Starting a business from the comfort of your own home is a dream for many people, and although it can be difficult to navigate at first, it is doable.
According to Great Business, there are 2.9m home-based businesses in the UK, and they contribute £300 billion to the economy.
It’s far easier to start a business from home than ever before, and in this article, we’ve collated our top tips on kick-starting your new venture.
First thing’s first, you’ll need to decide what kind of business you’d like to start and figure out whether there’s a gap in the market for it. If there is, the next step is coming up with an in-depth business plan and working out what your profit will be.
When you take the plunge, unless you’ve got a lot of money behind you it’s worth building your business slowly. Most successful entrepreneurs don’t quit their day job straight away, they continue bringing in money while they’re building. Once you’ve started turning a profit, think about going full time, but to avoid going bankrupt before your business has a chance, it’s definitely worth staying in your day job.
Business site Forbes.com urges people looking to start a business to consider the costs involved. Once you develop your business idea, work out the costs and expenses. As well as notifying HMRC of your new business, you’ll need to do a yearly tax assessment and pay what you owe, so it’s worth saving as you go so you’re not hit with a hefty bill at the end.
Once you’ve looked into the finances, put together your idea and you’re ready to start, you need to prepare your home. If you haven’t already got a room that you can transform into an office, you may need to get planning permission to get an extension – particularly if you’re going to have employees working for you from home.
Your office needs to be kitted out with supplies to ensure its success, this includes computers, desks, stationery and printers. If you print lots of documents, for example, it’s imperative that you have a high-quality printer and an affordable supplier of toner or ink cartridges to ensure things continue to run smoothly.
Once your office is filled with the right supplies, business is growing and your finances are in order, you can consider becoming an employer. It’s worth noting that without a serious extension, it’s unlikely you’ll be able to have multiple employees working in your home. If you do take on employees, you’ll have more responsibilities, and GOV.UK notes that these include running payroll, paying for National Insurance and providing workplace pensions.
It is possible to start a successful business from home, and if you run it correctly, you’re likely to be searching for a bigger office in no time.