At first glance, one of the big benefits of starting a blog or any other home business is the sheer fact that you get to spend all your time working from home. People imagine a much more comfortable experience when their residence doubles as their office, and sometimes they can have just that. However, to make it work, you have to learn how to untangle home life from work life, and that can be more difficult than you might imagine.
The very first step you need to take is to create real boundaries between the business and the rest of your life at home. First, this means setting out a space meant purely for work, the home office. But it goes beyond that, looking at creating rules for any members of family living with you that they can distract or disturb you when you’re at work. Organizing your work day and creating a schedule to work with, with a set beginning and end-of-work hours is crucial, too. Take your approach to when you work too lax and you might find yourself never getting anything done.
It will make you unhappy with both
The truth is that failing to set those boundaries won’t just make you unproductive. It will make you unhappy with both work and home-life. Not maintaining a work-life balance creates suffering on both sides of the equation. If you don’t set strict work hours to work on your blog, then your attempts to relax at home and enjoy family life will be plagued by thoughts of the work you should be doing. On the other hand, your business won’t get the attention it deserves and can easily become more a thorn in your side that’s invading your personal space.
Taxes get complicated
The best reasons, however, to keep home and home business separate is when it comes to your finances. At the very start, when you set up a business, you should set it up as a separate entity and keep different bank accounts for business and personal, while ensuring you pay yourself a personal wage. That way, it’s a lot harder to spend money from one pile on money on costs that belong to the other. Taxes can become a lot harder to complete when you have to spend more time than you should untangling the personal and the business finances from the same account, too.
It can cost you a lot more
There are certain financial arrangements that a home business can benefit from, as well. Not only might you end up paying less tax, but you can get more affordable rates with separate insurance for home office, as well. As a professional, it’s also worth being aware that there are other costs you might be potentially liable for that you wouldn’t as a private citizen. For instance, if you meet clients and, for some reason, a client is injured during the meeting, you can end up financially liable. For instance, them tripping over your briefcase could end up being something you’re genuinely at risk of being sued over.
To better manage your work, your personal space, and your money, you have to learn to keep business and home separate. Otherwise, a home business can prove more trouble than it’s worth.