Tapping your home's potential as a business venue lets you cash in on the intrinsic value of a roof over your head without treating it like an ATM. Find out what some of the benefits and pitfalls of a home-based business are.
The benefits are numerous.
- A home-based business comes with a full array of tax benefits.
- What you'll save in the time, cost and mental anguish associated with schlepping to work weekdays is by itself enough to want to work in your jammies.
- And all those savings could allow you to let your equity stay put for a rainy day -- which, as a work-at-homer, you won't have to go out in.
This all assumes you have what it takes to avoid common blunders associated with building your business opportunity by working from home.
Here's what not to do around the home, when you work from home.
Business opportunity lesson 1:
Don't choose a wrong business opportunity.
You may think you have enough space for those widgets in the crawl space above your garage until business opportunity booms and you've forgotten to have a load-bearing capacity analysis of the structure. Choose a business opportunity you love, to build in motivation, and then check on local licensing, zoning, work-at-home ordinances and other requirements before settling on the right business opportunity. Make sure you've got the passion for the work and a business opportunity that is a good fit for your home and community.
Business opportunity lesson 2:
Don't give up your bedroom.
Find a space in your home that is large enough to dedicate to running a real business opportunity or consider keeping your day job. You won't sleep in your bedroom if that's also your cubicle. Don't kid yourself. Leave your bedroom as your inner sanctum, a place to retire from life's daily challenges. Choose a location you can dedicate to your work, a spare room, an alcove under the stairs, a corner you can divide off from the rest of the room. Tax laws also require you have a dedicated space for your business opportunity.
Business opportunity lesson 3:
Don't use an easy chair as your desk chair.
Don't cut corners, but get well-designed ergonomically correct office furniture or expect to pay the same or more for chiropractic or physical therapy services. The more you work at a computer or do desk work, the more you need the best furniture for your business opportunity and its workload.
Business opportunity lesson 4:
Minimize personal effects.
A few personal items -- family photos, job related awards, a stress button -- are allowed in any work space, but there's usually a limit to maintain a business-like and professional atmosphere to your workspace. This is especially critical if clients come to your home office for a visit, conference or other meeting. Real business opportunity advice is work must be focused.
Instead equip the office with a fast computer, faster broadband connection an all-in-one printer, scanner, fax machine and feature laden telephone that can take messages and screen calls.
Business opportunity lesson 5:
Don't be a 24-7 business, unless you've got staff.
Set realistic office hours and stick to them just as you would if you had to commute to work. Establishing regular work schedules includes break times, a lunch hour, giving yourself days off during the week, holidays and vacation time. If you have a family, they will still expect some of your time and you don't want work from home life to take over your personal life.
You should have a separate phone line for your business opportunity and answer only it during business hours, letting non-business callers know you are busy and will get back to them as soon as you can.
Business opportunity lesson 6:
Don't forget room for growth.
If your business opportunity is successful it will grow and growth demands more physical space. Don't allow your business opportunity and its growth to take over the rest of your home. Consider using a garage, attic, basement or other area to store files you don't use. Rent long term storage for obsolete items. Work with only the equipment you need and store, sell or otherwise get rid of space grabbing items.
Convert your business opportunity into a successful business reality. Family comes first, business second. The opportunity for a quality life is the point.