Being able to work at home appeals to a lot of people, but there are a few things you should consider before deciding to start a home-based business. Depending on the amount of space you require and on the nature of your business, it may be a very good option to locate your business in your own home. Consider the many factors involved to be sure that working from home is the best choice for you.
WHAT ARE THE ADVANTAGES OF HAVING A HOME-BASED BUSINESS?
- cheaper than renting and you can deduct business taxes for the use of your home (for example, property tax, utilities, repairs and maintenance, home insurance and an interest portion of mortgage or rent)
- no commuting
- set your own hours of work
- more comfortable working environment
- you can put as much time as you want into the business
WHAT ARE THE DISADVANTAGES OF HAVING A HOME-BASED BUSINESS?
- not a lot of room for expansion of the business
- isolation from business associates
- may not be able to accommodate special equipment or extra staff
- legal and health restrictions, if your business is in an apartment or home
- interruptions from family and friends, and difficulties setting boundaries
- being able to motivate yourself, even when the business is not performing well
DO YOUR RESEARCH TO DETERMINE WHAT IS RIGHT FOR YOU
Before launching your home-based business, consider these important points:
- Pick a home business idea that you can finance, interests you, and where there is a need in your area.
- Make sure you designate, for your business, a specific area of your home or apartment that is away from the mainstream of your home activities.
- Try not to get distracted by things that may take you away from your work and compromise your productivity.
- Check both provincial and federal regulations for health, safety and taxation regulations before you start.
- Don't compromise your professionalism because you are in a less formal environment.
- Make sure you are available to your clients by keeping a consistent schedule or using other approaches to get back to them quickly.
- Be careful of home-based opportunities that may be fraudulent.
(Source: Canada Business Ontario)