With home working now common among many of the UK’s workers, it’s no surprise that people are starting to set up small businesses based in their homes. Here are 7 reasons why it’s a good idea…
For those thinking of starting a small business, where to base it is one of the first questions. And it can play a big part in the future of your venture.
Here are some reasons why basing it at home isn’t such a bad idea…
1. Start right away
There’s no waiting around to find the right premises, sign leases and transform the space to meet your needs. If you’re setting up a home-based small business you can pretty much get started right away. And the faster you get going, the quicker you’ll start earning.
2. It’s cheaper
Having your home as your primary office means you’ll be saving on office lease fees. And if you need a professional space for meetings or events, you can always hire one for the short term or use our virtual offices to provide you with a level of credibility without the cost of renting a whole office.
3. More freedom
Your home, your rules. If you want, you can head into the ‘office’ at 4am without having to worry that they’ll be locked or the trains won’t be running. You can also decorate however you please and create your own dress code.
4. Saves time
As well as saving time when setting up, you’ll also be saving time on a daily basis by not having to commute to work every day. Even if you’re only paying yourself the National Living Wage of £7.20 an hour, cutting out an hour’s commute every working day could save you over £1,800 per year.
5. Better employment options
Running a small business from home doesn’t mean you have to do it alone. You can hire people to work from their home. And the beauty is they don’t need to be local. If everyone in your business works from home, then you can employ from anywhere.
6. Provides flexibility
When you sign a lease for conventional office space you’re committing yourself to extended periods of time – sometimes as long as 5 years. But who knows where your business will be then. By working from home your business can grow and contract at any rate and you can easily respond to it.
7. Tax advantages
If you register your home as your main business premise you can deduct part of the operating and depreciation expenses on your home. These include part of your rent/mortgage payments, property taxes, insurance, utilities, and expenses for household maintenance.
Posted by The Secret Businessman