If you think you can’t afford to quit your day job or don’t have the funds to launch a home based business, think again. It may seem like finding the money to start a business of your own is impossible but, if you take a minute to break down your finances (and are willing to cut back a little) launching a home based business might not necessarily be out of your reach.
1. Mortgage: With interest rates so low, it may be time to refinance your mortgage. A lower interest rate could save you several hundred dollars each month.
2. Tax Deductions: Did you know that a portion of your home’s expenses are tax deductible if you’re operating a business from home?
3. Car: If you decide to work from home, you may be able to live with one car which is a significant savings on not only your monthly car payment but gas and insurance.
4. Childcare: Full time childcare may not be necessary if one parent is working from home.
5. Tax Bracket: If you’re a two income family and reduce to one income, your tax bracket may be lowered significantly which translates to more take home pay.
6. Commuting: If you work outside of the home and take public transportation to work every day, take into account how much money you currently spend on your monthly commute.
7. Daily Expenses: Many minor expenses like a work wardrobe, dry cleaning and dining out will be significantly reduced when you work from home which will save several hundred (if not thousand) dollars each month.
Launching a business takes discipline, sacrifice and creativity and the first place to put these skills to work is by revamping your finances to find the funds you need for your business start-up. Take a hard look at your family budget and it may open your eyes to how small the gap is between your current income and what you will need to earn working for yourself!