What is a home based business
My name is Wes Gaddis. I help entrepreneurs and network marketers take the unknown out of building a powerful online brand through some simple marketing strategies so that you are able to have more time and financial freedom in your life. Like I said, we’re going to talk about what is a home based business. So a home based business is just really you having the ability to work from home, or maybe you want to work from a beach in Fiji, or you want to work from the mountains in Colorado. It really allows you to work from wherever you want, as long as you have an internet connection and a computer or a phone you’re able to run your business. So again, a home based business is just having that flexibility to work from home or anywhere else that you might want to work from.
Advantages of A Home Based Business
There are so many advantages to a home based business. Personal freedom, so really having the ability to work when you want to work, work how you want to work and like we talked about where you want to work from. So it gives you more freedom, gives you freedom to do things the way that you want to do them to make the choices that you want to make. So there’s definitely a very different feeling when you have your own business. It gives you the ability to really have that total freedom. There’s no money cap. You can make as much, or you can make as little as you want. If you treat your business like a hobby, that’s how it’s going to pay you. But if you’re willing to work really hard, then you have unlimited ability. In the corporate, you hit certain caps unless somebody moves out of a position, you’re not going any farther.
When you have a home based business, it really does allow you to make as much as you want. Some people start a home based business just to have a side hustle, to have another stream of income. Others are looking to make big dollars, whether it’s six figures, seven figures, it really gives you the ability to have whatever you want, as long as you’re willing to work for it. Increased opportunity.
This is an area for me that I’m always surprised when I talk to business owners or even corporate people is that you aren’t thinking outside the box of other things that you can do, especially when you have a business. You have one stream of income that comes from that business. Well maybe if you sold it here, or if you added this, or if you did this differently, it could create a whole another revenue stream, or maybe you can partner with somebody and create a joint product. So there’s just a lot of different opportunities when you have a home based business. Tax benefits. That has been huge.
So, when you have lunches, when you have dinners, whenever you talk about your business, you really open yourself up for some tax benefits. I would totally recommend you talk to your accountant, but Sandy Botkin wrote a book and just talked about all of the benefits of having a home based business. Really good book if you want to learn more about it. Again, that was Sandy Botkin. Let’s see what else. More time. Having a home based business allows you to really put the business in through your life.
Choose Your Own Work Schedule
So instead of you trying to fit your life into your job or into your current business, with the home based business, you can kind of do the flip. So it really gives you the ability to take as many hours as you need. Some people work better in the morning. So maybe you take from 6:00 to 10:00 and you get more done in that time than if you worked eight hours. I know I’ve seen that in the corporate world, people say they’re there 12 hours, but they spend eight of those just talking instead of actually doing work. So it really allows you to have more time in your life. Less stressed, when you have your own business and it’s your own thing, you really get to control what that looks like. You get to make the calls, you get to make the decisions.
There are Risks Involved
Now for some people, this could drive them right off.. Because there is a risk factor with it. So, you got to see, “Am I the type of person that can handle that level of stress?” I know for me at the beginning, it was definitely a little challenge. But as you have faith and you walk in that faith and you can start your business and maybe you go one way and then you have to course correct. So the cool thing is though you have that control to make those decisions. There are all kinds of different home based businesses. If you go search online, I’m sure you’ve seen hundreds of them. I’m going to talk about a few of them. Again, you can go do more searches to see, but some of the bigger ones, network marketing, that’s a huge, a lot of people get involved with network marketing as their home based business.
Advantages of A Home Based Business
There’s a lot I won’t even go into it, but there’s a lot of advantages. I personally build a network marketing company, and I love it. There’s also affiliate marketing. So somebody has a product, usually it’s kind of a service or information product that they’re selling. You can be an affiliate for them. Heck you can be an affiliate for Amazon. Say you liked a particular item, I know back in the day my friend and I, we did with treadmills. So you can create yourself a page for a treadmill and you can talk about why you like it and all of the benefits. And if you sell that treadmill, Amazon will pay you a certain percentage of that. You could even create complete experiences. I just saw one for an earthquake page. I live here in California, so earthquake’s important to know what to do, but it was all created through Amazon.
So everything that you would sell on that page, you would earn money. So, that’s affiliate marketing. Information services. If you have a skill or a passion or an interest, I always told my son, he played hockey his whole life, he knew everything, he knew every exercise, every drill. I coached hockey. I had to learn all that, I learned it from him. I always said, “Why don’t you create a course for coaches out there who maybe don’t know all the drills and all of that.” So, anything that you maybe have a passion or a love for, you can turn that into a business.
Even Local Businesses Can Create A Home Based Business
If you’re an accountant, you could create a home based business being an accountant. You don’t have to go work in corporate. You could actually start your own. So there are lots of different things that you can do that are home based businesses. It’s just really up to you. It’s how much you want to put into it. Home based business, I highly recommend to anybody, whether it is your mainstream income or it is just a second set of income for you. Everybody should have more than one stream. So a home based business is a great way to do it.