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What are the advantages of running a business at home?

Monday, 30 August 2010 | By James Thomson

Running a start-up business from home has a number of attractions. It provides flexibility, it’s relatively low-cost (there’s no need to lease a commercial premises) and it allows you to juggle the stresses of work and family much more easily.

Here are five of the biggest advantages home-based entrepreneurs enjoy:

 

  • Risk. Starting a business involves a certain level of risk and requires a certain level of capital, so anything that can reduce these stresses is positive. Starting a business from home can help start-up capital as you do not have to spend precious funds on office space, storage space, parking, office furniture, utilities such as power and water and everything else that comes with having commercial premises.
  • Personal freedom. The home-based businessperson chooses their own hours, manages their own workload and sets their own goal. The business can be as big or as small as you decide.
  • Improved work/life balance. One of the biggest benefits of working from home is the chance to enjoy a better family life. If you need to get the kids ready for school or want to have lunch with your partner, you simply adjust your schedule.
  • Better productivity. Some people work better at home, away from the distractions and politics of an office. Proving you set your home work space up correctly, you may find you focus on your work far more effectively.
  • Tax advantages. Working from home can allow you to claim tax deductions for things like rent and home-loan interest, utilities, telecommunications and insurance. Consult your tax adviser for more information.