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Starting A Business From Home

Starting A Business From Home  - If you don’t need to run your business from a rented or owned business premises then becoming a home business owner may be a viable option for you. This is an ideal solution if you have a small business and don’t require a lot of office space to run your business enterprise. However, do be aware that working from home may not be an option if it significantly changes the use of your home and affects your local area such as having a lot of visitors on a regular basis. If you rent your home, your lease may include restrictions on using it for business purposes. So be sure to check out the legal fine print on any property documentation.

 

Advantages of working from home include:

1. No office rental costs
2. Saving time and money by reducing commuting or travelling
3. Flexibility in working hours

Disadvantages in starting a business from home may include:

1. Inability to keep home and work life separate including other distractions or interruptions
2. A tendency to work long hours
3. Your mortgage, home insurance and taxation may be affected In combating the disadvantages, it is important to distinguish your “work space” from your “home space”.

 

Using an entirely separate room in the house or even better, an outdoor shed that can be converted for business office use (remember to consider possible planning permission and conversion limitations). Making sure that you have a good time management schedule and prioritising set tasks on a daily basis will minimise the tendency to work long hours. Make sure that your mortgage lender or landlord won’t have any issues with your business being home based. Your insurer should also be made aware that you wish to start a business from home in order to discuss any additional insurance that may be required. Your business will be able to claim tax benefits from areas of the house used for business purposes. However be mindful that the home space you use for business could be charged business tax rates dependent on the frequency of use. So it would be wise to find out the rules from your local authority and seek independent advice from a tax consultant to find out what you are and aren’t entitled to. Consider your common costs involved in "starting a home business".

You will need:

1. A desktop computer and or a laptop
2. Broadband access (a good internet connection is essential if you are conducting a lot of your business online)
3. A mobile phone
4. Office desk and good working chair
5. Business cards
6. Marketing costs
7. Product costs (particularly if you are stocking these yourself)

 

If you turn something you enjoy into a way to make a living, it will never really feel like work. This means that you won’t be short on motivation or inspiration and will have the right mindset to ensure a successful and profitable home based business.