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 margin.
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 day.
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.
To help you on your business journey, we've created Smarta Business Builder, the complete online tools package for growing your business. Website Builder, Business Plans, Accounting Software, Legal Documents and Email - all in one place - from just £20 per month with no contract! Try it out today.