5 benefits of working from home and having a home-based business
The home-based business trend is really exploding. And, with good reason. The flexibility and profitability of working from home is tremendous. Besides the fact that you can get up when you want and wear what you want, there are many other advantages to working from home and having a home based business.
Benefit #1: Increased Productivity
Working from home allows you to have more time. More time for work, hobbies, or family. Remove switch to work. According to the US Census Bureau’s American Community Survey, the national average driving time is 24.3 minutes. Americans spend more than 100 hours a year traveling. Working from home not only eliminates time spent commuting, it also eliminates time in the office spent socializing or going out to lunch. This gained time translates into more productive hours and fewer hours dedicated to “working”. Working from home also gives you the freedom to take a break to exercise or do something around the house. You are at home when the packages arrive to sign for them. You’re home when the repairman arrives, and he’ll only give you a four-hour window. You are also more available to clients who need to reach you at night and on weekends with a home based business. And best of all, you’re home to your kids and pets when they need you. According to USA Today, people who work fit report having fewer sick days, improved morale and improved productivity.
Benefit #2: Tax Savings
Working from home means a home office. A home office means deductible business-related expenses like internet, phone, office space, subscriptions, and insurance. The IRS allows you to deduct a percentage of your mortgage or rent payment, depreciation, property taxes, insurance, and utilities. The percentage you can deduct is calculated by the number of rooms or square footage of your home that you use for your business. For example, if you use one room in a four-bedroom house for your home-based business, you can deduct 25% of the household operating expenses. However, this space must be designated specifically for your business on an ongoing basis. According to the IRS, in order to deduct something as a business expense, the “business expense must be normal for your business and necessary for the operation.” Ordinary simply means an expense that is accepted and common in your business. Necessary means those that are useful and appropriate to maintain your business. The IRS requires you to separate your personal and business expenses and then only business expenses can be deducted.
Benefit #3: Flexible hours
Who wants a strict 9 to 5 job? It’s wonderful to wake up and start the day on your own schedule. It’s time to read the newspaper, take the kids to school, exercise, all before starting work. You have the flexibility to change gear whenever you want. If you can only get a doctor’s or hairdresser’s appointment in the middle of the day, you’re fine with a home-based business. Provides the flexibility to attend your children’s school events, stay home with a sick child, or work late after the children are in bed.
Benefit #4: More family time
One of the most rewarding benefits of working from home and running a home business is the ability to gain control of your life. Parents who work from home report a much higher level of family time and a much lower level of stress. If you chose to quit at 3:00 when the kids get home and work at night after they go to bed, now it’s a choice of your own volition. Home-based businesses allow balance and the freedom to take the day off to play golf or spend time with your kids without having to check in with someone.
Benefit #5: More Profitability
You’ll save money on rent, meals out, gas for travel, and the cost of work clothes. More importantly, instead of a boss telling you when he has to work, when he can take a vacation, when he’ll get a raise or a promotion, you make those decisions yourself. Your advancement and income are directly related to your own productivity. As a result, you’ll likely want to work harder and smarter, since you reap the benefits directly.
Home-based businesses are at the forefront of the biggest business movement right now. Technology is largely responsible for this change in business. We all have the opportunity, if we choose to take it, to work from home and have the freedom we all dream of.