The idea of running a business from your home seems exciting. You get the comforts of home while at work. No commutes, tax advantages, flexible hours, and lower overhead costs also make it a sweet deal. This is exactly why so many people have started home businesses today. Though there are perks to such an opportunity, there are other factors that you need to consider to ensure this is right for you.
While registering the company name and establishing an ownership type are common for all businesses, there are other legalities you may have to consider before starting a home-based operation. Depending on the type of business you’re going to start, you’ll need to obtain a license and insurance. You’ll also be required to ensure that your business is running in accordance with state and federal laws.
While you won’t have to go through the hassle of searching for a commercial property, there are still factors you’ll have to consider when running your business out of your home. Depending on where you live, it may be illegal to run a company from your residence. You’ll need to find out by checking the zoning bylaws for your municipality if your neighborhood is zoned for home businesses.
Your house is great. You may even have the perfect home office or studio to work from, but is your neighborhood appropriate? If your business will involve customers or clients coming to your home, is your residence located in an area that’s safe, convenient, and attractive? Will your neighbors file complaints or be dissatisfied with cars parked everywhere and business operating several hours a day? Better yet, is there enough space on your street for customers to conveniently park? Consider this honestly as all of these factors can impact the success of your business.
Property Safety and Appearance
As a business owner, the safety and appearance of your home also need to be taken into consideration. Safety is of the utmost importance. You have to maintain your residence just as you would a commercial property. You don’t want your client to reach out to a slip and fall attorney because they slipped on some ice you forgot to put salt on or tripped on a loose carpet. So, you’ll need to do some home improvement work to ensure that the house is up to code and safe for your clients.
Appearance should also be considered. Customers and clients are used to a certain professional and aesthetic appeal when they conduct business at commercial property and the same will be expected if they visit your home. Make sure that you have a clean lawn, a tidy house, and add some decor elements for appeal.
When you start a business out of your home you’re automatically including your family in it. Before going down this path, consider how this business will impact your family dynamics. Will having people coming to the house make them feel unsafe or uncomfortable? Do your business hours cause scheduling conflicts for family routines? Will working from home help with your work-life balance or will you get so wrapped up in your business that your family suffers? Remember, you’re likely doing this for your family. So, if it’s going to cause too many problems, it may be worth looking into other ways to start your business.
Work Ethic and Style
You’re the boss. There is no one telling you what to do or how to do it. That’s great in theory, but are you the type of worker that will still get things done without the push? Do you have the discipline it will take to keep workflow steady? Another thing to consider is that working from home can get very lonely. This isolation may be appealing at first but can lead to periods of sadness. There are ways around it, but if regular interaction with others is something you prefer, working from home may not be ideal.
Starting a home-based business sounds like a dream come true. For some entrepreneurs, it turns out to be just that. For others, however, there are complications like those discussed above that weren’t considered and ended up ruining everything. Before taking this leap into your future, think about all the factors and determine whether or not operating a business from your house is the right choice for you.