There are terrific benefits to having a home office no matter what stage of your life or career you are in. There is an obvious tax benefit, which helps you to reduce your taxes and make more money. Besides tax benefits, you need a home office to reduce your stress and improve your profitability. If you become stressed and frustrated at your work office, this can cause your staff to become stressed and frustrated, which reduces your productivity and causes a decline in health. So, you need to eliminate that. Everyone needs a home office.
A home office is beneficial in every stage of your life and career.
Tom firmly believes you should always have a home office even when you are starting your career or business. However, you should consider renting an external business office because people may not see you as legitimate otherwise. When Tom first started out, he only had a home office and he discovered he wasn’t receiving referrals because people had the impression he was between jobs. He decided to keep his home office, but he also established an external office so he had a business address and could meet clients at times, which improved his credibility.
If you are an entrepreneur, you are likely a disruptor. It’s important you figure this out early on, because when you do, your and your staff’s frustration levels will decrease and you will be happier. You should schedule a day to meet with your clients and a separate day to meet with your staff. On the other days you can be working in your home office.
As a manager, you will need to have an open-door policy. That means you will struggle to find time for your administrative and strategic work. This is why having a home office is so important! Follow the government’s rules by starting your day in your home office completing your administrative work, answering emails, and completing some tax returns. Travel to your business office and spend some time meeting with your staff and clients. Finally, come back to your home office and end your day answering emails, look at your calendar, and prepare for the next day.
Sounds amazing right?
It’s easy to do. Find an empty room or quiet area in your home and establish your home office. You will have peace and quiet and be more productive. Remember, if you are a manager, your time is not yours when you are in your business office. Having a home office and a business office allows you to work in your home office and accomplish your administrative work while still spending some time in your business office communicating with staff and clients. Your staff doesn’t need constant oversight. You and your staff will be happier.
When you keep in mind the benefits of having a home office and a business office, you’ll be on your way to having better clients, a better practice, and a better life.
Are you a CPA who owns your own business? Would you like to improve your clients, your practice, and your life? Book a call with us today to see about joining TFW Advisors®! Our team would love to speak with you.