Soho Insurance

Soho Insurance

The good, the glam and the groovy
‘Paul Weller and his little band of men strummed, aimless and tuneless, for what felt like an eternity. Finally, he glanced up. “Does anyone know what’s happening?” he asked.

Key Secrets To Home Office Success

Copyright (c) 2010 Ask The Business Lawyer

Dorothy was absolutely right in The Wizard of Oz when she uttered, “There’s no place like home.” Home is a place of rest, protection, love and security. What better environment can you ask for to create smart ideas for prosperity? Additionally, there are the practicalities of not having to pay rent for office space, and to be (where applicable) close to the kids. Millions of people have set up SOHO (solo office/home office); including telecommuters, home based offices and those who bring home work from their day job or “day extenders”, the numbers come up to 25-40 million. Yet, many have not succeeded in working out of home. What can you do to ensure you are a success?

1. Have a plan. Especially if you are starting a business out of your home, it pays to have a business plan. Just because your business may lack the formal structure of a visible “corporate office” doesn’t mean you should be equally informal with your planning for success. In fact, this lack of planning is a significant factor that endangers the survival of home-based businesses. It’s not enough to be doing work while you happen to be at home; in running a business, an ongoing enterprise, you need understand exactly how much money you need to earn in order to meet expenses and turn a profit. If you’re telecommuting, remember that “out of sight is out of mind” for many people . . . so discuss with your supervisor ways that you can remain visible to the organization – whether through participation in conference calls, regular reporting, or being physically present for certain meetings. Accountability is key. Be sure you and your supervisor have a clear understanding of how your work performance will be evaluated.

2. Be aware of zoning. There are local ordinances and zoning laws on how buildings can be used. Some are mixed live/work areas while others are for residential purposes only. If your home-based business generates a lot of “foot traffic”, your customers may be congesting nearby streets with their parking. If you rent space, check to see that your lease does not prevent running your type of business from your home. Further, investigate your homeowner’s insurance policy to see if you get coverage for your business inventory, equipment or activities. Otherwise, consider a separate business owner’s insurance policy to avoid exposing yourself to liability.

3. Ensure an efficient workflow in your work area. An ideal solution is to have a separate room in your home for your office. Having a distinct workspace makes it easier to claim a home office tax deduction. However, if you have a mixed-used room, such as working out of your bedroom, you come across various challenges. My home office is in my living room, and I have set apart a work area by rearranging the furniture. My personal papers are kept separately, and nothing related to my home life creeps into my workspace. I maintain separate telephone/fax numbers for my business. Parents of young kids have to be firm with their boundaries and make the kids understand that important business papers must to be used for their crayon drawings. When you have a well defined and organized workspace, you think more clearly.

4. Maintain awareness of time and time wasters. It is easy to get off schedule when you work from home. After all, your time is your own and no one is checking in on you. To not fritter time away with distractions that crop up during the day, plan out your workday and make sure you stick to it. During the day, friends calling or worrying about errands that need to be run can distract you. Set realistic, achievable goals for each day. In the interest of time, plan to schedule meetings when you are out, or run all your errands in the same outing, so you do not have to pop in and out of your house. Therefore when you are at home, you can fully focus on your work.

5. Know thyself. Are you a social creature, desiring the feedback and hubbub from others to fuel your creativity? If so, the home office/home business experience can be very isolating. Make sure you include a day (or part of each day) to be in contact with other people, whether in person or by telephone (email does NOT count). For those whose natural instinct is to barricade themselves indoors, remember that people do business with people they like . . . and they can’t get to like you unless they meet you. Make time for networking events and occasional meetings with colleagues. And if your business is online, be sure to give that a personality, too!

About the Author

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