Currently, many startup businesses are home based. Many entrepreneurs have realised that running a business from home can be very advantageous. Using your home to run your business gives you the kind of flexibility that isn’t possible when you are renting an office. And if you have the self discipline required, the benefits of working from home will be evident.
Modern technology has enabled workers to be more productive whilst working from home, and has allowed entrepreneurs to make a success of their fledgling ventures whilst not having to take out risky property finance to pay for premises they might previously have had to use, in the days before using your home for business was so easy.
Some of the advantages you will reap from working at home that could most definitely give your business a huge boost, include:
When you conduct business from home, you are able to choose your own hours, manage your own workload, whilst setting your own goals. It is possible for the business to be as big as you wish it to be. Working from home will also help you regain balance between business life and home life. You will however, need to have personal drive, good time management skills and discipline to make it work.
Working from home will enable you to create your own income producing opportunities. You will also be far from any sort of distractions including office politics. If your work space is set up correctly, you will be able to focus on your work more effectively and this will in turn lead to increased productivity. You will also have ample time to make your business a success.
Gaining tax advantages
If you use your home to conduct business, it will be in a possible for you to claim tax deductions for things such as rent, telecommunications, utilities, and a percentage of your mortgage, property taxes, home loan interest and insurance.
When you start a business, it involves risk. When you run a business from home, it will need less startup cash in comparison to a free standing business or a franchise location. It will also be much easier and cheaper to maintain the home based business than a separate business location. You will not spend precious funds on parking, storage space, office furniture and utilities like water and power, thus making the business far less risky financially and even possibly saving your business when times are tough and you need to lower your overheads.
It provides opportunity for professional growth
Running your business from home means you will be your own boss. This gives you the opportunity to hold several titles such as the strategist, the marketing professional, the sales director or the business development manager among others. This will offer you insight and greater experience to run the business which will make you more marketable.
It allows you to test out new business ideas
Very many startup businesses fail. If you had invested in renting office or shop space, it could prove more costly and makes the business more likely to fail if your finances are overstretched. Working from home will enable you to test out various ideas that may be in your head. This will help you determine how viable the idea is before investing in it. It will also act as an opportunity to develop your passions and hobbies and to also pursue an income-generating outlet for your talents. You can test the market with business ideas before needing to invest heavily in them.
It offers flexibility of working hours
If you operate your business from home, you will be in a position to work at any time you want. You can even work at night if you wish to or early in the morning. You will be in a position to interact with you clients at any time of the day. If your business is international, you will be able to accommodate clients from different time zones.
It gives you the ability to scale your business up or down quickly
If you have a rented office space, your business size is fixed to the size of that space. In case downsizing is the right thing to do, you might not be able to do it fast enough if a long term lease is what you are signed to, which could cause financial damage to your venture. If you are operating from home, you can hire as few or as many people as you need or you can work for long or short hours to ensure your business operations are of the right size.
In conclusion, using your home to run business is not the easiest of tasks as it requires maximum focus and discipline but the rewards are many. It is something you should embrace if it fits your business model: Doing so can lower your overheads, give you maximum flexibility to make your business work with your life, and ultimately, be the making or the saving of your business.