Why are more Americans starting their own home based businesses? The numbers have been out the roof with the number of people who own and operate their own business from home. What a great time to start one for yourself! With the high unemployment rates and threats of layoffs people are starting to realize that the days of job stability are over. Some people think that home based businesses are rinky dink companies selling cheap products that no one buys. That couldn’t be farther from the truth. Majority of home based business opportunities are with reputable companies with superior products,services, and they allow you to make a great income selling their products or services from home. Some of the top home based business company’s make over $1 Billion dollars in sales every year. Even Bill Clinton fully endorsed the industry because of the opportunity it gives to Americans to live the American dream through financial freedom, and business ownership.
Types Of Home Based Businesses
Product Based Companies
Product based home businesses sell products to consumers directly through a independent distributor which would be you. There are thousands of companies that sell anything from nutritional products, makeup, juices, to Tupperware. The sky is the limit with the amount of different companies that sell different products that you can choose from.
Service Based Companies
Service based home based business opportunities sell a service versus a consumable product. These companies include insurance,electricity and natural gas,internet,mobile phone,legal, and many other services.
Unlike product based opportunities you are offering a service to people instead of selling a product. These services offer substantial savings to consumers and gives you an opportunity to earn a great income just for referring their particular service.
Affiliate programs are similar to ones I listed above but the only difference is how you get paid. With an affiliate program you get paid a % on the sales that you make when you sell their product or service. These do not offer any type of residual income that the other companies pay. Residual income is when you get paid over and over again for selling a product or service once. Affiliate programs pay you one time for every product or service you sell.
Benefits Of Owning A Home Based Business
Low Start Up Costs
Starting a home business is the cheapest and easiest way to start your own business. Most traditional brick front businesses cost hundreds of thousands of dollars to get started and takes years to get into profit. The great thing about a home business is that it’s really affordable from $100 and up to get started and your up in running in minutes not months.
Your The Boss
When you start your own home based business you are the boss. You work when you want and how often you want, but if you treat it like a hobby it will pay like one. So treat your business like a multi million dollar corporation because it can pay you like one.
The sky is the limit with the income potential that a home business can generate. There are people making millions of dollars in the industry. Instead of earning a hourly income you are earning a weekly or monthly residual income and once it’s up and running you are getting paid regardless if you work or not. That’s the freedom that a home based business can allow for you.
When you start any type of business including a home business you get tax breaks that regular employees do not. Here are a few examples of tax breaks:
- Mileage- Write off mileage when any kind of business trip is made.
- Utilities-Cell phone, internet
- Travel- Let’s say you go on vacation. You can write off the expenses as a business expense if you do it right. Why not have a business meeting in Hawaii?
- Meals- Write off your meals when you are doing business and this includes on vacation.
Check out a book called Lower you taxes big time! By Sandy Botken. He use to work for the IRS and gives you loop holes you can use for your home based business to take advantage of the tax breaks.
Overall I hope you get an idea of why it’s a great idea to start your own home based business. Imagine earning thousands of dollars every month and getting to spend more time with your family and doing the things you love. The supplemental income can have a great impact on your bank account and you will have more money to spend or save or do whatever you want to! So I hope you make a decision to start your own business and cash in on the American dream!