The pandemic has played a significant role in shifting the trend from work from the office to work from home. This shift has proven to be profitable for some and disadvantageous for some.
The mobile working concept has been in trend for a few years, and it has got a push due to pandemics. Post pandemic, most people are now willing to remote working.
The work from home trend
Now, more people are working from home and experiencing its advantages. Many people are operating their businesses from home, increasing their efficiency and productivity as it eliminates their travelling time and gives them more time with their family.
However, there can be some disadvantages too of working from home. But people now prefer more remote working and enjoying it too.
If you plan to start your home-based business, you can borrow loans for the unemployed from direct lenders and start your business with a bang.
Remember, these loans are applicable for those individuals who have left their full-time job to become self-employed. Funding will be there according to your repayment capacity and business plan. If both these factors are strong enough, you get the approval straightway.
Repaying the loan is also the responsibility. Therefore, borrow that amount that is manageable from your monthly earning.
Advantages of work from home
Increased productivity is one of the first advantages of work from home. If you are working from home or a home-based business, you have more time to focus on your work.
Therefore, it increases your productivity as you have less time to get distracted. According to statistics, if you are working from home, it increases your productivity by 17.3%.
- No commuting
If you are not going to any office or any other workplace, you save a lot of your travelling expenses. Travelling to work can cause a lot of pressure on a person’s psychic wellness. During travelling, you may face a lot of traffic and delays in your trams and trains.
It can be very stressful. Additionally, work stress can cause more stress. No travelling option eliminates all the stress and makes the mind relax and more focused at work.
- Employee retention
Many people struggle in balancing their work-life with their professional life. If you remotely work, you can efficiently manage your time between the two.
Many people who are unable to strike balances often leave their job or stop working in case of own business. No job or work means no income source that is again a big reason for stress in life.
This feature has helped a lot of businesses to increase their talent pool. If you have a home-based business, you do not need to restrict your employees in anything. Many people will be interested in working for your business as it offers flexibility at work.
These days most businesses are dependent on technology for their functioning. There are many digital tools available.
Even if the employees are working remotely, there is no communication and work gap as they can share everything with the help of technology in any part of the world.
For example, instant messaging and video conferencing have helped people stay connected irrespective of time and distance.
- Lower costs
There is no need for office and physical infrastructure; it has helped save much money on office space. Typically, most offices need a physical space to operate.
But with a home-based business or work from home concept, all these costs related to the office setup have been eliminated. It has saved a significant amount of the expenses of not having a physical office.
Disadvantages of home-based business
- Work/life balance
Many people choose the work from home option or the home-based option because of the work-life balance.
But according to research, it is observed that work from home interferes with personal life as there is no line between the two and work starts to enter into the personal life. The boundaries begin to vanish, and the two get the mix.
Most of the time, people cannot finish their work in the given time and usually extend, hampering their personal life.
Having a dedicated office space is very important. Several people that have space constraints work in their living rooms or drawing rooms. Or they work in their garden area.
It decreases the productivity levels as they do not get the right working atmosphere. Working in the office keeps them distraction-free and motivates them to work efficiently.
Many people working from home usually feel demotivated and alone. There is no motivation to work as compared to a dedicated workspace. Working in an office can be very different as other people work around and feel motivated and inspired.
If you are working hard, you are noticed by the management too, that adds to your plus points and may get a bonus and promotion soon.
Working with their employees also makes you feel happy as you can discuss work and other wellness issues with your colleagues in your workspace. Face to face interaction makes a lot of difference in your motivation levels to work.
Being at home can cause a lot of distractions. If you are at home, there may be many reasons to get distracted. In your workspace, everybody is focused on working and is working with the same aim, so it is easy to focus on your work.
Working from home has its benefits and disadvantages. If you have your own business from home, you can analyze the situation working on all the pros and cons and then create a business plan ahead.
Description: What are the two sides of a home-based business? Also, how can you decide the right situation for you?