More people than ever in the UK now work for themselves so the idea of running your own business from home is something anyone can consider as an achievable target. Starting a new business from the ground up does have many different challenges, including of course what kind of work you can earn enough money from in order to succeed.
Types of home businesses
There are now more ways of working from home that at any time in the past, and much of this is down to advances in communications technology. High-speed domestic broadband means anyone can be connected to the world to as big a degree as they want to be. You can run an international business without leaving your front door.
Online trading sites means that many UK entrepreneurs buy and sell goods online, dealing with suppliers and customers on an internationally basis. If you have knowledge of a particular thing that is in demand you can use your skill to ‘buy low, sell high’. Likewise, many people with creative writing or artistic skills can work as freelancers creating content for publishers, while others can use clerical and administrative experience to be a contractor working on out-sourced projects for an extremely wide range of companies.
While running a small home office needn’t impact much on the rest of the family, especially if you have a room set aside as a dedicated office space, any business that means dealing with stock or product deliveries can be tricky.
Obviously most families won’t want the whole house to become a stockroom. A garage can be used for storage, but increasingly many people whose self-employment involves buying and selling use secure rental storage facilities, as they are flexible in terms of how much space you need and are competitive cost-wise too.
Obviously, anyone making the move to starting their own business needs to take a long hard look at the financial implications. Funding might be needed in the early stages, invoicing, waiting for payments might cause cash flow problems, and dealing with the bookkeeping and HMRC requirements can take up valuable time.
Fortunately, there are some great accountants for contractors that do all the heavy lifting for you and can look after all the financial aspects of running a business from home that might seem too daunting for some who want to take the plunge.
Of course, once you have everything in place the hard work really begins. Running you own business isn’t something that suits everyone, but if you have self-motivation and the ability to deal with the inevitable setbacks, you’ll be sure to be able to make a good go of things.
Knowing that there are plenty of ways you can share the burdens and use outside companies to help you navigate tricky areas such as finances that you might not have had to deal with before can be a very positive thing to bear in mind.