Have you recently started a home-based business and it’s starting to take off? At what point do you begin renting office space for yourself? What are the benefits of doing so?
How Big Is Your Home-Based Business?
If your earnings are only $100 a month, then I’d say that it’s not quite time to move into an office of your own. However, what if your earnings begin to shoot up to $1,000 a month? Or, maybe even $5,000 a month? Should you get out of the house and buy that office furniture? What are the benefits of making the move?
Why Should You Get Out of the House?
- You Just Can’t Focus – many of you might have kids at the house, or perhaps you get a lot of unwelcomed visitors that keep distracting you from your work. If you find that you’re continually disrupted while working at home, it’s probably time to rent some space of your own.
- Professionalism – Sometimes it just doesn’t feel like a business unless you leave the home to work on it. Your friends might have a hard time viewing it as a business too. That’s why sometimes it’s good to get out of the house, rent some space, and differentiate your time between home and work.
- Tax Benefits – Renting space has its tax advantages as well. When you work at home without a designated office (ie. an enclosed room with a window), no deductions can be made on your yearly taxes. But, if you rent some space, it is clear what can be deducted as your office and what cannot.
- Client Visits – As a home-based business, you might be meeting with some clients from time to time. Rather than directing them to your house or a local restaurant, you can have them swing by the office! It’s much more professional and your business will really feel like a business.
- Gives You Confidence – This is a tough one to measure, but there’s just something special about having an office away from home. You no longer have to prove to yourself that your home-based business is a legitimate income. Whenever you wish, you can stroll into the office, smile, and start working on your very own business.
Are you ready to move your business to an office outside the house? If you already did, what were your reasons for doing so?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.