10 reasons to start your business from home
1) Start now - Stop making excuses! If you start a
business from home you can begin immediately. It doesn't matter if
you're still researching your idea or refining your product, the
sooner you start working from home,
the sooner you can start making a profit.
2) Low overheads - Not only will you save money on
renting/buying office space, but also on the cost of letting and
maintaining it, business rates, utilities, cleaners, travel
expenses, even buying food on the go. By sustaining low overheads
you can keep your cash flow in check and broaden your profit
3) Time - Losing your commute gives you a more
productive workday and more time to relax. Remember an hour's
commute each way five days a week equates to a whole working
4) Flexibility - Working from home avoids the need
to lumber yourself with a five-year lease and allows you to choose
working hours that suit you, your customers, and your family. Use
this to your advantage by making yourself more available to client
calls and meetings than your competitors.
5) Organisation - You have free reign to decorate
your office in a way rented space may not allow, meaning you can
organise your work environment in a way that puts you at your most
productive. Smarta's guide to setting up a home office gives top
tips for getting started
6) Tax advantages - You can deduct a part of the
operating and depreciation expenses on your home, including a
percentage of rent/mortgage payments, property taxes, insurance,
utilities, and expenses for household maintenance. Visit hrmc.gov.uk to learn more, and consult your
accountant to find out exactly what you can and cannot claim.
7) Family - Your partner, siblings, and/or parents
can help with the running of your company if you operate your
business from home. Not only will family members often work for
free, but you'll have the added benefit of spending more time with
your loved ones.
8) Reduced stress - The low cost of setting up a
home business means the risks -and stress - associated with it are
reduced. With minimal time lost to travelling, you'll find it
easier to cope with any family troubles as well.
9) Break-even quickly - Keeping overheads low means
a more profitable business, and you'll be breaking-even quickly.
Whether you choose to invest the extra cash back into your company,
or simply give yourself a larger pay cheque, you'll quickly
appreciate the benefits of a home-based enterprise.
10) Keep your job - Starting a business will feel
less intimidating if you already have a steady income, and working
from home means you're able to work around your existing hours for
as long as possible. But remember that in order to make a success
of your company, it will need full time attention. Eventually you
will have to take a leap of faith.
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