Tips for starting a home-based business

Home-based businesses have quickly become the fastest growing form of business start-up not only here in Australia but in most countries around the globe. By setting up your business from home, you can have the flexibility that most entrepreneurs who operate from a regular office or warehouse space cannot have.

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Work from home

However, the most common problem entrepreneurs who work from home face is lack of self-discipline. It is difficult not to procrastinate while working without your boss or client watching you. Although working at home requires self-discipline, the benefits can be substantial – especially in the start-up years

There are numerous benefits to running a home-based business. First, you don’t have to commute. Most Australians spend one hour or more when commuting to or from their offices. One of the best benefits of working in a home office is that commuting involves no more than a few steps to the spare room or the basement. That leaves more time for revenue-producing activities.

Another big benefit of working online is its tax benefits. In fact, in some cases, it can be lucrative. You can deduct a portion of your home’s expenses, such as mortgage interest, property taxes, utilities and repairs and maintenance, against your business income if your situation qualifies.

How do you qualify for such tax benefits? To qualify, your home office must be your principal place of business and you can only deduct the proportionate amounts of the total expense which are directly related to your business.

If you are taking care of your small children or have other obligations at home, running your business doesn’t have to be a problem for you – you can work at your time. You can work when your kids are already asleep or when you’re already done doing all your household chores.

There are many other benefits of working from home. But do you know how to start a home-based business? Check this out: https://www.business.gov.au/planning/business-structures-and-types/home-based-business/tips-for-starting-a-homebased-business