Given the Covid Pandemic, there has been a massive shift to the work from home movement. Some people love not having a commute while others find working form home distracting. One of the biggest questions when it comes to starting a business is asking yourself where it’s going to be located. Find an office and set it up? How about a storefront, office, or some other type of commercial space? Sometimes HOA rules or local laws may prevent you from running a business out of your home. Other considerations are the logistics. Should a client want to meet in person, do you have the meeting in your living room? Taking these out of account, the decision can still be a bit tough whether to work at home or to set up a business somewhere. These are some of the pros and cons that could help you in your decision-making process.
The benefits of having your business at home
There are plenty of benefits of having your business at home, of course, it also depends on what type of business you’re going after. Most IT businesses allow you to work as a consultant or have meetings via teleconference.
There is no commuting
There are plenty of benefits of not commuting such as sleeping in, avoiding bad weather, no fear of running late, saving money, and being more eco-friendly. If you’re looking to hire employees, then these will all benefit them as well. You can still work with a remote assistant or any employee very effectively even if it’s remote. The COVID-19 pandemic proved that as well, as many businesses were having to switch to being remote.
Work-life balance can be far more manageable
Since you don’t have a commute, you can stay up a little later, engage with your household more since you’re going to be at home, but it also allows you to do some multitasking and even get more out of your day. Since you’re going to be home, whenever there is downtime, this can be used to get some chores done around the house such as throwing a load of dirty laundry into the washer, cooking as you work, playing with your kids or walking your dog or little things here and there. By multitasking, you’re going to be able to save a lot of time and there will be less cleanup throughout the week.
No office politics or drama
Anyone that has worked in an office can confirm that the workplace can be filled with so much petty drama. You’ll be less likely to deal with any of this drama as coworkers working remotely will only talk about work.
The startup cost is far lower
Because you’re going to be working from home that means you don’t have to worry about the deposit and the rent of a building. This also means you won’t have to deal with purchasing furniture, décor, or certain types of equipment such as a copy machine, water cooler, or office fridge. These costs add up, and they also contribute to making small businesses feel unobtainable. But it does go to show that you don’t need to spend a lot to jump-start your business.
The Cons of having a business at home
Unfortunately, there are some cons to having a business at home. Among these are a lack of separation of work form personal life, and thus interfering with the work life balance that is needed for most people.
Some homes won’t allow businesses
Depending on your homeowner’s association, local government rules or your rental contract, there’s a chance that you may not be able to have a business at home.
Some people may not take your business seriously
Unfortunately, there are some clients and customers that won’t take a business seriously if there isn’t an office or storefront. You don’t need to have a physical building to be professional but unfortunately, there are old fashion thinking people who still see it that way. This means that it may take clients some extra convincing for them to believe that your business is worth their time and money. But this can also depend on your business.
Zoning laws
Some zoning laws will not allow people to run a business in their homes. It is unfortunate but it is something that should be kept in mind. Before you entirely set up your business, be sure to investigate this first.
You can’t easily leave
When it comes to having an office or storefront, you or your employees are going to be more inclined to stay. Unlike remote work which often leads to people being finished and taking the rest of the day off. It isn’t always like that when it comes to an office or storefront. Closing early could lead to negative reviews online.
Its easy to get distracted
Many people find working form home to be distracting. Some people have a mental association of relaxation attached to their home. If this is the case for you, working from home may harm your productivity.
It can get expensive
Having a physical space for your business can get expensive. Whether you’re buying or renting, you can count on spending a lot of money. This includes the bills (if not included in the rent) but also needs to purchase furniture, décor, and certain office equipment to fill in the space.
Conclusion
Running a business from home can be a blessing and a curse. Some people love the cost savings and the ability to eliminate their commute. Others find working form home to be too challenging and prefer to have a separate place to focus on business.
Phil Georgiades is the CLS for Fed Home Loan Centers.
