Are you starting your own small business? Among one the many decisions you will have to make where your business will be. Should you choose the traditional brick-and-mortar setting? Or should you choose the convenience of a home office? Here are the pros and cons of remote work!
Home Office Pros
The average U.S. commute is 26.6 minutes, meaning the average American travels nearly an hour for work every day. Not only does this save you time, but it also saves you gas money, prevents headaches, and lessens your carbon footprint. Skipping your commute also preserves your car by keeping gas mileage and therefore prolonging its lifespan.
Office space expenses add up fast. Apart from rent, you have to supply office supplies, furniture, and equipment. Your home comes equipped with some of these materials. Not footing these costs can be better for small business accounts.
By setting up a shop at home, some qualify for deductions from your monthly expenses. These could include your mortgage, utilities, property taxes, and home maintenance fees. Check your IRS rules and regulations to see if you qualify.
Studies show that working from home can increase performance by 77%. In addition to performance, remote workers remain more focused and take fewer days off throughout the year. Owning a home office allows you to work when it’s best for your schedule. Night owls and early risers are free to work when they are at their best. You can fit in work in between your children’s schedules. This flexibility allows for better productivity than the typical 9 to 5 office schedule.
Home Office Cons
Licenses and Permits
Depending on the location and nature of your business, you may need to meet specific requirements. Check with your landlord or Home Owner’s Association for any restrictions against setting up shop in-house. Look into documentation for governmental regulations as well. Have your bases covered before you start to avoid headaches and financial problems down the road.
To work best from home, create a home office. Many spaces can be converted, such as a spare bedroom, basement, or study. However, if you have a smaller home or a large family, a home office may not be realistic.
While video software and emails have broken barriers for remote work, sometimes it is hard to replace face-to-face communication. Non-verbal cues are hard to communicate and get lost in remote work.
For many, long hours left alone in the house can affect their mindset. Unfortunately, if face-to-face interactions are important to your mental health, remote work may not be for you. Many find it especially isolating if they live alone with a poor support system.
Lack of Storage Space
With a separate location for your business, there is plenty of space to store your documents and records away from your home. Depending on your home, there may not be space to store all of your inventory. Luckily, there are alternative storage options to keep your home office clean. Self storage is a great option year-round to get yourself organized. There are sizes for every need! Check our storage guide to see which size is right for you.