In recent times there has been a shift in the way we work with many people starting a home-based business. It’s a business model that is suitable for many different types of industries and offers a flexible work environment, contributing to a better work-life balance.
If you have been playing around with the idea of starting a home-based business, our guide is here to inspire and motivate you to take the next steps highlighting the top 8 benefits of starting a home-based business.
1. Flexible work hours
When you are your own boss you can control your working hours. This is ideal for those that are early-risers or night owls who work best outside of the conventional 9-5 working hour model. It’s also the perfect set up for juggling parents and those that have other commitments outside of work like caring for loved ones or hobbies.
With the help of business tools like laptops and mobiles, interactions with fellow colleagues, customers and suppliers can be done from anywhere at any time. This also opens the opportunity with different businesses and clients that may be based in different time zones across the globe.
2. The room to move
If you were to start out by renting or even owning an office space, your business is limited by the restrictions of the space. This can cause issues when you’re looking to expand or even downscale your business.
The flexibility of having a home-based business means you are not locked into rental agreements or mortgages over your office space, giving you the freedom to adapt the environment to suit your business at different stages.
3. A chance to test the waters
In the early days of starting out as a business, there’s a lot to figure out, and it can take some trial and error before your business really starts to kick off. Being in a position of being able to work from home and not having the financial worry of large overheads automatically puts you ahead of the game and in the position to experiment.
It gives you a bit of freedom to try out new ideas, methods and processes to find what the best fit is your business type. You can start to figure out what areas of your business you need to invest in and what model is going to help it boom.
4. Give commute time the flick
Let’s be honest, there aren’t too many people who are fans of sitting in traffic or sitting next to a chronic sniffler on a packed train right? Fortunately, with a home-based business you can say goodbye to those time-sucking commutes and spend more time on the things that matter, like running your business.
Not only are you saving time by being able to work form your office at home, think about all the money you will be saving on petrol, wear and tear on your vehicle and public transport fares.
It also gives you the chance to try different set-ups, for example expanding your business’ storage of goods to an offsite facility, while the operational side of things are running from home.
5. Cheaperoverhead costs
Operating your business from home automatically reduces the need for many expenses you would need to fork out if you are running a business on site. One of the biggest expenses is rent and utilities, then there’s the additional costs like office supplies, transport etc.
Being able to have that extra cash flow allows you to be a bit more flexible in your pricing decisions with competitors who would need to cover for these costs. It gives you the chance to offer cheaper quotes or stay in line with your competitors, giving your savings account a bit of a boost.
It’s a good idea to take the time to review your expenses on a regular basis to make sure you are getting the best deal. This can be for things like your mobile and internet plans, business insurance and suppliers.
6. Increased productivity
Being able to focus purely on your business without the distractions of an office, having to commute and working for someone else are some of the biggest benefits of starting a home-based business. You are in control of your schedule, which gives you the flexibility to design your day in the way that’s going to work best for you.
You can create your working space and environment that you want to work in (hello house plants and coffee machine) and brings out the best in your productivity. Having that work-life balance will help enrich your approach to work for the better.
7. Tax deductions
Having a home-based business means there are some things which can be deducted at tax time. This is something that is best to discuss with your tax agent or accountant about as they will be able to give accurate and professional advice on the topic.
To help make it easier when you lodge your tax return, have a good system in place to keep a record of all your receipts and expenses. This is especially important to have on hand if you were to be audited by the Australian Taxation Office.
8. Overall wellbeing
Making time for your health and wellbeing should always be on your to-do list. Having the flexibility of hours means you can commit to your fitness activities when it suits you without having to rush on your lunch break or after work.
Working from home means you can cook and prepare your own healthy meals. It eliminates that temptation to buy take-away meals, saving you time and money, win-win!
Make it happen
There are many benefits from starting a home-based business, like the freedom and flexibility to grow your business at your own pace. There are many areas where you can save money which will help with developing your business, especially in the start-up years.
Have you recently started a home-based business? Drop us a line in the comments below with some of the benefits you have discovered along the journey.
