Many people seem to have a preconceived notion that working from home is a walk in the park when in reality, it’s much more difficult than going into an office every day, especially if your heart isn’t in it for the right reasons. You have to be a very focused and dedicated individual to make working from home a profitable way of life. If you’ve ever wondered about the truth about working for yourself, keep on reading to further educate yourself on the biggest myths about working from home.
1) You’ll get huge tax breaks. Thinking that you’ll have a lower tax bill come tax time is not at all a good reason to try your hand at working from home. You not only have to pay your social security tax and payroll tax, but there are strict restrictions on what you can and cannot claim as deductions on your tax returns. In general, you won’t be able to get much cut from your tax bill when you’re ready to file.
2) You’ll be able to work harder, faster and longer. You might think that your work environment is not the best to maximize your productivity, especially when you’re micro-managing boss is breathing down your neck. But you might be surprised at how much more you’re probably getting done there than most freelancers are at home. Working from home creates another slew of issues and freelancers are very susceptible to being easily distracted. Before you know it, you’ve lost all your daylight and you haven’t even made a dent in the project on your desk. Working from home actually forces the majority of freelancers to schedule in extra hours of work to meet deadlines and get through their work schedule.
3) Not having all those smaller expenses should help you save more. If you don’t have a daily commute to make, lunches you have to buy out or clothes that must be dry cleaned, you would think that you could save a chunk of change. This may be true for some freelancers, but if you’re starting a home business that requires you work out of an office, you’re probably going to need office equipment like a computer, web hosting and software. If you want to write off some things for your taxes, you’ll definitely have to buy separate equipment. Keeping business and personal expenses separate will be very important to ensure that you comply with tax laws.
4) You don’t have to work as many hours. Just because most work-from-home professionals usually take on five hour days instead of the eight a regular employee takes one doesn’t mean that they work less. A freelancer’s hours are calculated as “billable hours”, which means that for every hour they spend working, they also spend many minutes doing other administrative-related tasks. They can range from doing research about developments in their field or trying to contact a client that hasn’t paid up in time. Even though it might seem like they have no worries, freelancers have a lot on their plate and constant deadlines and requests from clients can be a handful to manage properly.
5) You have all the freedom you could ever hope for working from home. Many people are inspired to start working from home because they’ve had terrible work experiences in the past and intolerable bosses that made them feel as though they were slaves. The truth of the matter is that wherever you are, you’ll always have someone to answer to, no matter what the workload. You’ll always have clients asking questions and even though it may not be as bad as your experiences in the past, you still technically have a “boss”. It’s also important to realize that there are clients that will come along that will be less than easy to work with or tolerate. Being a successful freelancer takes organization, determination and a strong will to deliver the results. You might spend forever building up a client base that allows you to make the kind of money you need to survive in the long run.
Working from home can be just as enjoyable and exciting as it is tedious and somewhat draining. You have to give it your best effort every single day that you get up to have the best kinds of results. If you’ve been considering getting into freelance work at home, you have to be certain that you’re not putting too much on your plate. Start off slow with working from home as more of a thing you do on the side to make extra money: that will give you time to build a client base and see how well you work within the bounds of your new freedoms. It can be an amazing option for people that feel as though they’ve done all they can within the traditional workforce. If you’re ready to shake things up with a fresh new challenge, working from home could really be the way for you!