Starting a part-time business from home
Whether you have a great business idea that you want to explore further or are simply looking to generate some extra income, starting a part-time business from home could be a good option. However, there are a number of considerations you need to take into account, if you want to be successful in your new venture.
With the number of self-employed people and sole-traders in the UK market already standing at more than 4.1 million, it’s important to have a clear and achievable business plan in place, as well as a good understanding of the amount of time that you are willing to dedicate to it. These things will keep you focussed on getting your business moving in the right direction. Be sure to register yourself as self-employed as soon as possible, so that you pay the correct amount of tax on your earnings.
You’ll also need to ensure that you are adequately protected and may want to consider self-employed business insurance. Your home insurance may not provide you with enough cover especially if you design, make or supply goods to customers, visit their premises or employ any staff. Business Insurance for SMEs can provide cover for your business premises, equipment and any third party compensation claims should you be found legally responsible for injury to employees or customers or damage to their property.
When the fundamentals are in place, you can focus on the individual aspects of your business. When you’re working from home, you can make the most of the resources at your disposal, like the wealth of online tools that can help you with all aspects of your enterprise. For example, you can conduct low-cost but effective marketing research using programs such as OnePoll, or remotely collaborate with business partners or colleagues using tools such as Teambox or Bloomfire.
Finally, it’s important to create clear boundaries between your home and working life, especially if you are conducting your business in the family home. Identifying an office space that can be used exclusively for work allows you to take clear breaks and helps to avoid unnecessary distractions during the day.