In general, a home office deduction is allowed if the home office meets at least one of three criteria: 1) the home office is the principal place of business; 2) the home office is the place where the business owner meets with clients and customers as part of the normal business day; or 3) the place of business is a separate structure on the property, but is not attached to the house or residence. The deduction is figured on the size of the home office as a percentage of the total house or residence. For example, if the total house size is 2,400 square feet and the home office is 240 square feet, 10 percent of the total house is considered used for business. That would allow the business owner to deduct 10 percent of the household's costs for electricity, real estate taxes, mortgage interest, insurance, repairs, etc. as business expenses.
Expansion is limited. If your goal is to stay a sole practitioner, this is not a problem. But if success for your business requires additional employees, you will likely outgrow the space you have at home. Moreover, do you even want employees in your home? You sacrifice a great deal of privacy and personal space when you allow others to work with you, especially if you don’t have dedicated space in your home.
Whether you work for yourself or a company that allows telecommuting, working from home can totally revamp the way you look at your professional life. The benefits are even likely to spill over into your personal life as well, with more time and energy for the things that matter to you. Here are 15 great work from home jobs and businesses that allow you to make your home into your office.
Word-of-Mouth Campaigns: These campaigns rely more on conversations among consumers than advertising or marketing materials touting the product or service. Brand exposure is low key and subtle, such as sponsorship or giveaways at events or establishments frequented by the niche market. As a result, these campaigns take longer to develop and yield results, but the returns can be extremely high, given that word-of-mouth recommendations generally carry a lot of weight with consumers.
If you’ve got a way with words and expertise in a niche, there are plenty of sites that will pay for articles and content you write. Think of the sites you read regularly. What can you contribute to them that would be interesting? Research your niche and then look for ways to pitch articles. Many sites will simply have a submission or contact link in the footer. To get started, check out my full guide to becoming a freelance writer on the side and then submit your articles to places like Instash, Listverse, TopTenz, A List Apart, International Living, FundsforWriters, and Textbroker.
Test websites. Remote usability testing means getting paid to navigate a website for the first time and giving feedback to the website owner. Most tests take approximately 15 minutes, and you can get paid up to $10 for each test. A test involves performing a scenario on the client’s website and recording yourself doing it. For example, you might be asked to go through the process of selecting and purchasing an item on a retailer’s website.
VIPKID provides an international learning experience to children in China between the ages 4-12. Headquartered in Beijing, the company offers fully immersive one-on-one English language instruction provided online by highly qualified teachers. The curriculum is based on the U.S. Common Core State Standards and uses a flipped-classroom approach to foster creativity and critical thinking skills.
If you have carpentry, plumbing, electrical, decorating, or other home improvement expertise and the requisite tools and equipment, home renovation can be an ideal business to operate from home. The best home renovation to focus on for the long-term? Bathroom renovations. My recent bathroom renovation included cabinets that were installed by a local contractor who operates his cabinetry business from his home.
While targeting a niche as your focus will make it infinitely easier to find them and convince them to buy from you, you need to be sure there are enough buyers in that niche to make it viable. A pet store that caters to a wide variety of pet owners has a much larger potential customer base than a pet store that caters to local ferret owners, or Poodle lovers. Those niches may be too small for a local population.
When you have a highly specific product or service, there will be less companies out there with the exact same offering. For example, there are millions of companies out there that sell knives. There are fewer companies that sell knives with handmade wooden handles, and yet fewer that offer customized knives with your initials on them. The more specific your product or service, the less companies there will be to compete with you for customers, and the harder it is for them to duplicate your strategies.
Great reasons for wanting to stay at home and work. My reason for wanting to stay at home is spend more time with my kid and husband. I want to be able to work on a business together so my husband and I can work together as a team. Also, we want to be able to travel as we work! I cant wait to make this dream a reality. We have set a deadline to make the leap on Aug1st 2017.
And don’t forget social media as a home-based business. Many churches, other non profit charities, and business owners NEED to advertise via social media. You can either be hired to do theirs or become a consultant who trains their staff. Many churches don’t know the Internet laws like an avid social media user does. They’ll need someone to teach them how to use social media and protect their organization while doing it. Ask me how I know. 😉 My husband and I have worked with some organizations who refused to listen and they ended up with some scandals. Take a gander at what happened to Pastor Alios Bell’s ministry reputation when someone who knows social media happened upon her indiscretion at Applebee’s. Google it. It went viral.
To do that, you have to harbor a few fundamental guiding principles in your mind. Today, if you're at all serious about generating a full-time income (and more) from your online activities, then you need to focus on passive income as opposed to active income. Sure, the active income will help you survive. That's the scarcity mentality at play. But it's the passive income ideas that will help you thrive.
There’s an excellent chance that you have one or several musical instruments sitting in storage that haven’t been used in years. Perhaps it’s a leftover from when you were in school, or even from your days playing in a band. Whatever the reason that you have it, it’s probably worth money if you can sell it. Brand-new instruments are ridiculously expensive, so people often look to buy used equipment instead, particularly if they are novices.
With whom do you want to do business? Be as specific as you can. Identify the geographic range and the types of businesses or customers you want your business to target. If you don’t know whom you want to do business with, you can’t make contact. “You must recognize that you can’t do business with everybody,” Falkenstein cautions. Otherwise, you risk exhausting yourself and confusing your customers.