Starting a business from home is a major decision that requires planning and research before you get started. Many prospective business owners are overwhelmed by the steps involved, so they avoid starting their own business.
Here are some reasons why working from home is hugely rewarding.
Control Your Schedule
Being in charge of how you spend your time each day is one of the big benefits of starting your own business from home. You can customize your schedule depending on what your needs are. If you want to take a nap in the middle of the day, go out for a long lunch, or spend the day with your kids you can do that.
Plus, you can work at your own rhythm. This might mean working late at night or working 3 long days and having 4 days off each week.
However, freedom to control your schedule also comes with some challenges. It can be hard to stay motivated when the responsibility is all on your shoulders and no one is holding you accountable.
Work-Life Balance
A home business can help you create a work-life balance due to the flexible schedule. You can make time for your family or kids whenever you need to. Plus have time to pursue personal interests, keep up with friendships, and maintain a workout regime. You can even homeschool while running your own business from home.
However, it’s important to set boundaries when you work from home. Sometimes people believe that when you work from home you’re “always available”. They may not respect that you have things you need to get done or can’t be interrupted during important times of the day. Make sure to negotiate these boundaries with family or roommates before you get started to avoid any frustrations. It can be as easy as putting a sign on your office door saying “do not disturb” when you’re doing important business. Or you can set up certain hours each day when you won’t be responding to texts or calls unless it’s an emergency..
Make Money With Your Passions
One of the best parts of starting a home-based business is that you can spend most of your time doing something you love. You can turn a hobby or passion into a full-time income. However, it’s important to analyze whether or not your hobby is a potentially profitable business idea before you throw yourself into it fully by validating your business idea.
No Commute
Commuting takes a lot of time and money. The price of fuel alone can cost upwards of $500 per month. Many people spend more than an hour per day commuting. By working from home you can potentially save more than $6000 and over 200 hours per year.
Control Over Income
Many people choose not to start their business because they fear not having a stable consistent income. While there may be ebb and flow when starting your own business this doesn’t have to be your reality. In fact, you may be able to earn much more than you could at a regular job by running your own business. When you run your own business you can set your own income goals, decide on your pricing, and establish what products and services you’d like to sell. As long as you’re marketing and searching out new customers you’re very likely to make a profit.
Tax Benefits
Running your own business can come with many tax advantages not given to employees. You can write off business expenses like supplies, equipment, and services. It’s important to understand your tax obligations and advantages when starting your business. Speaking to a qualified accountant or financial advisor can be a wise choice when you’re first getting started so that you know exactly what to expect.
Wear What You Want
When you work from home you don’t have to dress a certain way. You set the wardrobe and can wear whatever you want. Yoga pants, t-shirts, and comfortable clothing are the norm. Many people even go with the “business on-top” philosophy when doing video conferences. This is when they dress professionally from the waist up so that the video looks good while staying comfortably dressed on the bottom.
No Boss
When you’re your own boss no one is telling you what to do. You can do things in the way you feel is best. You don’t have to feel guilty if your preferred work hours aren’t the company’s hours or if you’re sick. You’re only accountable to yourself. While this can be difficult for some people. For people who have the personality to start their own business, this can be extremely rewarding.
Opportunity For Growth
Many employees feel stuck in their jobs. When you run a home-based business you always have the opportunity to change the way you do things. You can seek out new opportunities and new roles when it’s a good fit. And you can change your schedule or priorities depending on what’s most important at the moment.