Are you on the lookout for a solid and formidable way to open your business with the least investment and down payments possible? If you are, you should put some thought into opening up your business at home instead of in a commercial space.
When you are launching a startup business with a couple of thousand dollars and a coin jar, doing it in the least expensive way makes a lot of sense. In addition to saving a lot (and we mean a LOT) of money on rent and other expenses, you will also be saving on commuting costs, taxes, and other general fees. You might also be able to make use of a tax cut for being a small business.
However, do not get your hopes up yet; not everything is perfect and shiny when it comes to opening up a home business. The first and foremost of these things would probably be how unprofessional it is. Clients will most likely not appreciate doing business or paying for services in an unprofessional environment such as a house.
You might also find it difficult to concentrate in your own home. The sun is shining, the fridge is calling, the golf course and the pool are all screaming out to you, and your kids are nagging for something! Family and friends might also think it an excellent idea to drop by while you’re working at home, and the list of potential distractions goes on and on.
If you are becoming dismayed from all of these negative aspects, here is some consolation; you can fix all of these problems, and here is how! You can establish your office, if you do not already have one of course, in a quiet part of your house such as the corner of your master bedroom or a dedicated small room or office.
You can furnish it with office-oriented items and tables, even if it is used (or second-hand) and invest in a new business computer. It would also be in your best interests to purchase a new home phone, or drag that old one out of your closet, and set up a business phone line with a dedicated voicemail.
If you have a large family, or any young kids that are, you will want to make it crystal clear (and we do mean it) that the office is off-limits, and that the computer and new home phone are not to be meddled with.
If you can not accomplish some of these things, it may be a good idea to arrange for business meetings that are not in your home. You will want to do this if you can’t transform your house or office to meet the same savvy and professional standards that you want.
As we mentioned earlier, you may be able to request a tax cut for yourself; this is something you will want to look into because it can save you a lot of money and legal issues in the future. You can register your home as your workplace (even if it is a small thing on the side) and reap the rewards of that sweet home office deduction.