Work at Home Dads

Dads, you finally decided that you are ready to launch off on your own and made that final decision to make your fortune from the comfort of your home. But, are you really ready for that big step?

Let's talk about what working from home can mean for you:

A) More time with the kids -- Let's face it the best reason in the world for staying at home and working is you have more time to spend with your kids! Facts are facts. They grow up far too quickly and wouldn't it be nice to see some of those things that only moms normally get to see?

B) Saves money! -- OK so this isn't the most obvious thing but let me explain how working at home can save you money. Think about all of the things you do that cost you money as they relate to your job

1. Transportation - You have to get to work somehow right? Well that normally means driving. Even if you're a commuter, you're still paying for the right to get to work. Sit down and do some calculations (we'll do some for you further down!).

2. Day Care - Normally you might leave this worry to mom. But one way or another you're paying for day care for your children! How much does this cost?

3. Clothing - So first you have to buy a suit, a tie, socks, dress shirts. This all adds up very quickly. And, it doesn't end there! You can't wear the same one 5 days a week can you?

4. Dry Cleaning - Ouch. So you just spent all that money on a new suit and you've just got your first dry cleaning bill.....need I say more.

5. Lunch - Let's face it guys, unless mom makes your lunch along with the kids every night you're eating out at lunch time! Even if mom does make your lunch chances are you're going out with "the guys" from time to time in spite of it!

6. Incidentals - Ya, everyone's going out and buying coffee, tea, ice cream in summer, someone's birthday is coming up....You get the drift.

C) Health Benefits Just think - you're not going to be subjected to every germ in the office. Not to mention the stress associated with downsizing, competition, and aging. There are serious health benefits to working at home.

D) Flexibility You have a much more flexible schedule when you elect to working at home. You're now calling the shots!

So these are just a few good reasons to consider working at home! But, we'd be misleading you if we tell you it's all sunshine and roses! Keep reading!

1. No focus Unfortunately some of us need that routine of getting up in the morning and heading out the door to work. Too often, we make a decision to work at home and we find ourselves parked in front of the television set watching daytime television. If you're not the type to stay focused, then you need to find a way to get that focus!

2. People simply don't get it Fess up - you know people who work from home and you chuckle behind their backs. It's more like a hobby than a job you think. What the heck -- why doesn't he get a real job?! So, you really need to sit with your friends and your family and explain to them that while you are working at home, you're really working! It's not a fly-by-night proposition. Work time is work time!

3. Distractions As much as you like to think that you're task driven, there are a hundred things that can cause distractions. Now you might think this belongs under focus but it doesn't. Distractions come in many forms. Take a look out your window...yes, right now...is it beautiful and sunny? Are you tempted to grab the dog and take a walk? Yep, those are the types of distractions I'm talking about!

4. Inappropriate space Make sure that you have the right working space. If you're trying to work in the middle of the living room and you're sitting on the couch in front of the television you're not going to get too much done!

5. Procrastination One of the biggest hazards of working from home is procrastination. It is NOT your friend. Often those who work at home decide that they have more time than they really do. They find themselves putting tasks off until they simply can't be put off any more. Don't fall into this ready-made trap!

So you're wondering how much money you can save by working at home.

The 'normal' worker works approximately 50 weeks (250 days) out of the year. This allows two weeks vacation time of course.

So, let's talk about some of the cost benefits of working at home.

Transportation - if you assume that you're spending $20 on transportation a week, then 20 X 50 = $1,000 per year. This is a significant amount of money!

Clothing - Let's face it - a pair of jeans might cost you $20, a pair of sneakers $60 and shirts about $10 each. So your 'daily' clothing might run you in the vicinity of $210 if you decide to have 5 jeans, 5 shirts and a pair of sneakers. Compare this to a suit ($250), Dress shirt ($20), Dress Shoes ($100), dress socks ($8.00 a pair!) and a tie ($10). So one days wear just cost you $388. Now clearly you need socks for each day and a shirt for each day - you might get away with only 2 suits and 2 ties. So you do the math. The savings is clear.

Dry Cleaning Once you've bought all these nice clothes for work they require dry cleaning. When you estimate the average suit costs $10 to dry clean, a tie $5 and a shirt $3, then you're looking at $50 a week in dry cleaning bills. Multiply that by 50 weeks and you're looking at another $250 a year in additional costs.

Sitters Let's face it - babysitters are not inexpensive. Even if your children are school aged there is still a gap in time from when they are home from school and you're home from work. Even if you assume that you're paying $100 a week, multiply that by 50 weeks and the numbers are scary.

Lunch Sure, you're going to eat lunch at home versus at work - but chances are that a lunch at home is going to be something already in the house, not something you order out. A 'lunch out' will cost you around $15 .... even if you do this only 2 X's a week, that adds up to 100 lunches a year at $15.

Incidentals It's inevitable. Birthdays, retirements, new babies, weddings, there's always something. Even if you assume that you're only going to run into these things once a month, you are most likely looking at about $20 each time they come up. So there's some more math for you!

Cost Advantages to Work at Home

So in addition to those things that we've listed above there are some other cost savings you may realize working at home. Remember, some of this depends on where you live!

Equipment Costs Most tax laws allow for depreciation costs of your work at home equipment on your taxes. This means that you'll be able to deduct the cost of computers, software, office furniture and storage space. This is an added benefit of working at home.

Other Deductions Some of the other deductions that you might be eligible for include partial rent or mortgage payments (based on your space for your working area), internet connection deductions, telephone charge deductions, and even electricity cost deductions. These things can add up very quickly!

Summary:

This is just a brief list of the potential cost savings of working at home. Don't overlook the value of being able to have your own freedom, but the savings sure help!

In our Squid we will talk about how to make working at home work for not just you but for your family, your friends and even for your current co-workers!

We'll explore some of the business opportunities that allow you the flexibility to work from the privacy of your home and make money - literally in your PJ's. Future Squids will provide helpful hints on making working at home work for you!