Owning your own business is a dream come true for many. It gives you the freedom to choose your hours, your clients, your salary, and so on. That being said, there can be many hurdles to achieving your business goals, and many decisions you will make that will affect your ability to attain those goals. One of the main decisions you need to make from the outset is where to have your office, at home, or in a rented or leased space.
Let’s take a look at the pros and cons of each, so you can make the best decision for your business goals and work-life balance.
Home-based office
Home-based businesses are convenient. You can roll out of bed in the morning, care for the kids throughout the day if you have younger children, skip the commute, and set your own hours. Whenever you have work to do, your office and work are right there for you.
Of course, this convenience has its downside . Your work is always there. There’s no escaping your task list, which will always be long once you start your own business. It can be tough to have a work-life balance. It’s easy to get distracted in the comfort of your surroundings and not get enough work done, especially if you have young children. It takes a very disciplined person to achieve their business goals while working from home.
You can’t usually have meetings with clients unless your office has a separate entrance and looks professional. Even then, it will be tricky if you have family members at home.
The most obvious advantage compared with a rented office is cost. You don’t have to pay a [high] monthly fee. If your home office is a dedicated home office, meaning other family members don’t use it for other purposes, you can deduct a percentage of your rent or mortgage from your taxes. Check with the IRS or your accountant to verify how much and whether you qualify.
Outside office
An outside office may be exactly what you need to achieve your business goals. It lends itself to productivity. You’re free from many of the common distractions that plague a home office and you can get down to business. When you’re out of the office, you can leave work there, making it much easier to focus on family, friends and all those other fun parts of your life.
An outside office may offer significantly more space than a home office, making it easier for your business to grow and prosper. If you decide to bring on employees or contractors, it will be much easier to do so if you’re not having to invite them into your home to work. Client meetings will be a breeze.
Whether you choose a home-based office or an outside office, you’ll want to make sure both are comfortable and lend themselves to productivity. No matter what the size, computer equipment and connections, filing systems, organized storage, and an efficient work space will make your space much more effective. Have a place for everything, and everything in its place, and you will have a lot less to worry about when it comes to running your business.
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