Are you planning to work from you home? There are some pros and cons and you have to be ready for it. There are plenty of things that you have to consider, so if you’re thinking of making a switch to a home office, here are some pros and cons that you will face.
Pros of working from your home
No need to commute
You can save a good amount of money because you don’t have to pay for gas, public transit or subway. Also if you have your own car there are some extra costs like tolls, car maintenance and parking fees. Plus, no need to worry about everyday traffic.
Less buying of take out meals
Because of too much stress at the office, there are times that you just eat out or grab a coffee to feel relax. Sometimes if you’re too busy, you just take lunch at a fast-food drive and go on your work again. But if you’re at home you can avoid these things and buy other stuffs that you may need instead. You can even make healthy and delicious meals that is good for your body.
It’s true that working from home and taking care of your kids is quite challenging. However, plenty of business owners who work from their own home can manage and made it work for them. Childcare is somewhat expensive. If you think you can balance work and taking care of your child that will be great. It’s one way of spending quality time with them.
Cons of working from home
If you’re husband or wife have you covered in an insurance you don’t need to worry about this. Once you leave your job in an office setting this also means cutting ties with the healthcare coverage provided by the company you work for. If you plan to get a healthcare provider or insurance of your own then money has to come out of your own pocket.
One factor you have to consider for being an entrepreneur is paying considerably more in taxes compared to being employed. The reason is you’re now going to be both an employee as well as an employer. It’s advisable to consult with a CPA to get the numbers on how much you need to pay in your particular situation.
Miscellaneous operating expenses
If you plan of working from your own home there are some extra expenditures you have to face. Like paying to have a faster internet connection, computer upgrades, investing on other equipment like fax machine, scanner, webcam, etc. Depending on what type of work you have, you might also need to spend on office supplies, shipping charges and other items.
Now that you know the pros and cons, it’s up to you now if you’d still consider working at home. If you feel like you can manage working at home and feel great about it, then by all means do it. However, if you’re still having second thoughts and you feel like you’re not ready yet then don’t, maybe it’s not yet time.