Great post. My husband has been selling used books on-line for 10 years…It’s not enough to fully support our family of 6, but it does afford us a lot of flexibility. We both work other odds and ends spot jobs and it ends up working out. We have also had the flexibility to be volunteer managers at a church camp in the summer. (Right now the camp can not afford a manager) I’m pioneering a women’s conference and event ministry. I’ve always been very greatful for the freedom we have. My husband helps at the kids schools, apointments are easy to make, and the stress is less. It’s been a sacrifice in some ways but worth the gains in time and flexibility for sure.
Taxes become significantly more complicated with a home-based business. Self-employed persons are allowed to deduct business-related expenses—such as wages paid to others, the cost of professional services, shipping and postage charges, advertising costs, the cost of office supplies and equipment, professional dues and publications, insurance premiums, automobile expenses, and some entertainment and travel costs—from their income taxes, but are also required to pay self-employment taxes. People who work from their homes may be eligible for another tax deduction known as a home office deduction. The home office deduction allows individuals who meet certain criteria to deduct a portion of mortgage interest or rent, depreciation of the space used as an office, utility bills, home insurance costs, and cleaning, repairs, and security costs from their federal income taxes. Although the Internal Revenue Service (IRS) has set strict regulations about who qualifies for the deduction, about 1.6 million people claim the deduction each year. According to Gloria Gibbs Marullo in an article for Nation's Business, the savings can be considerable: a sole proprietor living in a $150,000 home stands to save about $2,500 in actual taxes annually.
Running a business consulting company is a great option for those who’ve been involved in the process of building a business before. Whether you’ve gained your experience through working with a number of different startups or learned the secrets of business management in a more corporate environment, helping other entrepreneurs achieve great results can include everything from business planning and forecasting to liaising with banks and institutions.
Giving speeches is a terrifying experience. Giving bad speeches… Well, no one wants to be in that situation. Wordsmiths have a hugely sellable skill to win people over using nothing else but the power of well-strung sentences. If you can write, cash in on this skill by crafting speeches that make birthdays, weddings, award ceremonies, or political debates a more memorable experience.
You are not going to be able to start a manufacturing business in a residential neighbourhood, for example, and any business that involves a lot of clients coming and going is sure to upset the neighbours. See What You Need to Know Before You Start a Home Based Business for more about the factors you need to consider before starting a business in your home.
Everyone (even kids and retirees) need to have some level of technical know-how to stay competitive and appreciate the marvels of the digital age. Just observe how learning sites like Codecademy, Treehouse, and Udacity continue to grow and you’ll understand the urgency of getting computer training for our generation (thus making it a great business idea to train others if you already have the skills). If you’re a techie, you can cash in on this need by offering lessons and tutorials within your neighborhood or across cyberspace through portals like YouTube or Udemy as a side business idea. You can even set up your own tutorial site with an interface for online payments.
The key to success in this business is being very disciplined in buying. Limit your car buying to popular models that you can turn over quickly, models that you have a strong understanding of current local pricing on, cars that you can buy at a significant discount to the price you believe you can fairly sell them for, and cars that are highly unlikely to need major work.