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Have you ever thought about starting a home-based business?
It can be both a personally and financially rewarding endeavor to embark on as a retirement project or as a revenue-generating stream. It can also help you monetize a skill or hobby you enjoy — all from the comfort of your home!
Some pre-planning is necessary to ensure you get off on the right foot, but most home-based businesses require little paperwork or capital to get up and running. As you get started, The SeniorsVoice can be a great resource for everything from generating business ideas to accessing self-help tips and techniques, so make sure to visit the blog to stay current.
Benefits of Working From Home
Working from a personal residence offers numerous perks. You’re not paying to rent outside space. If you need to hire employees, you may be able to use remote workers. In many cases, you’ll probably have limited travel requirements — a plus for anyone with mobility issues. You can also set your own hours. As a bonus, when you have a dedicated office or workspace in your home, the U.S. Internal Revenue Services says you can offset earnings by deducting home office use expenditures on your income tax returns. A home-based business ultimately provides you with freedom: the freedom to work when you want, earn what you need, and live your life on your terms.
Basic Start-Up Needs
If you do indeed decide to become a COVID-preneur, as have many people who launched home-based ventures during the pandemic, you’ll need to take care of a few basic start-up needs. Chief among them is creating a limited liability company or LLC. This will help protect you from some kinds of liability, help you when it comes time to file your taxes, and reduce a lot of paperwork needs on your end. While this is something you can do on your own or pay a pricey lawyer to do for you, a formation company can help ease the process as they know how to navigate state regulations.
Do What You Love
There are a lot of directions you can pursue when you launch a home-based business. Perhaps you’d like to expand on a past career or professional field — for example, if you’re a retired accountant, managing books, handling business-to-business accounting needs, or tax prep might be right up your alley. Maybe you’ve always liked cooking or baking — decide to start a catering business. Perhaps you’re a motor-head and love fixing old cars! There are also myriad opportunities to work from home as a consultant, or as an independent customer service representative, blogger, or IT pro. The important thing is to consider your time availability, your personal and professional interests, and your earning needs, and make an informed decision from there.
Create a Work-Life Balance
As most home-based business owners discover, it can be tricky to find the perfect work-life balance when both your work and your life happen in the same location. According to the U.S. Small Business Administration, a healthy and sanity-saving approach is to set firm work hours, keep workspace separate from “home,”, and “turn off” your work brain when you aren’t actively engaged in your venture.
This is Important!
It can be easy to find yourself working all the time, so also prioritize yourself in terms of making time for personal pursuits, relaxation, healthy eating, and physical activity. You might also find it helpful to outsource some business functions to ensure you can focus on building and strengthening your operations.
Launching a home-based business later in life can be an exciting adventure! Utilize resources like local small business development centers, chambers of commerce, and other networking venues to help you make connections and build your customer base.