The 21st Century so far has been characterized by the development of near-universal Internet access. This has changed the way people shop, be entertained, and communicate with each other.
The widespread use of smartphones also has changed many industries, and it’s opened the doors for home based businesses to capitalize on the new realities of the digital marketplace.
Benefits of Running Your Own Home Based Business
Many people today are abandoning the traditional career path and embracing the home based business model. Thanks to the Internet, you no longer need a corporate office center in order to do most jobs. Even workers who are still employed by big companies can often spend most or some of their time working from home.
But as any business student knows, you can never truly become wealthy working for somebody else. The path to becoming rich requires you to be an owner, not a drone.
Home Based Freedom
Having your own home based business gives you not only the freedom to work when and where you want, but also the ability to plan, execute and manage your own successful business all from the comfort of your own home.
That means you don’t have to invest much in overheads. For most home businesses, an adequate laptop and an Internet connection is all that’s really required.
You also probably won’t need other employees. Much of the work of running a home based business can either be handled on your own or, if you do need additional help, you can hire freelancers to provide you only with the services you need and only when you need them.
And if you are working in a digital industry, you probably won’t need to inventory or store any actual products, either. So that means there’s no warehousing costs, no shrinkage, no tracking, or any other additional costs.
You probably won’t even need to do much traveling or commuting. And if you do, you probably will be able to write the costs off as a business expense on your taxes.
Speaking of Taxes …
There’s also a huge tax benefit to running your own home based business. Because you aren’t being paid by somebody else, you don’t have to worry about as many deductions coming out of your paycheck every week.
Instead, you can set up an IRA or other retirement vehicle. That way you can put pre-tax money towards your retirement. Even if the contributions you make to these accounts each month are small, these funds can quickly build – plus they earn interest, causing them to grow even faster.
That’s a huge benefit, in addition to the tax savings. Plus, when you reach retirement age, all of that money will be there waiting for you so you can enjoy your retirement in luxury.
Another way to save money on taxes when you own a home based business is to hire your child or a neighbor’s child to work for your business. The wages you pay them can be deducted from your taxes as a business expense.
You will need to create a job description and write them a company check each pay period, as well as fill out a W-2 form. Tax laws state that any child can earn up to $5,700 per year without having to pay any taxes on the money.
Plus, there’s the additional benefit of teaching your children about earning a paycheck and being responsible with their money.
What Type of Home Business Should You Run?
Thanks to the Internet, there is practically an unlimited number of home based businesses that you can run that can earn you a substantial income.
One of the most lucrative right now is making money with gold.
Why gold? Unlike every other commodity, gold has never gone down in value in the long run. It’s a safe and secure investment for your retirement that you can easily turn into a substantial monthly income.
Buying and trading gold are easy given the efficiencies of the Internet. It’s also a great hedge against inflation and a superior insurance against devalued paper money.
Creating your own gold account is simple. You can get started in just a few minutes. Plus, you can convert your cash into gold and back again any time you like.
Another benefit is that you can buy as much or as little gold as you want. Start with grams and work your way up to ounces and eventually larger denominations. And, best of all, rolling over gold is often tax-free.
The opportunities for the home-based business owner in gold trading limitless. To learn more about how you can trade gold to earn a substantial income while running your own successful company directly from your own home, visit Bridge Advisors.