I’ve known a lot of people who have wanted to make some extra money - and have wondered if they should start a business or take on a part time job or some other means of earning a second income. Of course, there are thousands of you out there trying to earn a second income through blogging.

Personally, I know there are a lot of benefits in starting a new business that you might not have even thought of. And you don’t need a ton of cash up front to begin a business. If you already have a full time job, there will be of course the very important consideration of time. How much time will you put into your new business? Are you prepared for some longer work days? If you have a young family, starting a new business while also working full time for someone else can put a lot of stress on your family life, especially if you don’t have the support of your family members.

If you can get the ongoing support of the significant others around you, starting your own home based business can have a lot of benefit over the long run to you though.


Your first business idea may not work out as you initially hope it will. But that’s ok. I started 5 new and different businesses over a period of ten years before the one that finally enabled me to quit my full time job. But don’t let that discourage you - everyone of those previous businesses that I started had benefits for me that far outweighed any disappointment I had in them not growing as I had hoped.

The biggest benefit was experience. As I learned more about marketing, sales, legal requirements, and understanding what it took to grow a business, I also chose businesses that had to do with my own areas of interest. And this meant that I could often turn some of my leisure time into revenue generating time. What a fantastic way to spend time doing things you enjoy!

Another often overlooked benefit of starting your own business are possible income tax savings. If you have a hobby, and purchase supplies for your hobby, or have travel expenses in order to enjoy your hobby, you can claim those expenses if they were spent while engaged in conducting your business. Naturally, the “Tax Man” is going to want to see some expectation of profit in your business over a reasonable amount of time.

But let’s say that you enjoy photography as a hobby. You’ve been complimented on your photography skills by others, and you have an idea for a business related to your photography hobby. If you start a business, many of your expenses can now be written off against your income, and you could be paying less taxes while you are building your business toward profitability. If you purchase new equipment that you would be purchasing for yourself even if you did not have a business, some of that cost can be amortized over a period of years and there will be tax savings to you.

Perhaps you enjoy the hobby of scrapbooking. Consider starting a business teaching others your skills. The portion of your supplies that you use in the operation of your business may now be considered an expense that you can deduct from your income when calculating your income tax requirements.

There are many benefits to getting into business for yourself - and it’s not as difficult as some think. I know that many will advise you to come up with a detailed business plan before you even get started - personally, I think it’s better to get started, get motivated, and then plan where you want to go with it.

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