes on it”. True, but there will be tax deductions and plus, it’s still YOUR money. You earn it and you keep it and spend it for you and your family.
- No Area Restrictions – I have a friend who is a nurse. Like most of you, she has to work in the same place all day, however, her home based business allows her to go out and meet people from all walks of life and work with them anywhere. She’s not trapped by location in her home based business. Most of my co-workers and I have a set schedule to go by and a cubicle to work in, but our home based business lets me go out and work with others outside my office. And remember what my friend Mike Sims says, “Home based doesn’t mean home bound. You have to leave to make it work.”
- Scalability – The ability to grow and not be held down. Or you can shrink when you need to. You aren’t held to a set size. If you have office space or a store front, you are locked into a long term lease. You can’t cut back on rent or utilities. With a home based business, you can change easily and adjust to the circumstances. If you get sick and can’t make it to the office, that is wasted rent and upkeep. With a home based business, you can adjust quickly and make it work.
- No One to Answer to – This is a double edged sword. No one to tell you what to do. No one to set your schedule and no one looking over your shoulder or breathing down you neck. All great things. You have freedom and You are the BOSS. But you also need discipline. You only have yourself to answer to and for some, this could be a deal breaker, but I have faith in you. Be your own boss. Be what it takes to grow your future.
- Tax Benefits – I love this one. I really do. I’ve written entire articles on this one topic. (Really, it’s right here) Did you drive for your business? Mileage deduction. The mileage counts for 55.5 cents a mile according to the IRS.com. Did you use a room for office space? That percentage of your mortgage is your business expense. Did you travel to work with someone? Mileage, food and motel costs are deductible. Did you buy business cards, fliers, training material or anything else exclusively for your business? Deductions. As always, save all questions for your personal accountant. I talk to mine every month.
Here are some other sites that may help: SciTechDaily, AllBusiness, Investopedia, kevindonaldsononline, and Lara Sodon.
“Work hard at your job and you can make a living. Work hard on yourself and you can make a fortune.”
― Jim Rohn
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