Home based business income incorporates several important and not necessarily mutually inclusive concepts.
Income is something everyone needs and understands.
We often define ourselves by how we earn our income.
"What do you do?" often follows a meeting or an introduction.
Many people see their self-worth in full or in part based on the way they earn income.
This can be unfortunate because what a person earns in no way equates to their worth as a person.
The "business" in home based business income means that we derive by selling goods or services rather than the traditional of a job where we trade time for money.
A business can be providing a service like housecleaning, lawn care, home repair or maintenance.
Service business such as catering and event planning, document preparation, formerly called typing, bookkeeping and other services often provided by one or two people, lend themselves well to the home based model.
A long-time traditional model of generating home based business income is providing in home child care.
With the aging baby boomers a new emerging business is adult foster care.
There is an almost endless list of businesses that can be run out of your home.
While there may be restrictions such as zoning to consider, many businesses, especially those that do not generate a lot of traffic, fall within acceptable parameters.
One of the best aspects of using a model of generating home based business income is the informality that can exist between your business and personal life.
Unless your business involves providing services where your clients live or work, your commute usually involves walking a few steps.
Assuming you don't have people coming to see you, you have a wider choice of what to wear to "work.
" Another advantage of generating home based business income is the low overhead.
Especially when starting out, that difference can be significant in how quickly your business can begin generating enough income to provide the things you want and need.
It is also a great advantage to be able to deduct those legitimate business expenses that are part of operating your business.
It is even better when some of those deductions involve expenses associated with your home.
Deriving all or part of your livelihood from home based business income can either be a dream come true or a nightmare.
The difference lies in the thought that goes into setting it up.
A thorough knowledge of your work and personal life.