The trend towards home businesses is really exploding. Rightly so. The flexibility and profitability of working from home is huge. Besides being able to get up whenever you want and wear what you want, there are many more benefits to working from home and having a home business.
Benefit #1: Increased productivity
Working from home gives you more time. More time for work, hobbies or family. It eliminates the commute. 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 commuting to work. Not only does working from home eliminate time spent commuting, it also eliminates time spent at the office socializing or having lunch. This time gained results in more productive hours and few hours spent “working”. Working from home also gives you the freedom to take a break to exercise or do something around the house. You are home when packages arrive to sign for them. You are home when the repairman comes and gives you only four hours. With a home business you are also more accessible for customers who need to reach you in the evenings and on weekends. And, best of all, you’re home for your kids and pets when they need you. According to USA Today, people who work from a form report having less absenteeism, better morale and higher productivity.
Benefit #2: Tax Savings
Working from home means a home office. By a home workplace we mean deductible business expenses such as internet, telephone, 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 are allowed to deduct is calculated based on the number of rooms or square feet of your home that you use for your business. For example, if you use one room of a four-bedroom house for your home business, you can deduct 25% of the homes operating expenses. However, this space must be designated specifically for your company on an ongoing basis. According to the IRS, for something to be deducted as a business expense, the “business expense must be normal in your business and necessary for its operation.” Ordinary simply means an expense that is accepted and customary in your company. Necessary means those that are useful and appropriate to sustain your business. The IRS requires you to separate your personal and business expenses, and then only the business expenses can be deducted.
Benefit #3: flexible hours
Who wants a strict 9-5 job? It’s wonderful to wake up and start your day according to your own schedule. Time to read the newspaper, take the kids to school, all exercise before going to work. You have the flexibility to switch whenever you want. If you can only get a doctor’s or hairdresser’s appointment mid-day, that’s fine with a home-based business. It offers the flexibility to make it to your kids’ school events, stay home with a sick child, or work late after the kids are in bed.
Benefit #4: More family time
One of the most satisfying benefits of working from home and having a home business is the ability to take control of your life. Parents who work from home report much more family time and much less stress. If you choose to stop at 3 a.m. when the kids come home and work in the evening after they’re in bed, it’s now your own choice. Home businesses provide balance and the freedom to take a day off to play golf or spend with your kids without having to check in with anyone.
Benefit #5: More Profitability
You save money on rent, meals, gasoline for commuting and the cost of work clothes. More importantly, instead of a boss telling you when to work, when to take vacation, when to get a raise or promotion, you make those decisions yourself. Your progress and income is directly related to your own productivity. As a result, you will probably want to work harder and smarter, as you will reap the benefits right away.
Home businesses are currently at the forefront of the biggest business movement. Technology is largely responsible for this shift in business. We all have the opportunity, if we choose to seize it, to work from home and have the freedom we all dream of.