Running a home-based business offers many advantages to the entrepreneur. First and foremost is the fact that self-employment is the only true form of employment security. With over 5.7 million people currently unemployed and millions more projected to join their ranks over the next 18 months, employment security is a critical consideration. The self-employed entrepreneur never has to worry about being laid-off, fired, or downsized.Probably equally as important is the quality of life that flows to the home based business person. Many aspects of corporate America simply cease to exist when the entrepreneur is able to work from the comfort of their own home. Grueling, frustrating, and stressful commutes are completely eliminated immediately, along with all of the costs associated with them. Since all meals are consumed at home, the cost of simple groceries replaces the cost of eating in restaurants and commercial eateries. Many home-based entrepreneurs choose a very comfortable form of attire when working, as opposed to the suits and expensive office wardrobe one must purchase for a corporate job.If a home-based business utilizes the Internet, it’s no longer really a home-based business so much as it is an online business. As such, the Internet entrepreneur simply requires a computer, an Internet connection, and a bank account enabling them to work literally anywhere in the world. In addition to the flexibility of not being confined to an office, the home-based entrepreneur can work when they want to for as long as they want to. And because income is tied to the effort expended, work from home business people can literally write their own paychecks at whatever amount they choose.There are other benefits as well. A properly structured and set up home based business qualifies for many tax reductions under IRS tax laws. Although it is important to receive the professional advice of a CPA, home-based entrepreneurs can shave thousands of dollars off their annual tax return simply by working from their home office.Of course there are some downsides. Working from home requires tremendous discipline. It is very easy to become sidetracked or to waste time doing nonessential or non-business-related tasks. Particularly if there are family members present, they must understand that when the home-based entrepreneur is working they are effectively not home.The recession has hit many people very hard. Anyone who has already lost their job or feels they are at risk of losing it should consider a home-based business as a viable and easily implemented solution.