How to Run a Business From Home

– Operating a home-based business has its pros and cons.
– Business owners must pay attention to the requirements for a home-based business in their state.
– Location could impact business registration, required licenses and permits, and taxes.
– For privacy reasons, a virtual address at a nearby mail center might be preferred.
– Legal requirements such as by-laws, regional taxes, licensing, and zoning restrictions should be considered.
– The type of business and its impact on the neighborhood could affect the ability to run a business from home.
– Businesses with employees coming and going at all hours might face challenges with getting a license or permit. – Home-based businesses can enjoy tax breaks such as the home office deduction and potential savings on expenses like homeowners insurance, mortgage interest, and utility bills.
– Business-related expenses for home-based businesses may also qualify for tax breaks, including costs of goods sold, business use of a vehicle, and professional expenses.
– Technology has made running a business from home easier, with tools like video conferencing and project management technology. – Running a home-based business requires setting specific work hours and boundaries to maintain work-life balance.
– It’s important to establish rules, such as silencing phones during family time and keeping work tasks confined to a designated office space.
– Consider getting two cell phones, one for business calls and one for personal use, to further separate work and personal life.
– Running a home-based business successfully requires careful consideration of taxes, legal requirements, and logistical challenges of remote work.
– With the right plan in place, it is possible to make a flexible work-from-home arrangement work for you. – First Citizens Bank is not affiliated with any third-party mentioned.
– Third-party websites may have a different privacy policy and less security than First Citizens Bank’s website.
– First Citizens Bank and its affiliates are not responsible for the products, services, and content on any third-party website.

https://www.firstcitizens.com/small-business/insights/starting-a-business/running-a-business-from-home