Better technology has created more opportunities for people, including small business owners, to work from anywhere. Starting a home-based business is becoming more and more popular.
Here are three reasons why you should consider a home-based business model, whether you are starting or expanding your business.
1. Low operating costs
Not having to pay for a separate business venue is one of the most important reasons to consider your business at home. It can reduce your operating costs and increase your profits if you do not need to pay rent or mortgage for another place. You can also claim a tax deduction if you have a permanent place of work placed inside your home or sometimes run your business from home.
Be aware that home-based businesses usually require home-based approval from your local council, and the rules will vary depending on the type of business you are running. There may be restrictions when customers come to see you at work or receive frequent deliveries. You may also be restricted from running a home-based business if you rent rather than own your property.
Contact your local government organization or check out our Business Licensing Tool for more information on licenses and approvals you may need.
2. Flexibility and lifestyle
Doing your business at home can provide better flexibility to suit your lifestyle. Without an office or brick-and-mortar store where customers can come, you have many opportunities to set hours for your business that may deviate from the standard 9 to 5, for example, parents may wish to work during school hours and may Available for landing and pick-up times, others may want to start working during the day so they can exercise in the morning and work in the evening or on weekends.
When setting non-standard times, make sure you communicate with customers when you will be available (and not available), including email and social media messaging. Being on time can create stress and anxiety and affect your mental health, so be sure to set aside some time if you are likely to feel like working all the time. Using tools like scheduler and auto-responder can help keep in touch even when you are not there.
3. Productivity
Have you ever wondered how much more productive you can be if you do not have to worry about dressing up, traveling to the office, chatting with colleagues, attending endless meetings and frequent interruptions? When you work from home, you can always increase your time and work more efficiently in an office environment. Being productive - or working smart is not hard - can have a positive effect on your vital lines.
Things to look for when running a home-based business
Each option has its pros and cons, and running a home-based business is no different. Some questions to consider before following this model include:
Do you have enough discipline? To work from home successfully, you need to continue your business professionally and ignore distractions such as housework, snacks or entertainment. You also need to know how to stop work at the right time and not let it negatively affect your family life or well-being. For some business owners, it is helpful to leave their business space at the end of the day.
Is your home environment suitable for business? You will need a good internet connection, a quiet environment if you need a call, an area where you can organize work and a secure place to keep important business and financial records, whether physically or in the cloud.
Make sure you have the proper consent and insurance to run your business from home, including checking what is not in your home and content insurance.
Are you a mentor or a close friend? If you have the energy to be around other people, you may find it difficult to do business from home.
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