Setting Up an Office from Home

In our April edition we looked at reasons why working from home was so appealing and why more and more entrepreneurs were giving up the trek to work. This article covered:

  • More family involvement
  • More personal freedom
  • Less stress
  • Create a competitive advantage
  • Set your own priorities & goals
  • Exploit tax advantages

For those looking to setup at home here are 10 essentials you will need.

  1. Council approval: It is advisable to check with your local council to see if there are any restrictions regarding zoning, signage, health & safety issues etc
  2. Home mortgage and rental agreement restrictions: Check to see if there are any restrictions placed on working from your residence by your insurer or landlord.
  3. Insurance: It would pay to review your insurance cover with your broker to ensure you have the correct level to protect yourself.
  1. Room choice: Selecting the right room is important. Look to find an area with good natural lighting and air flow. Avoid busy areas of the house like the kitchen and family areas to avoid potential distractions.
  2. Hardware: You will need either a computer or notebook as well as a printer and a backup system for electronic data.
  3. Telephone & Internet: Email is an invaluable business tool so you will need an internet connection which in most cases means you also need a telephone line. Hint: To avoid the cost of a second phone line look at either ‘duet’ or VOIP.
  4. Desk & chair: Clearly a good desk and chair are essential. Look for a desk at the right height for the user and a chair with good back support.
  5. Disposal system: Your business will create a paper trail so consider a rubbish bin, recycling box, paper shredder and your filing needs.Storage: To avoid a mess and looking unprofessional look to have adequate storage in the way of shelves, draws and filing cabinets.
  1. Supplies: Different businesses will have different needs but generally speaking you will need: photocopy paper, envelopes, business cards, folders, staples and much more.

A final word, talk to your accountant about the tax deductions possible by running a business from home. The team at Watts Price Accountants would be pleased to advise you on these issues.

Richard Kemp – Watts Price Accountants
E: richardk@wattsprice.com.au

The advice provided on this Article is general advice only. It has been prepared without taking into account your objectives, financial situation or needs.