Home Based Business or Rented/Owned Space Business

Question: Should I consider a home-based business vs. one that is located in rental or owned space?

Answer: If you have walk-in customers or customers come by appointment to meet with you, a home-based business might not work for you. If you do not have a space that can be sectioned off to avoid distractions, namely family, then a home-based business might not be right for you. If you have zoning restrictions about the use of your home for residential only, then you might reconsider the choice of a home-based approach. For those entrepreneurs that need companionship, then a home-based environment may not work, but an executive suite arrangement may be the answer. However, working at home is convenient, and saves the money for operating expenses. You don’t have to dress every day, so your investment in business dress, laundry, and dry cleaning is diminished. Working at home allows for a very flexible schedule.

And, if done right, you can deduct the expense for the space within your home that you have devoted to the business.

Source: Simple Steps for Starting Your Own Business – SCORE/BoA


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