Running a business is a challenging experience for anyone. Yet, within every entrepreneur is an aspiration for greatness in their business venture, and with proper planning and knowledge, they are bound to succeed. Considering that 69 percent of entrepreneurs start their businesses at home, it stands to reason that one key factor for many budding entrepreneurs’ success was making wise decisions regarding their finances and their time. If you are looking to turn a brilliant idea into a tangible business model, here are four reasons why you should consider working from home.
Lower Your Overhead
Researchers at Babson College found that the entrepreneurs needed a median startup capital of $15,000 before opening the doors of their new business venture. However, by choosing to operate out of your home rather than a traditional office setting, you are instantly lowering the financial demands placed on your company by eliminating the expense of rent, utilities, and janitorial services. Breaking into a sector and maintaining a competitive presence is hard enough as it is. By lowering your bottom line, though, you can concentrate more energy on your customers and increasing your profit margin.
The capital required to start and sustain your business is also diminished when you take into account the tax deductions available for an at-home business. So long as you have a dedicated space that is exclusively used on a regular basis for your business, you are able file for a tax savings on everything from your mortgage and utility bills to your property insurance and home alarm system.
Optimize Your Hours
In the United States, the average commuter spends 42 hours a year stuck in traffic. That is an incredibly inefficient use of anyone’s time! When you opt to work from home, you are giving yourself a free leg up on the competition by choosing to simply walk across the hallway rather than starting your car’s ignition. Plus, think of all the money you are saving on gas, oil changes, and overall wear and tear on your vehicle, in addition to lowering your overall carbon footprint!
Almost everyone feels the most at ease when they are at home. This lack of stress correlates directly into productivity for entrepreneurs with home offices. In fact, a study conducted by Stanford University found that employees who work from home are 13 percent more productive than their in-office counterparts! These same employees are also better at creating the proper work-life balance because they are simply present more for their families.
After considering all the benefits that working from home offers, the question then becomes “Why wouldn’t every entrepreneur work from home?” because clearly, it’s the best solution for almost every enterprise.