The mere prospect of launching your very own small time business sounds exhilarating, if not downright scary. But instead of scouring your local suburb for that perfect spot to set up your new business venture, why not launch your small business from the comfort of your own humble abode instead?
Not only does starting up a small business at home tag along with a miscellany of benefits, but it also presents a cost savvy option for someone on the rocks when it comes to finances. Financing your very first business can be tricky enough, and daunting at the worst of times. This can greatly undermine the importance of marketing for any new timer, but thankfully, the benefits of launching a small business at home is truly vast indeed, as mapped out below:
1. More Time Spent Working than Commuting
It has been noted that the average person spends almost fifty minutes a day travelling to and from their workplace. Therefore, one of the optimal benefits of working from home is that commuting time is significantly axed down by a huge proportion – and usually involves a few steps from your bedroom to your home office. This officially leaves you with more time to do work on your hands.
2. Correcting that Business Scale
Business restrictions are imposed based on your office space size. If you find yourself hovering on the end of downsizing your business, you will be unable to do so rapidly if you’re hooked to a long-term leasing contract. Working from home nullifies this complication, since you can choose to hire fewer individuals in your crew or simply prolong working hours to fit the parameters of your businesses’ demands.
3. Home Costs Can Be Deducted From Income Taxes
One of the greatest benefits of working from home is that you can deduct a huge chunk of your home’s expenses such as property taxes, utilities, mortgage interest or even repairs and maintenance against the income drawn from your business. To qualify for a tax deduction, your home office must be the primary business holding of all your business ventures, and you can only deduct proportions of your expense that are related to your small business.
4. Flexible Working Hours
Nothing beats the flexibility granted by working from home. Not only can you arrange your working hours to accommodate all your social and family obligations, but you can also interact with your consumers or even suppliers at anytime from the privacy of your own home.
5. Overhead Cost Reduction
Overhead costs are significantly reduces whilst working from home, since you’re technically not forking out the green notes for office utilities or office space rent. The prospect of not commuting also cuts down the cost of gas or wear and tear of vehicles utilized for travel. This reduction in overhead costs allow you to be more flexible in making pricing decisions integrated with your business demands – a lucky luxury that most of your competitors do not have.
6. Testing the Waters
More than half of newly started businesses tend to hop on the fail side of the grid. If you had set aside some money for office space rent and utilities, chances are your fall-out can dish out a rather costly blow to your finances. Working from home allows you to test the waters without the risk of losing out a lot of money. You could even create a small business blog to advertise your services, and further promote your home business.
Therefore, if you are starting a new business venture from home, you needn’t worry about a lot of aspects that plague most first time business owners. There are also several types of businesses you can choose to invest in whilst working from home such as:
- Online Stores (eg. Pet products, clothing, accessories etc.)
- Academic Tutoring
- Child Care Services
- Counseling Services
- Business Consultation/Coaching
- Accounting
- Legal Transcription
- Medical Transcription
The list stretches on. Thus, concocting a small home business might just be your best business venture yet!
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