Right Size Your Business by moving Home
When times get tough, costs are rising why not cut your small business costs by moving your office home. Becoming a home based business lets you reduce or eliminate the cost of:
- Office or Store rental
Instead of paying rent, you can get a tax deduction for your office space.
Auto expenses drop dramatically when you can walk to your office.
- Business related travel
Some travel to and from your home becomes deductible.
Coffee breaks and lunches are far less expensive at home.
Riders or endorsements on your homeowners insurance policies may cost less
It is relatively easy to become a virtual company with your personnel working from their homes.
Possible deductions include a portion of homeowners’ dues and real estate taxes, furniture, converted to business use and a portion of the cost of entertaining business associates at home.
By moving to a home based office usually allows companies to lower their costs and continue to maintain or even increase margins.
In addition, working from home is eco friendly which is a definite plus for most companies and an added value in the eyes of most customers.
One final thought, get legal advice before making the leap to a home based business to make sure you can operate a business out of your home legally. There are a lot of issues to look at such as zoning restrictions and more before taking the leap.