Top 10 reasons to build a home based business on top of your day job

I want to go over the top 10 reasons I found on why you should own your own home based business on top of your day job. There are a lot of people who have jobs, not as much as we would like in our current economic state, yet this makes it even more important to have more than one income stream to support you and your family.

Something important to note is that most rich people have more than one income stream. When I say more than one income stream, I mean more like 5 to 10 income streams. They may have a job, a couple businesses on the side, investments in the market, investments in real estate, and income from royalties elsewhere all bringing in residual income whether they work or not.

So let’s begin, here are the top 10 reasons why you too should own your own home based business on top of your current job.

1. Of course the obvious first reason is that owning your own home based business creates another income stream on top of what you are already making with your job. This is only true if you can get your business in profit.
2. Owning a home based business is one of the cheapest ways to be a business owner. The other two ways require a large initial investment to get the ball rolling. For example; to start and buy into a Franchise, depending on which Franchise you decide to get involved in, will cost multiple thousands of dollars all the way up to the millions. The last option would be to start your own business from scratch. This is also very difficult and it’s hard to get start up capital if you don’t have a top notch business plan in place. To start a home based business will only cost anywhere from free to a couple hundred dollars to buy in on average.
3. Tax benefits are always good. If you don’t own a home based business, you are missing out on a lot of tax loop holes that you would never get with a job alone.
4. Owning your own home based business allows you to build your wealth part time while you continue to work. This way you aren’t taking any huge risks yet you add an additional income stream anyway.
5. With your own home based business you will have the ability to grow and develop your sales skills. Yes it’s true, if you start a home based business you will have to sell. There is no way of getting around this hard truth. The positive side of this allows you to fine tune your sales skills. Why is this important you may ask? Because there will always be a need and a high demand for sales professionals out there. You’ll be able to add that skill to your resume.
6. Owning a home based business opens you up to a new, cooler way to earn income. This new sort of income is called residual income or commission. All this means is that you will get paid again and again for doing something just once. For example, you make a sale, most home based businesses will pay you multiple times on that sale. Plus you have the ability to build a down line. Every time one your team member’s make a sale, you will earn an over ride off them. This is called building your wealth away from yourself.
7. With your own business you have the ability to work from home completely. This is what you’ve always dreamed of. No more early traffic jam commutes, you can spend more time with your family, and work in your pajamas if you wanted to.
8. If you own a home based business on the side of you regular job it really protects you in case you end up losing your job. Having that extra source of income is like an insurance policy on your future. This is only true if you are making money with your business though.
9. You can be your own boss. How would you like to not take orders from anyone? You are the owner and CEO of your home based business. You decide your own hours, how long you want to work, the decisions on what direction your business goes is all up to you, when you want to take that vacation is up to you, and you never have to worry about being laid off.
10. Last, but not least, you can build your wealth while you build your career. Think about it. You continue your day job for the financial security and benefits, yet on the sidelines you are secretly building your home based business wealth that will ultimately end up being your retirement. This way, when you are forced to retire, you can live off your pension (if your employer provides one), then continue to build your home based business which by retirement should be bring you in way more money than you have ever made with your day job.

There you have it. The top 10 reasons you should at least consider owning a home based business on top of your regular job. If you’re not sure on what business to start, don’t worry, I already done the homework for you. The business opportunities I recommend are very low cost (either free or only a small $10.00 a month investment), but offer the ability to build a huge residual income from home for you.