8
Aug

Home-Based Businesses

Flexible hours. Casual dress. Relief from daily commutes in rush hour traffic. Millions of Americans enjoy the independence of working at home. According to the Small Business Administration (SBA), 53% of all small businesses are home-based, and 99% of all businesses are small businesses (SBA, 2002). With the freedoms of a home-based business come the responsibilities of being your own boss, as well as insuring your business, property, and earning potential. Key components of a successful home-based business are protecting against property loss, liability, and disability. Planning ahead can help ensure that your independent endeavor works best for your.

Being Your Own Boss

Running a business out of your home can be a lifestyle shift, particularly if you share your space with family or a roommate. It may not be as easy to leave work at the office when the office is at home. Designated office space helps minimize the impact your business has on your family, reduce your stress, and protect your work. Also, consider a separate business phone line and Internet connection.

In addition to creating an inviting and exclusive workplace, consider the following tips to help with time management and capacity planning:

  • Create a project schedule that helps you manage your time.
  • Minimize distractions that might reduce your efficiency
  • Log your work on a daily basis.

Setting deadlines and tracking your progress will help you adjust to the unregulated nature of an office at home. While a home-based business inevitably affects your lifestyle, it also affects your insurance coverage.

-Robert Catalano