Are you in the process of determining where you’ll run your new business? You may have visited various commercial spaces, and could be weighing the rent costs, location, and other factors. Well, before you sign a lease, why not contemplate running your business from the comfort of your home? There are 38 million home-based businesses in the U.S., and these entrepreneurs are privy to numerous perks, including lowered costs, a healthier work/life balance, and boosted productivity, among other benefits.
In this blog post, we’ll explain five of the perks that come with running a home business, so that you can consider this viable option!
Home Business Benefits
- Reduced costs – When you run your business from home, you won’t have to pay for rent and additional utility costs (such as Internet and electricity), interior decorating, maintenance fees, and other expenses that come with having a physical business location. With the money you save, you can utilize it for marketing costs, hiring more employees, or investing in necessary inventory, just to name a few ideas. Ultimately, by using money that you’d have to spend on maintaining a business location for other areas of your business, you can elevate your operations.
- Flexible business hours – Instead of working a traditional 9-to-5 workday, you can have a flexible schedule while working from home. For instance, if your child has a soccer game after school, you can attend it, and complete work at a time that is more convenient. Of course, this doesn’t mean that you should slack off and work less hours than you would if you had a physical business location. If you’re serious about running a home business, you can have a flexible schedule, while keeping yourself accountable for your work responsibilities.
- No commute – Many business owners and employees love not having to travel to work each day, as it allows them to save time and money. Instead of commuting to your office or business location each day, you can simply roll out of bed and get to work! The time that you spend commuting can be put towards working, giving you more time for your business, and saved expenses can be used for other matters. It’s a win-win!
- Better work/life balance – When running a home business, you can conduct work at home while spending time with your family. Many business owners work long hours, making it challenging for them to spend quality time with their loved ones, enjoy their hobbies, or simply kick back and relax. By operating your business from home, you can have more time to spend doing the things that you care about!
- Improved productivity: Working from home is often associated with lower productivity. Many people assume time spent working from home is used for watching TV, playing with pets, caring for children, and ultimately not being constructive. Well, you might be surprised to learn that running a home business can make you and your employees more productive. In fact, a recent survey showed that 91 percent of remote employees believe that they are more productive while working from home instead of at an office. So, if you’re serious about growing your business, you might argue that working from home could make you more successful than if you had a physical location!
Is a Home Business the Right Venture for You?
Although running a home business has many perks, including the ones we mentioned in this post, you must determine if it is the right venture for you. Even though operating a home-based business offers significant benefits, not everyone has the focus to grow a home-based business. Hopefully, the listed benefits will help you make your decision!