Home-based businesses can be very efficient. Your overhead expenses tend to be lower, there’s no commute, and technology is making it easier to compete with traditional brick-and-mortar companies.
It may be hard to expand your workforce if you don’t have a separate office and, in some cases it may be difficult for customers to find you.
How can you be competitive from your home office?
Sometimes you just need a bit of advice, and if it helps advance your business, why not take it? A financial advisor can provide a range of valuable advice including:
- Risk management
- Mortgages and loans
- Investments that offer protection against creditors
- Financial planning
- Succession planning
However, many home-based businesses don’t take advantage of an advisor’s expertise1:
- 45% of survey respondents don’t work with an advisor for their business
- 39% don’t work with an advisor for personal affairs
An advisor can recommend affordable financial solutions, whether you need protection from out-of-pocket health and dental expenses and disability costs, or access to capital to grow your business through an investment loan or line of credit.
Level the playing field
If you’re not tapping into a financial advisor’s expertise, you may be at a disadvantage. Among businesses operating outside the home, only 31% didn’t work with an advisor for business reasons, and 28% didn’t work with an advisor for personal affairs, according to the 2016 Manulife Small Business Research Report.
Working from your home can be a smart business move, and even smarter if you work with the advice from an advisor.
Read more on this topic:
12016 Manulife Small Business Research Report