The booming gig economy likewise spells great news for those who are sick of working the traditional nine-to-five grind, too.
Here’s the deal, though: making your work from home dreams a reality isn’t always as simple as it seems. Sure, the ability to do business in your pajamas and set your own hours sounds great, but there are many details of being a stay-at-home business owner that are easy to overlook.
And unfortunately, not paying attention to these details could mean disaster for your business before it even gets off the ground.
But what sorts of details are we talking about? If you want to get your home-based business off on the right foot, you can’t afford to ignore the following six aspects of your empire.
Choosing a Business Entity
Beyond the pride of having “LLC” or “Inc” after your business’ name, the importance of choosing a business entity can’t be overstated.
From legal protection to how you’re taxed, the fine details of how you structure your company can have long-term impacts on your ability to successfully do business. If you’re forming your company as an LLC or otherwise, don’t blindly go into business without seeking a bit of professional counsel.
Tax Breaks and Deductions
There’s a lot of talk of tax reform right now, which is specifically of interest to home-based business owners.
Ask yourself: do you know whether or not you can write off your home office? Are you itemizing your business expenses? What’s your current tax bracket, anyway?
If you have no idea the answers to these questions, it’s time to look into home-based business deductions that could save you huge over the course of the year. After all, just because you work from home doesn’t mean you can’t win from a tax perspective.
Setting Up a Meeting Space
Even if you’re running your business digitally or from home, it always pays to have a meeting space where you can speak to clients and customers in person. You never know when you might run into a situation where a new client is skeptical or otherwise wants to iron out details face-to-face.
Rather than shy away from these opportunities, seek out your go-to coffee shops, coworking spaces and other public spots where you can knock out such meetings without breaking a sweat. Remember: working from home doesn't mean being an island.
There’s no denying that temptation is slack off is all around you when you work from home. From the television to email and beyond, it’s easy to put off a project if you aren’t careful tracking your time.
As such, productivity platforms and techniques are vital for home-based entrepreneurs. Through timing your tasks or scheduling your work in small bursts ala the Pomodoro technique, keeping your focus is key to success.
Instead of allowing yourself to get picked apart by small distractions, setting up a productive workflow form the word “go” will save you tons of time and potential trouble.
The current economic client is great for business owners looking to work from home, granted you know what to look out for. With these details in the back of your mind, you can move forward with your home-based business without having to worry so much.