Should You Start a Home-Based Business?

One of the biggest decisions to make when you are planning a new business is the location. Do you want to set up in your home, in an office building, have your own storefront, or use some other commercial space? In some areas, you have fewer choices as the zoning laws will restrict where a business can operate.

Often the choice of location is yours to make, so you have to decide if you want a home-based business or a brick-and-mortar structure just for business use. Both of these options have pros and cons, so these are some factors to consider when you have to make your choice.

Pros of Starting a Home-Based Business

These are some of the pros of starting a home-based business:

1. There are no commutes or commute expenses

If you live in a climate that has bad road conditions during a good portion of the year, a home-based business is very convenient. There is no digging out to get to work as everything will be in the comfort of your warm, cozy home. A home-based business also eliminates commuting-related expenses, such as gas, tolls, or train and bus tickets.

2. More opportunities to multi-task

When you are working from your home, you can make use of downtime to take care of your domestic chores. If you are ever put on hold with a customer, you can pop in a load of clothes or finish up some other task. There are a lot of small odds and end tasks that normally pile up for evening time attention that can be taken care of during small downtimes while working inside your home.

3. Control over your schedule

Having a home-based business means you set your start and stop times. You will have to work around the best customer times as well, but you will have a lot more flexibility and control over your schedule than if you had to open and close a brick-and-mortar business. Scheduling things such as getting up early to handle text messages and emails, or staying up late to work on tomorrow's new sales marketing strategy make working from home a lot more convenient.

4. Less overhead costs

Your current living costs should not increase when you open a home-based business. You will also avoid a lot of business expenses, such as not having rent to pay or additional utility expenses. You will be able to utilize the space you already have to make money.

5. There are tax benefits

Talk to your accountant or tax professionals about being able to deduct part of your home's expenses against your business's income. You could possibly include part of your mortgage, property taxes, home maintenance, or utilities against this income as well.

Cons of Starting a Home-Based Business

Just as with any decision, there are pros and cons to starting a home-based business, these are some of the cons to consider:

1. Working alone can become lonely

When you have a home-based business, it typically means you are alone all the time. There are no co-workers to share events or stories with, and you'll have no one to joke around with or get ideas from.

2. You are in charge of yourself

While it might be productive to be in charge of yourself, some find it difficult to remain motivated if someone is not encouraging them along.

3. Boundaries can be overstepped

Your family is going to have to respect your boundaries when you are working. This task can be easier said than done when someone feels your attention is needed right away. You have to set boundaries and enforce them so friends and family do not get in the habit of interrupting when you are working.

There are both pros and cons to starting a home-based business and only you will know which environment will best suit your business's needs. Another consideration to make is if you are going to be hiring employees to help with your business, these individuals will be coming into your personal environment with a home-based company.

Where to Find Good Talent for Home-Based Business

Grow Simply helps you to find the right talent for any business. We are here to perform background checks and screenings to ensure you are given valid information on applications so you do not hire someone unfit for your business culture. We also check criminal records, credit histories, and more to ensure you hire someone who will not threaten the safety of your workplace. Talk to us today and learn how our competitive pricing model and accurate information checks have us one of the top agencies in the country.