Are you ready to start an online business out of your own home? Working from home has always been a good tax strategy for entrepreneurs, as renting a room from yourself could be a nice tax write-off*. But for retirees interested in starting online, it couldn’t be a more logical choice.
Here are some benefits to working from home:
- Working from Home Saves Cash.
The obvious reason for saving cash is so you can put more cash into your business. Running a business online is by far the most cost-effective way to run a business, but any business requires investments of time and money. Typical expenses are setting up a website; buying products or licence rights for resale; coaching; research; and paying for advertising.
- You Can Control Your Own Environment at Home.
Depending on what kind of business you have, you can work in your pajamas. If getting dressed up in a suit and tie helps you focus, then you should do it, but if it simply distracts you from getting your work done, then be as comfortable as you can. One fellow I know wears a shirt and blazer so he looks professional on Skype calls and Hangouts, but always wears shorts and socks.
- You Can Make Your Own Lunch.
This sounds kind of insignificant, but if you’re on a special diet or simply don’t want to pour cash into the local restaurant, working from home can save you a lot of time and money. By the way, the commute time is terrific when working from home.
Here are some downsides to working from home:
- See #3 Above.
A very prominent online marketer once commented that the biggest challenge of working from home was the proximity to the refrigerator!
- You Need Self-Discipline.
For most people, working from home is a pleasure. For a small minority, however, it’s tempting to play and watch Netflix all day. Even for those people, the lack of money coming in from the new online business becomes a very compelling argument for shaping up, so most people who sincerely want to live the laptop lifestyle find the self-discipline after a short time. Besides, once your business is launched and profitable, you can work from the beach!
Some people will truly miss having company at work. For many people, work is a way to socialize and meet people. Fortunately, you’ll find that as you connect with people, that problem will disappear. In my experience, you’ll network and make a lot of friends, and meet with many of them at events such as conferences, masterminds, and seminars.
For me, the benefits far outweigh the problems. If you want to start an online business, doing it from home can be the fastest, easiest, and most convenient way to do it. You’ve probably already got some wasted space at home and you know where all your office supplies are. Anything you put into fixing up your home workspace will most likely be tax deductible*, and if you’re as excited as I was, you’ll want to get started right away. Especially, the cost-effectiveness of a home business gives you a jumpstart over anyone who has to rent an office.
As always, I’m interested in helping you succeed. If you have any questions or want additional tips about your online business, reach out by clicking here. Or check out the kind of business I own and see if it suits your needs. I couldn’t be happier, and I love spreading good news when I have some to spread.
*always consult your own tax professional.