There are many reasons why someone might want to start a home-based business. Some do it to get wealthy, though this is never guaranteed. Others do it for extra money, such as to supplement their day job. Creative people do it because they have great ideas that would otherwise never see the light of day, at their current job. Then there are those who do it because they feel they were meant to be entrepreneurs. These individuals would probably never be happy in an ordinary job and seem to be an entirely different breed.
Maybe you fit into one of these categories or maybe your reasons are more unique. In any case, running your own business offers a number of benefits that are even more significant when you can do it out of your home. If you search the Internet, you’ll find no shortage of articles warning people about the risks of entrepreneurship. While it certainly is risky, you’re the only person who can decide whether you’re up for the challenge or not.
With that said, here are several reasons why you should consider starting a home-based business:
1. Be Your Own Boss
When you run a business of your own, you’re the one in control of everything. This is what makes entrepreneurship so popular. However, this doesn’t mean that you won’t ever have to answer to anyone. You’ll always have to answer to your customers, suppliers and the government. But the rest is pretty much up to you. Even with regard to those customers and suppliers, as the business owner, you don’t necessarily have to do what they tell you. The point I’m making is that as an entrepreneur, you have OPTIONS.
For example, being your own boss provides you with the option to live a more flexible lifestyle. This can be great for people from different walks of life. If you’re a woman, this type of flexibility might help you raise a family more efficiently, while still maintaining a successful career. There are a growing number of women in today’s world running businesses out of their homes. According to one report, the number of businesses owned by women has increased by nearly 70 percent since 1997.
You also have flexibility over how you control your time. Your boss isn’t going to tell you what time to stop for the day and no one will punish you for taking a day off. You can start when you want and stop when you want. You can tweak your workday according to what works best for you, so as to accommodate other areas of your life that need attention. If you want to watch TV while you work, no one’s going to tell you that you can’t. No one will force you to work standing up or make you wear a uniform. Working for yourself means having the freedom to create rules YOU can live with.
2. Make More Money
In many cases, you can earn more money being your own boss. However, the amount of money you earn can depend on many factors. The only way to find out how much you can make is to start your own business and give it all you’ve got. The majority of successful small businesses are able to provide a healthy living for their owners, but not a vast fortune. What’s important to remember is that being your own boss is the only way to break out of the limitations of being an employee short of winning the lottery.
Have you ever asked your boss for more hours? While some employers will try to accommodate you, it’s not always going to be possible. They may not be able to afford to pay you more if their payroll costs are already too high. In this type of situation, you’d be limited to whatever your employer could afford to pay you. Being your own boss means that your expenses and the number of hours you work are entirely up to you. You can work as much as you want because you’re not at the mercy of someone else’s budget.
Keep in mind that if you’re an employee, just because your company may be thriving doesn’t mean that the boss is going to give you a big, fat raise. In most cases, you’re not going to share in the company’s profits. This means that while the business makes more money, you probably will not. Regardless of how much you help generate for the company, your pay will be limited to your salary and occasional bonuses.
On the other hand, if you’re self-employed and want to earn more money, all you have to do is sell more (or produce more). If you’re willing to work 80 to 100 hours a week, no one’s going to tell you to go home. In doing so, you’ll have the chance to explore new opportunities and experiment in ways that you wouldn’t be able to as an employee. You’ll probably develop sharper skill-sets, as a result of looking for more efficient ways to do business. This could mean making a lot more money than you ever did as an employee.
3. Do the Work That You Love
They say that if you love what you do, you’ll never work another day in your life. So you basically have two choices: you can either do something you already love or learn to love what you already do. The reason this is important should be obvious, if you think about all the people you know who hate their jobs and constantly complain about them. If you’re going to make a business out of something, it should be something you’re not going to get sick of. After all, you’ll probably be working far more than just 40 hours a week.
Entrepreneurship frees you up to spend your time doing work that matters to you. Your view of the world is unique and it may be that entrepreneurship is the only vehicle that allows you to pursue this and make your vision happen. Self-employment allows you to march to the beat of your own drummer and pursue the interests you feel most passionate about.
You’ll never suffer a dull moment as an entrepreneur. Note that the excitement is not so much in the mundane activities you’ll be involved in, but rather in the mindset itself. Entrepreneurship requires a certain way of thinking and viewing the world that makes boredom all but nonexistent. For example, entrepreneurs frequently choose to do things differently. It would not be unusual for an entrepreneurial-minded person to learn to write with their non-dominant hand. The reason they might do this is as an exercise in willpower, as well as to improve their creativity and decision-making abilities.
4. Challenge Yourself
When you run your own business, you’ll experience many highs and lows. You’ll face challenges that might be too much for the average employee, but your sense of adventure will compel you to keep moving forward. Consequently, you’ll experience great victories when those challenges are overcome. You might lose a valuable customer one day for reasons that may or may not be your fault. These things happen in business. But the next day, you might find yourself on the front page of your local paper. So if it’s excitement you’re looking for, you might want to start your own business.
