So you’re thinking about starting up a home based business. Turns out you’re not alone. Over 100,000 home based businesses are starting up every week, and in light of the current economic situation, its not far fetched to believe that more people will be looking for additional ways to earn income. I can’t blame them…who wants to wait for the boss to pull the rug out from under you and find yourself in your own occupy movement – namely your sheets. Don’t be caught in bed another day, and start looking for your escape now.

Home Based Business – Why Now?

The idea of a home based business is now more important than ever. With unemployment being stubbornly high, and many jobs not coming back in the foreseeable future, you have to find a way to get employed. Often, the best way to do this is employ yourself.

Think about it…what do you have to do now to get a job with an employer?

1) You need to find an employer who’s hiring (which is the first big block).?2) You need to submit a resume to prove you are worth considering (in very tight competition).?3) IF you are chosen for an interview, you need to prove verbally you are still the best prospect (and you may have to do this a couple times).?4) IF (and thats a big one) you do get hired, you now get told where and when you need to work, what you will get paid, and the requirements from you.

Oh, and that doesn’t guarantee that you will not be let go, fired, or be otherwise replaced.

Now some people are seemingly okay with this (insert baffled look here), but if you are not…read on.

Benefits of a Home Based Business

There are many benefits to operating your own home based business, and 100,000 people a week starting one up is a nice illustration of that movement. After all, all you need to do is find a product or service to sell, that people will continue to purchase in any environment, to the tune of the income you wish to earn.

Once you do decide what you want to provide to prospective customers, you can start to enjoy the following benefits.

Low Start Up

With a home based business, you don’t typically require the capital that a traditional bricks and mortar business can impose. For many, you can start up for 3 figures and have the same earning potential as a 5 or 6k investment. Thats leverage at work and is used well in the network marketing model.

Tax Advantages

Although the laws vary from country to country, typically in a home based business you are allowed to claim or deduct expenses like your mortgage, property taxes, insurance, utilities, improvements to your home (for business reasons), and even vehicle expenses.

Flexible Schedule

When you run a home based business, you’re the boss. You make your own hours, you decide when you can go for lunch or a coffee break, and you leave the house when you feel it is necessary.

This is a great option for new mom’s or dad’s who don’t want to spend on child care, or simply want to take care of their own kids while earning income for the family.

Profits Are Better Than Wages

Instead of being paid for your time, how about being paid for your effort? People rarely get ahead through a job, and if they do, they sacrifice their personal freedom for it (if you’re addicted to working, this may not seem to be a sacrifice for you).

The bottom line is that in your own business, you get to keep the profits of your hard work, NOT the head of the company.

If you want to join the occupy movement, how about occupying your house with a business, so you can occupy your wallet.

Work on your Passion

Chances are, at work you are doing it for the end result – money. Chances are, you really dislike your job or are concerned it may go away.

People that start their own home based business do it out of passion for something. Whatever it is that you are passionate about, you can probably monetize in some way. If you don’t have a “ready made” idea, but know you can get behind something, try plugging into an existing set up business, like network marketing.

What you do need to realize is your boss doesn’t really care about your passion – he cares about your work ethic and getting the job done in the best interests of the company, NOT your own.

If you have a passion that can translate into business, go with it!

Drawbacks of a Home Based Business

No, its not all sunshine and lollipops in a home based business. Theres ideas and work required, and a new paradigm to operate from that you may not be used to quite yet.

First of all, you will require some type of capital to get your business started. This is not required for a J-O-B, and for good reason. However, that capital can quickly be earned back with the right product or service, and marketing plan.

Secondly, you are the owner of your schedule and work ethic. No one is breathing down your neck, telling you what to do, and how to do it (did I say this was a drawback?). This may be difficult for some people used to taking orders and not giving them, and being the master of your own schedule might be a new learning curve at first.

Lastly, you need to find some space that you can operate in relative quiet for a few hours a day and store your product inventory (if required). Trying to get things done with the kids and a dog constantly in your ear is as easy as trying to get them to stop pestering each other. Do yourself a favour, and remove yourself from them.

Decision Time!

It’s not easy to make a decision to go into business for yourself, but for many of you its the right one.

Besides the perks, its becoming more important to protect your finances and create that safety net in the event you find your desk packed up in a box on your desk.

And who knows…maybe you will turn your motivation into serious enough profits that it can replace your job altogether, so if the boss tells you to take a hike, you can tell him to…fly a kite.

Which may be what you are doing more often with your new found freedom.

Enjoy.

To learn more about starting a home based business, visit http://thesilverlining.ca/.