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5 Benefits of Working From Home and Having a Home Based Business
The home-based business trend is really exploding. And for good reason. The flexibility and profitability of working from home are enormous. Besides the fact that you can get up when you want and wear whatever you want, there are many other benefits of working from home and having a home business.
Benefit #1: Increased productivity
Working from home allows you to have more time. More time for work, leisure or your family. It eliminates commuting. 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 in transportation. Working from home not only eliminates time spent commuting, but also time spent in the office socializing or heading out to lunch. This time has yielded results in more productive hours and fewer 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 at home when the packages arrive to sign for them. You are at home when the repairman arrives and only gives you four hours. You are also more available for clients who need to reach you in the evenings and on weekends with a home business. 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 fewer sick days, better morale, and higher productivity.
Benefit #2: Tax savings
Working from home means a home office. A home office means deductible business-related expenses such as internet, phone, office space, subscriptions and insurance. The IRS allows you to deduct a percentage of your mortgage or rent, depreciation, property taxes, insurance, and utilities. The percentage you can deduct is calculated based on how many rooms or square feet of your home you use for your business. For example, if you use a room in a four-bedroom house for your home-based business, you can deduct 25% of the expenses of running the house. However, this space must be designated specifically for your business on an ongoing basis. According to the IRS, to deduct something as a business expense, the “business expense must be ordinary to your business and necessary to its operation.” Ordinary simply means an accepted and current expense in your business. Necessary means those that are useful and appropriate to maintain your business. The IRS requires you to separate your personal and business expenses and only business expenses can be deducted.
Advantage #3: Flexible hours
Who wants strict 9 to 5 work? It’s wonderful to wake up and start your day on your own schedule. It’s time to read the newspaper, take the kids to school, exercise before starting work. You have the ability to change gears whenever you want. If you can only get a doctor’s or hairdresser’s appointment in the middle of the day, that’s fine with a home-based business. It offers the flexibility of commuting to your kids’ school events, staying home with a sick child, or working 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 a much higher level of family time and a much lower level of stress. If you chose to stop at 3:00 a.m. when the kids come home and work at night after they’re in bed, that’s now a choice of your own. Home-based businesses allow for the balance and freedom to take a golf day or spend it with your kids without having to check in with someone.
Advantage #5: More profitability
You’ll save money on rent, restaurant meals, gas for commuting, and the cost of work clothes. More importantly, instead of having a boss tell you when you have to work, when you can take a vacation, when you’ll get a raise or a promotion, you make those decisions yourself. Your advancement and earnings are directly tied to your own productivity. Therefore, you will probably want to work harder and smarter since you are reaping the benefits directly.
Home-based businesses are at the forefront of the biggest business movement right now. Technology is largely responsible for this business shift. We each have the opportunity, if we choose to take it, to work from home and have the freedom we all crave.
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