Entrepreneurship offers a sense of pride and fulfillment that’s unequaled in most ordinary jobs (with some exceptions, of course). This is because you’re conquering challenges most employees rarely get the opportunity to face. As an entrepreneur, your job is to make things happen, one way or another. You’re the one who comes up with the company’s vision, creates the plan and takes all the major steps required to make the business succeed. If other talent is needed in your company, you’re the one who gets to decide who they are and what roles they will play. Pulling this off effectively can give you a feeling of immense pride and joy, as you watch it happen.
Imagine seeing your new products in a store that you used to shop at all the time. Imagine how it feels to see your website online and watch customers interact with you and order your products. Imagine having them email you with problems that only you can help them with and having the ability to actually do so. If you don’t have kids, you’ll find that your business is, in many ways, just like a baby. You’ll get to nurture it, watch it grow and experience a sense of fulfillment when it matures.
You’ll soon realize that if you can conquer the challenges of entrepreneurship, you can do pretty much anything. Every day is a challenge with new tasks and problems that need to be solved. But unlike an employee, YOU get to set your own pace and YOU have the freedom to speed up or slow down, whenever you choose to.
5. Gain Knowledge
Another advantage of starting a home-based business is that you’ll have the opportunity to learn many things and wear many hats. One minute you’ll be a strategic planner or a marketer, then you’ll find yourself in the role of a customer service rep, sales rep, or even your own bookkeeper. Many of these roles involve skills you will not have had before starting the business and that you’ll have to learn as you go. Someday, you’ll be able to pay someone else to do them for you. But for the time being, you might have to start out as a one-man (or woman) operation.
Running your own business, you’ll have the choice to either grow and develop or fail. No entrepreneur can expect to succeed without growing and learning, in order to develop into the type of person who can run their own show successfully. If you’ve ever been interested in personal development, entrepreneurship is the best way to go. If there’s something you either don’t know how to do or are unable to do for some reason, you’ll have to outsource it to someone who can.
Successful entrepreneurs don’t allow roadblocks to get in their way. They always find a way to get over, under, around, or even go through them. This will involve a great deal of change and tremendous growth to your character. Learning is what actually enriches your life, allowing you to discover new things about the world, about business, people – and even about your own mind, abilities, and perceived limitations. The more you learn, the more you’ll be able to enjoy this for what it has to offer.
6. Make Your Mark
If it seems naive to think that you could change the world, think again. While there’s no guarantee that you will, it is the entrepreneurs who produce the biggest changes in the world we live in. They create new products and explore new ideas that offer solutions to past problems, while simultaneously shaping the future of humanity. People such as Bill Gates, Mark Zuckerberg and Elon Musk have created technologies and innovations that would have been inconceivable mere decades ago. They all started out the same way, making the same types of sacrifices, often in their basements and garages, eating cheap food and sleeping on the floor. So if you do feel that type of “calling,” understand that you’ll probably never see it happen as someone else’s employee.
Yes, the world is an ambitious target, but anything you do can make a mark upon the world. The difference with being an entrepreneur is that you have a chance to reach out to millions, or even billions, of people with your products. Even one change you make that creates an impact on the world around you can make the world a better place for some person or group that needs what you have to offer. While it is possible to contribute to these changes in an ordinary job, you won’t be the one making the big decisions that have the greatest impact. When the product or service is actually yours, it becomes your brand and part of a legacy that could continue long after you’re gone.
7. Help Others
Starting any type of business gives you a chance to help others in ways you would not be able to as an employee. Since you’re able to make all the decisions, you can help your customers directly, in ways that employees are not usually able to. You can create jobs for people that need them in communities that need economic development. You can become a leader of your community and change the way it looks, over a period of years.
You can also share what you have learned with others, as an entrepreneur. This is another way of giving back to your community, in the form of mentorship. There are many others who would like to do what you’re doing and start businesses of their own. The best teachers they could possibly have are other entrepreneurs who already taken the steps that lay before them and can warn them of the pitfalls ahead. Running a business of your own gives you something to write a book about that others can benefit from, as well. You might get interviewed for a television show or podcast, where you can discuss your experiences in ways that could inspire others.
If you’re successful enough, philanthropy can become a way of life. Ultra-successful entrepreneurs donate tens or hundreds of millions of dollars to causes they feel are worthwhile for the benefit of humanity. If you love animals, you’ll be in a better position to help save them. If you’d like to see better education, you can help create programs to better educate our youth and set them on the right path. There’s much pleasure in giving and there’s no telling how much you’ll be able to give if you’re able to create a successful business as a starting point.
As an entrepreneur, you are always learning and growing. You’ll find that unlike having a regular job, there’s never a dull moment when you run your own business. While the extent of your success will depend on many factors, there’s no way to find out how successful you might be until you give it a shot.
Fortunately, we now live in a world where a successful business doesn’t have to be run out of a brick-and-mortar storefront that costs a ton of money to maintain. Some of the most impactful businesses today can be run from the privacy of your home and started with the simplest of materials. Although the life of an entrepreneur isn’t an easy one, it is very rewarding and in most cases, you’ll find that the benefits far outweigh the risks.