We’re seeing more and more entrepreneurs opt for home-based businesses over traditional workspaces. There’s no question why – home offices offer convenience and flexibility that is not typically found in an office setting. Plus, it’s proven that employees are happier and more productive when they’re able to work remotely. Read on as we take a deeper dive into why you should consider buying a home-based business.
Working out of your own home requires discipline. But, if you can set a routine and maintain your workflow, a home-based business can be very advantageous.
One of the major advantages that draw small business owners to home offices is a reduction in start-up costs and their month-to-month payments. Real estate can be quite expensive! Working at home allows you to save on utility fees and gas, oil changes, and other car maintenance from commuting. With these kinds of savings, you can offer better pricing or invest in additional operating expenses or other creative opportunities.
Work from home arrangements are enamored because of the personal convenience they offer. But, business owners should also consider the flexibility of owning a home-based business from a professional standpoint. Business opportunities fluctuate; you’ll have your good days and your bad. If you need to scale up or scale down, you can trust that your home office won’t hold you back in the same capacity as a storefront or office might.
As the new owner, you’re tasked with the creative development of your business. It’s much easier to brainstorm business ideas in a comfortable environment. Offices typically don’t have diverse spaces, which is thought to stifle creativity. Also, as we will touch on, it can be tough to focus in traditional office environments. As long as you’re able to draw the line between workspace vs. personal space, a home business workspace can be less distracting
A Stanford University study found that companies who offer a work-from-home option have 50% less turnover than those that don’t. Not only was there less employee attrition, but full-time employees also took less time off and used fewer sick days. Plus, companies saved almost $2,000 per employee on office rental space. Home businesses spur higher productivity amongst their employees because they’re devoid of everyday distractions. Impromptu meetings, chit-chat with co-workers, office parties – while often necessary, can all be huge time sucks.
Buying a home business allows you to tap into job applicants across the country, or even world, versus a small sector within your region. Plus, during the application process, many candidates are now seeking opportunities that allow for remote work. As many companies transition to this arrangement, you can stay competitive and attract more top-level talent by allowing 100% remote work capability.
At tax time, business owners who work and live under the same roof are entitled to some additional tax breaks. For example, if you have a room (or space in general) designated for your home business, you can deduct it as an operating expense. Typically, home business owners deduct a percentage of their mortgage payments, property taxes, insurance, and utilities. You may also be able to deduct home improvement and household maintenance if your business requires you to meet with clients in-person regularly.
Home-based businesses are gradually becoming the norm for entrepreneurs across a wide range of industries. If you’re looking to purchase your own business and prefer the home office arrangement, let our business brokerage team help. Our professional experience helps ensure that your deal takes place with a reputable home business seller. Locate your nearest Sunbelt Business Brokers office for assistance landing the perfect at-home business opportunity.