The Home-Run Business, Is It A Home Run Or A Strike Out?

The Home-Run Business, Is It A Home Run Or A Strike Out?

Running a business from home sounds like an absolute dream for most people and it can be. The thought of waking up at 8:30 in the morning, looking out the window seeing everybody making their commute to their 9 to 5 in the soaking rain. While you casually stroll downstairs, flip the laptop open. You make yourself a coffee and you can feel truly grateful that you don’t have to make that horrible trip to the office anymore. However, there are things that you need to consider before embarking on this journey. There are many benefits. But there is a hidden side that people don’t tell you about.  Such as the financial insecurity and the struggle in marketing your business in that first crucial year. If you are considering running a business from your home, there are some things to think about before starting that journey.

The Drain On Your Finances

You are able to get financial benefits if you are starting a business. But the drain it can put on your bank balance in terms of the personal investments you will make at the start of the business can leave you more in the red than anything. If you have dependents like children, while the business is starting you may want to think about a second income. This is purely a short term measure.

There are ways you can claim money back. If you are working from home, you are able to claim a part of your gas and electric bill back because it is classed as a business expense.

The Business Image

While you can register your home as a business, this can give you some traffic. But this doesn’t give your business a professional edge. This is because your residential address is classed as the headquarters. This can be misleading if you are hoping to promote your business as a professional enterprise instead of just another freelancer. A way around this is that you can pay companies, such as registered office address from –, to have mail forwarding addresses for you. With this, you put down the business address and the company will forward any mail back to you. This also gives you the benefit of being discreet.      

Working From Home… Good Or Bad?

For those that have never worked from home may view this is a simple answer. But it is a more complex question than it appears. There are always good sides to working from home. Such as the comfort, everything being convenient and saving a lot of money on lunches! But with working from home comes cabin fever, and it depends on the type of home you have. If you have seven pets, three children and a partridge in a pear tree, having the peace and quiet you need to dedicate your time to your business will be very difficult. You need to establish work/home boundaries even in your own home. Otherwise you will not be able to get much work done. In fact you need to treat it like it is a job; it’s just that the office is in your house! While it cuts down on travel time, you do need to view it as work. That is the only way you will get things done and start to improve your business!

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