While entrepreneurship was once considered a choice for only the privileged elite, now it is the new normal. In today’s rapid-paced gig economy, self-employment is a valid choice for many people. The self-employed can make their own hours, work anywhere in the world, and write off expenses used everyday, such as a laptop. Stay-at-home parents can make an extra income and ensure that they are present during their kids’ formative years. New parents often report feeling less stressed out working from home, because they can easily attend to their children’s needs.
Anyone who has the idea for an independent small business shouldn’t hesitate to make the dream a reality. It has never been easier. Whether the business plan is selling handcrafted jewelry on Etsy or kickstarting a graphic design commission base, entrepreneurs might be surprised to learn how much work can be done right at home.
Stick close to home.
Many large corporations, including IKEA, began as humble home businesses. Founder Ingvar Kamprad began selling items through a mail-order catalog service in the early 1940s before opening brick-and-mortar furniture stores almost two decades later.
Today, many small business owners agree that running a business from home is financially savvy. Coworking spaces serve their purpose, but some can’t afford to spend monthly rental fees. Similarly, coffee shops require patrons to pay for food and drinks every few hours to make use of the space. Owners might need to attend meetings at a centralized, public location on occasion, but most of the core work can be done from home.
Set up a home office.
Many people mistakenly believe that homes cannot be used as the principal place of business because it’s too small. An extra room that’s not being used for anything can be transformed into a real office. But any space in one of the rooms in the home can store materials. An artist could keep an easel. A transcriptionist can use only a laptop and headphones.
Many self-employed people struggle with discipline at first, but being able to adjust is easier with a professional and inviting space for work. Setting a traditional routine doesn’t mean no flexibility exists. It simply encourages a productive workday. What’s more, if a cable hookup need to be scheduled, house cleaners are expected, or important home maintenance through a company such as Acculevel is needed, home-business owner can easily be at home.
Use digital software.
Software for managing a small business is readily available and affordable. Business owners at all levels of experience find software useful for managing finances and clients. Whether owners are just starting out or they’ve developed a huge national franchise, using software to manage a business from top to bottom is crucial. The trucking industry might not seem to be obviously dependent on computers, but fleet maintenance software for trucking companies is used by all of America’s largest fleets and helps to keep them running smoothly, on the road and off.
Many home business expenses can be written off. If the home is the main place of business, owners may deduct business-use-of-home expenses, including rent or property taxes, insurance, and utilities. Keeping track of finances is easy with software such as QuickBooks.