Property 101: Working from home and how to make it work

Property 101: Working from home and how to make it work
Property 101: Working from home and how to make it work

The decision to work from home can be a big one. However, there are a range of ways you can do it, and some might feel more suitable than others. Which of these might work for you?

Working from home full-time, own business

In this scenario, your home business is your one source of income. This choice requires you to have a highly proactive attitude, as you’ll need to source your own clients, do all the work and manage your earnings.

This is a great set-up for those individuals who crave flexibility and autonomy. For example, you might have children or ageing parents who require some of your time and attention. Or maybe you’re a budding millennial entrepreneur for whom the freedom of freelancing has become the rule rather than the exception. Or you’re a seasoned professional who now wants to do things your way instead of someone else’s. Whatever the case may be, when you’re your own boss, you have the independence and ability to create your own hours, schedule and overall business to suit your lifestyle.

Working from home part-time as a freelancer

In this case, you’re spending part of your work life in an office setting and the other part freelancing from home. This is a good option for those looking to hedge their bets: you have not only the security of guaranteed wages but also the opportunity to use your skills further and substantially supplement your income through freelancing. The variety that comes with maintaining dual careers might also hold some appeal.

Like working from home full time, this option still allows for some flexibility. Often, this route appeals to mums or dads needing to juggle working, childcare needs and the errands and appointments of day-to-day life. It might also tempt those who like the idea of full time freelancing or running their own business, but are nervous that they can’t yet make enough money at it. Or they might be reluctant to completely give up the social aspects of an office environment. This way, they can dip their toe in the work-from-home waters by first freelancing on a part-time basis.

Work-from-home arrangement with employer

A different kind of work-from-home arrangement might be one you make with an existing employer – to work from home as part of your employment conditions.

This option gives you the security of a part-time or full-time salaried job along with the flexibility afforded by working from home for a portion of your work week. It can free up time to do school drop-offs or pick-ups or squeeze in that yoga class in the morning, or it can simply give you more time to work, as you’re eliminating travel time.

It also gives you the opportunity to really knuckle down without the usual distractions of the workplace, like noise, interruptions and meetings.

Pursuing a passion project

Perhaps you’re more interested in pursuing a passion than a pay cheque. Maybe you’ve had a novel kicking around in your head for years and you’re now ready to commit it to screen or page. Or maybe you’re an artist who’s always wanted a studio where you can paint or draw.

This fun fantasy has broad appeal too. It’s ideal for retirees who may want to work on a project to keep busy in their post-professional lives – and possibly augment their income. As more mature-age Australians familiarise themselves with modern technology and become more internet savvy, there’s nothing stopping them.

Stay-at-home parents, who may have a little more time on their hands when their kids reach school age, might also try this workspace dream on for size. In fact, this option could suit anyone who wants a home workspace to tackle a creative venture in whatever spare time they can find.

For more information on work and lifestyle from NAB, click here.

Home Business Work Life

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