The ability to work from home is a project that many people cherish, but there are many factors to consider before embarking on such a venture. Depending on the nature of your business and the space you need, you may want to establish your business in your home. Examine the many factors at play to make sure that homework fits both your personal and professional needs.
WHAT ARE THE BENEFITS OF A HOME COMPANY?
- It’s a less expensive alternative to renting space to get tax deductions for using your home (eg, property tax deductions, utilities, repairs and maintenance, home insurance, as well as a percentage of mortgage or rent payments).
- No daily movements
- You can create your own schedule.
- The working environment is comfortable.
- It’s up to you to determine how much time you will spend on the business.
WHAT ARE THE DISADVANTAGES OF A HOME COMPANY?
- There is little space for business expansion.
- You are isolated from your business partners.
- You may not be able to install specialized equipment or have employees.
- There are legal and sanitary constraints if your business is located in an apartment or a house.
- You are likely to be interrupted by your family and friends; you may have difficulty setting limits.
- You have to motivate yourself, even when things are not going well.
DETERMINE THE OPTIONS THAT SUIT YOU
Before starting your home-based business, carefully consider the following:
- choose a home-based business idea that suits your financial means, interests and needs in your area.
- Be sure to dedicate a specific area of your home to your business, away from the main areas of domestic activity.
- do not be distracted by occupations that may keep you away from work and affect your productivity.
- check provincial and federal health, safety and tax regulations before you start.
- maintain your professionalism even if you work in an informal environment.
- be available to your clients on a regular schedule or by other means to reach them quickly.
- beware of potentially fraudulent homework opportunities.