Home based businesses are here to stay. An increasing number of men and women are opting to stay home and work. Many European countries have long since been practicing the work from home approach to cut down on travel time and office space; sharing of desk space in a shift rotation is also part of the new work culture. What about running your own home based business? Statistics indicate that there are millions of people working out of their homes and the numbers are growing.
There are many distinct advantages to be had from running a home based business and this article covers the more salient points.
One of the major advantages in working from home is the personal freedom you get. You can control your life and have the flexibility to work when you want. There is no boss to lord it over you and you get to spend time with family and friends whenever you need to. Technology has cooperated to make working from home a breeze.
Don't let too much freedom get to you, be organized and self disciplined and teach yourself time management to make a success of your home based business.
Financially you stand to benefit from working at home by saving on commuting time, gasoline and other car expenses. You also save quite a bit on food expenses, because more often than not we are too rushed to brown bag it to work. Staying home means you can have your meals at home and not have to pay for sandwiches that taste like cardboard and cost the earth! You will also make major savings on your wardrobe because you are no longer pressured into buying expensive clothes to keep up work appearances. You can wear your jeans to work everyday when you have your own home based business! Other savings include rental, utilities and other office expenses that you would have to pay for if you set up your business outside your home.
There are many tax advantages to be had when you work out of your home. The law allows you to deduct operating costs and depreciation expenses on your home which includes a percentage of your rent or mortgage payment, depreciation, property taxes, insurance, household maintenance expenses and utilities, repairs and home improvement expenses. Deduction on vehicle expenses used for business purposes for gasoline, depreciation, insurance and other costs is also permissible.
It is recommended that you consult with a professional accountant on these matters to follow the letter of the law.