When it comes to hiring your spouse in a home based business, the biggest reason is the savings. There are plenty of benefits, but when most people decide to do this, it is usually a financial decision. Below you will find many of the advantages including why it is important in order to save money. Granted there may be some quarrels along the way as there is in any family business, but the end result will be a good one.
The Infant Stages
Depending on what type of home based business you are in, the beginning stages are full of frustration. One of the biggest avenues an owner has to cross is how much time they will have to put forth into this new project. If it is only an hour or two a day, then becoming successful is going to take a lot longer than you might expect. This brings many individuals to start thinking about hiring employees.
The Budget Available
Another reason you should hire your spouse is because of the budget. If you play out how much it would cost to hire someone and outsource the coding, writing, or anything else involved, there can be a hefty price tag attached. However, if you and your spouse can sit down and draw out a time table, both parties will be able to handle the work if the other one cannot. Plus the money to hours ratio will work a lot better in your favor.
Tax Breaks
At the end of the year you will be able to consider your spouse an employee and get a tax break for it. One of the biggest benefits of this is being able to pay your spouse a reasonable rate, and still keep the money within the family. This means if you originally were going to be taking money away from bills, you will not have to anymore. Yes, it is an interesting loophole, but one that is extremely effective.
Saving on Health Insurance
Depending on what state you live in, you could receive benefits from having a group insurance policy. Hiring on your spouse can entitle you to group rates which give bigger discounts. Keep in mind this is not a definite, so make sure you find out all the ins and outs that are involved. Some other things you will soon realize is that there are additional savings and reimbursements available as well.
What Your Spouse Can Do
Sure, your spouse may not be the most qualified person to help with this home based business of yours, but there are some things they can do a regular employee cannot. While regular employees will most likely be stricken to regular work hours, your spouse will be able to do things opposite of you. So if you can only work from say 12-6, your spouse can pick up where you left off from 6-12.
We have only scratched the service to all the different routes you can take with this, but you get the idea. In fact, when you hire your spouse for a home based business you will probably come up with other advantages as well. It is a great benefit to everyone, just make sure it does not hurt the marriage. There are always family business issues that spill over on the home front, and since this is a home based business it probably will a little more.
