Home Business Wins

There are lots of great reasons to start a home business. You have a flexible schedule so you can build your business around your family, you don’t have to spend time commuting, you can work in the comfort of your own home, and you can earn extra income. It is also a great way to SAVE money.

There are several ways a home business can help you save money.

• Travel – When you commute to work, you have to pay for fuel, tolls, parking and vehicle maintenance. When you work at home, the only wear and tear is on your socks and carpet walking to your office.

• Clothes – When you work outside the home you have added expenses for clothing, accessories and dry cleaning. When you work at home, you can get away with fuzzy slippers and pajamas.

• Food – If you work at home, your snacks, beverages and lunches are already included in your grocery budget. When you work outside the home, you have to add on the price of restaurants, drinks and snacks. You’ll probably have less time to cook as well, so you’ll likely have more take-out and restaurant expenses.

• Daycare – Child care is a huge consideration. Many women find that a huge chunk of their pay check goes toward daycare costs, especially if they have more than one child. Even if your children are of school age, after care and/or before care at schools can be very expensive.

• Hired help - When you work outside the home, you have less time to take care of things like house cleaning, home repairs and lawn maintenance, in which case you will likely have to pay someone to do these things for you.

• Miscellaneous expenses - There are lots of miscellaneous expenses that come up when you work outside the home. Things like buying gifts for colleagues at Christmas time, and contributing to the office pool for gifts or donations can be really add up.

• Taxes - There are MANY tax benefits and deductions you get when you have a home business. For instance, you can deduct a portion of your rent or mortgage, home insurance, utilities, home repairs, phone bills, and internet service. You can also deduct things like office supplies, travel expenses, mileage and client entertainment. Ronald R. Mueller, author of the bestseller “It's How Much You KEEP, That Counts! Not how much you Make”, explains that if you run a Home-Based Business you can slash your taxes by $300 to $600 per month.

Let me be clear. This is not to say that it is better to be a stay at home mom versus a working mom. That is not what this is about. It’s also not to say that it is easy to be successful with a home business, because that is certainly not the case. Nor is working from home for everyone. But before you make any decisions, determine how much bottom-line cash a job will bring once you add up all the costs.

Use this online calculator to help you determine the costs of working outside the home. And if you’re considering working from home, then do your research to explore the types of opportunities available and whether or not it might be a good fit for you. The most important thing is to find a solution that works best for you and your family.

For advice and tips on having a successful home business, get a free copy of Home Business Wins