STARTING A HOME-BASED BUSINESS: Benefits and Best Practices
BENEFITS
FLEXIBILITY
Flexibility in terms of scheduling, location, and type of work allows entrepreneurs to enjoy improved productivity and better work/life balance.
LOWER OVERHEAD COSTS
Avoid the costs associated with purchasing or leasing physical locations, such as furniture, utilities, and insurance.
INCREASED FOCUS
Working from home helps entrepreneurs maintain focus on their tasks at hand by removing distractions from external sources such as noise from neighbors or co-workers, traffic outside the window, etc.
BEST PRACTICES
HAVE AN IDEAL WORKSPACE SET UP
It’s important to create an area within your home that is specifically set up for working — make sure you have all the necessary equipment (laptop/ computer, phone line if needed) so that you can functionproductively during work time.
ESTABLISH CLEAR BOUNDARIES BETWEEN WORK & LIFE
Draw clear distinctions between different aspects of life—this will help you stay organized and productive during work hours while also giving yourself permission to switch off afterwards. Also, notify friends/family ahead of time when certain times are designated for work only so that they don’t disturb you during these periods.
TAKE ADVANTAGE OF DIGITAL TOOLS & SERVICES
There are numerous digital tools available today that can help you run your business by assisting with everything from meeting scheduling to time management to invoicing.