Starting a full-time or part-time business from home is a significant undertaking which requires thorough research and planning which can, at first, seem daunting to many.
However, before you put off doing it or dismissing the idea, consider these ten reasons that may give you more reasons to give it a try:
You have full control over your schedule.
The work-life balance is more comfortable to achieve.
You may find something that you genuinely love and enjoy doing.
Time-consuming and costly commutes no longer apply.
You have the opportunity to switch it up, pivoting from one industry to another, thus adding variety to your work.
Full control over your schedule.
Being the master of your day is perhaps one of the most significant benefits of working from home. You have the power to set and customise your work hours to meet the needs of your personal life. Are you someone that wishes he/she could take a power nap during the workday? You can as a home business owner. Do you work the best as a night owl? Working from home means you schedule your work hours to happen when the sun has set.
That being said, the freedom with working from home does come with its own set of distractions, temptations and as well as procrastinating with regards to your work-related tasks. To be a successful work-from-home business owner, you need to have certain entrepreneurial traits as well as a solid organisational plan to carry the weight of this new responsibility. If you’re a family person, live with a partner or roommates, you need to ensure that your home environment is conducive to the work environment you require.
The work-life balance.
If you feel that your current job takes up too much of your time, starting a home business could be a solution to having more freedom in the day. By having a flexible schedule, you’ll have time for your family, if you have one, as well as for any other personal interests you might have. Finding a balance between work and life at home can be a challenge if you fail to follow self-imposed rules and standards. Constant interruptions from your family or roommates, for instance, can lead to you losing significant hours of work time.
Successfully achieving a work/life balance does take some planning and excellent time management. In some instances, usually dependent on your sector, you might need to consider a nanny or child-care to totally abolish the distractions which children bring.
Making money doing something you love.
One of the best aspects of starting a business from home is the possibility of turning a hobby or passion into a viable source of income. In fact, you’re more likely to find success should you put the focus on a “passion for profits” when starting your own home business journey.
Commuting is a thing of the past.
Working at an office or place of business is not only time-consuming, especially if your travel times are lengthy, but it also comes with work-related travel expenses. Before the COVID-19 pandemic, most commuters spent a notable amount of their paychecks on petrol. Cutting down on a daily commute puts a fair amount of that cash back into your wallet. Other expenses for those who drive for work include toll fees, wear & tear on the car as well as constant tune-ups in some cases.
Control over your income.
Many individuals opt to not start a business because of fears about making a consistent, viable income. Of course, while the possible ebb and flow nature of running a business from home is something you need to consider carefully, it boils down to the fact that running a home business can allow you to earn what you’re genuinely worth.
As a home business owner, you have the power to set your income goals, as well as the prices of your product or services. Ensure that you get the work done though, including hunting down prospects and marketing your business, and you’re likely to turn a profit over time.
Tax benefits.
An excellent perk in working for yourself is the tax advantages that come with working for yourself. You’ll be able to write off equipment, supplies, services and even a portion of your home loan or car if it’s appropriate.
Furthermore, when you own a home business, you’re allowed to deduct your expenses first and then pay taxes on your net income. That being said, it’s vital to clue yourself up on the SARS requirements about home business deductions, reporting, and when you’re due for payments to ensure that you’re compliant with the current tax laws. Ideally, if you can afford to, we’d advise recruiting the help of a tax expert.
You can wear what you want!
Gone are the days where you need to don a blazer and slacks. No more ties or pantyhose or smart shoes. Working from home means, you can wear whatever your heart desires. If you’re inspired and efficient in sweat pants, you can wear it every day if you want. However, we do advise sprucing yourself up in the event of video calls with clients and employees.
Saving on lunch.
Be honest with yourself, how often do you actually make the time to meal prep for the week? How often do you discard your homemade sarmie in preference of getting takeaways with your colleagues? Working from home, means you have time to pop that toast in the toaster, prepare a quick salad or sandwich or enjoy leftovers from the night before as opposed to dropping R150 a day on a gourmet burger with your peers.
You’re your own boss.
The home-business model is perfect for the individual who doesn’t enjoy being told what to do. As you’re essentially your own boss, you have the power to do the work in whichever way you feel is best. Furthermore, as the owner of a home business, you never have to feel guilty about running late (Unless it’s for a scheduled meeting). Gone are the days of having to call in sick to ask for time off to recover, and you no longer have someone looking over your shoulder to ensure that you’re working.
All that being said, being your own boss and working from home requires a level of self-discipline which takes time for many to cultivate. If you’ve just started out and are prone to procrastination, we advise taking things slowly at first to allow yourself time to become accustomed to it, if you’re able to.
The opportunity for variety and growth.
It’s far too prevalent in the working world where employees begin feeling stuck in their careers. As the owner of a home business, even if your day-to-day tasks are relatively similar, you also have many opportunities to mix things up. You have the option of working from different locations (once lockdown restrictions are lifted), changing your daily schedule, as well as the power to re-prioritise the order of your tasks as you see fit.
Of course, starting a business will require more of an initial investment than traditional jobs, including obtaining a basic knowledge of accounting practices, marketing, as well as money for any equipment you might need. In order to remain competitive, you should consider studying, scooping up some additional certifications and strive to keep abreast of current trends in your sector and small business management. In a nutshell, you’re the grand designer of your day and what you do, and this power allows you to expand and diversify your skills and business.