And there are plenty of other good reasons to do it: let your hard work and creativity fatten your own bank account, not someone else's. Spend your time doing work that you love to do. Make your own hours, work at your own pace. And oh! The tax deductions! If your home business meets various government tax criteria, you can find yourself in a position to deduct travel costs, portions of your car expenses, gifts for customers, even some of your home operating costs if you maintain a home office. And more.
In reality, there are plenty of good reasons not to do it, too: most small businesses don't start out showing big profits, or even any profits for that matter. You may spend some of your time doing the work you love to do, but you will also end up spending at least some of your time muddling through the more mundane but necessary aspects of business management. And instead of setting your own hours, you may find yourself working at the whim of not just one boss, but several bosses – your customers.
Not everyone is suited to running their own business. Generally, successful entrepreneurs have some common, and notable characteristics:
- confident
- self-motivated
- persuasive
- energetic
- organized
- realistic, but not pessimistic
- decisive
- reliable
- law-abiding
The U.S. Small Business Administration First Steps has a little quiz for you if you're thinking about taking the entrepreneurial leap. It may help you focus on what you hope to achieve with your new venture, as well as give you some insight into what types of businesses you may want to investigate.
Lots of home businesses can be started with less than $500, and many can be started for even less than $100. You can create your own home business, or you can buy a local distributorship for an already-established company. But even if your financial investment and start-up costs are minimal, it's still a good idea to do your homework before you lay out any cash.
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