This is a popular option for many smaller businesses.
It usually means the costs will be lower, you can avoid travel expenses and you will have freedom to work the hours you choose.You can create the right working environment for you.
Changes in IT makes working from home easy for many businesses. There are some legal issues to consider but first you need to decide whether working from home is right for you.
Is working from home right for you?
First how much space do you need for your business? Many knowledge based businesses can be run from a small home office. But you need to consider how your use of space will impact of the rest of the family.
Working from home works well, if you are going to spend most of your time working on premises owned by your clients. It works well for many consultants and business advisers.
Working from home may not be an option, if your work will change the use of your home or it is like to affect the local environment.
Keep in mind that you may not want to welcome lots of business visitors to your home.
If you rent your home, your licence or lease may include restrictions on using it for business purposes.
Even if you own your home, you may still need to check the deeds to make sure there are not restrictions.
If you are still in full or part-time employment, you may want to start up your business before you leave. If you are successful this could help you to maintain an income stream. Working from home makes this easier, of course. But have care, you need energy to make a new business zing! So tiring yourself out with all the extra hours may not be the best plan.
The disadvantages of working from home
Sometime people find it hard to separate work from home-life. If you have small children around it can be difficult if not impossible, to ignore them during business hours.
Work life can intrude on the family – if someone wants to hold a conference call in the evening, it is much harder to resist when the office is in your spare bedroom. If you like what you do, it is all too easy to end up working very long hours.
You can find it lonely and you will need to work much harder to stay in contact with what is happening in your business sector and with business contacts and potential customers.
Tax, Insurance and Legal Issues
Your mortgage, home insurance and tax situation could be affected. At this link you will a guide on finance, initial costs and tax considerations when starting a home-based business.
There are tax and legal issues you need to consider when starting any home-based business. See the page in this guide on things to check before you start your home-based business.
Wendy Mason works as a Coach, Consultant and Writer.
She works with all kinds of people going through many different kinds of personal and career change, particularly those;
- looking for work
- looking for promotion or newly promoted
- moving between Public and Private Sectors
- facing redundancy
- moving into retirement
- wanting to do a mid-life review
You can contact Wendy at wendymason@wisewolfconsulting.com or ring ++44 (0)2084610114
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