Should you move your business home to save money? If a storefront presence isn't vital to your business, it's a good move to consider.
Even if you have employees, you may be able to set them up to "telecommute" with you and other employees.
New software programs make it easy to share your work long distance, so being in the same building is no longer a requirement.
If your work consists of  "getting the job done" rather than being on the job at set hours, your employees may welcome the change, as well as the time and cost savings of working from home.
Many who enjoy their work definitely don't enjoy the commute.
If face to face meetings with clients are required, you may be able to meet in their offices rather than yours, or rent a conference room for occasional meetings.
The initial cost of moving your office equipment, buying new letterhead and other printed materials, and setting up phone systems may wipe out the savings from not paying rent for a month or two, but once the system is set up, the financial benefit to you can be great.
First there's the rent you won't be paying.
Next is the cost in both time and money of traveling to and from the office.
Being at home also means you won't be spending money on lunch in restaurants - your bank account and your nutrition might both thank you for that.
Even your wardrobe costs will shrink when you no longer have to be ready to meet the public every day.
After that come the tax savings.
When you operate an office in your home you're entitled to a tax deduction that covers a portion of your mortgage interest, utilities, and repairs.
You simply compare the square feet used for your office to your overall square footage and come up with the percentage of your home that's used for business.
The IRS has a special form to help you calculate your deduction.
Those are all benefits.
What about the drawbacks? The first thing to consider is if you can be productive working from home.
It takes discipline to stay at your desk when you look out the window and notice that the lawn needs to be mowed or when your dog comes to you with a Frisbee and asks you to take him outside.
Next is the impact on your image and your credibility.
Will your customers see you as less than professional if you operate your business from home? Or - will they even know it? It all depends upon the nature of your business, but as more and more people telecommute, it is becoming a more accepted way to do business.
Finally, will you be allowed to run your business from home? Before you make the decision, make an anonymous call to City Hall to learn the regulations.
In some cases home businesses are allowed outright if they don't generate extra traffic.
In others, conditional use permits are required.
But, depending upon the nature of your business, they might not even know.
If you run a construction company and would be parking heavy equipment in your yard, neighbors might complain.
But if you add an extra phone line and a new computer, no one will notice.
Analysts are predicting that many who move home during this economic crisis will stay home when it's over.
The convenience and the savings of both time and money are attractive features, and young employees in particular love the flexibility of working from home.