So you’ve taken the plunge and decided to start your own business, the next step is to find those premises that are a perfect fit for you, your company and brand. What if the best place right now is where you’re already sat and feel comfortable?
Setting up a business from your home isn’t the sole preserve of new mum’s and writers, it is an option that around 60% of new business owners in the UK are taking up and there has to be a few good reasons for that.
This is of course the biggest single reason at the beginning of a new business.Most start-up companies haven’t got the capital to invest in purchasing a commercial space from which to conduct business, and if you’re struggling to find a good space to lease, without the right location then starting your business from home ticks a lot of boxes.
As an interim measure starting from home provides you with a company space with little overheads. You’re not paying extra rent or service charges and you can even claim back a percentage of your utility bills at home in the form of electricity, heating and telephone calls.
One of the biggest savings of course is the commute. Think of all those £££s that are spent on either petrol in your car or tickets for the train and/or bus each day. From a personal point of view the savings are enormous.
But of course that commute isn’t just eating into your money, it’s also eating into your time! Time that could be better spent being creative, working on your new business baby, or occasionally sleeping. Most people will travel between 30 minutes to an hour each morning and evening from work so right here is a massive time saving, which can soon translate into a more productive working environment.
Another saving is with things like business insurance. Rather than the sometimes-hefty cost of insuring a business property, adding a business clause to your existing home insurance isn’t as expensive as you’d assume it would be.
Flexible Staff Options
Also, starting a business from home doesn’t preclude you from hiring staff to work with you. The same health and safety rules apply as with any business but you can be flexible and outsource staff roles where necessary. Just as with the many people starting businesses from their home space you’ll find more self-employed people working from their homes or co-working spaces, with the skills and tools you may require as part of your team.
Keep a Healthy Work/Life Balance
This is one of the biggest draws to setting up your business from home. As long as you have a dedicated work area at home, much like a proper office, your work and home life shouldn’t become too blurred. However, it does mean you’re at hand should an emergency come up, or you want to spend more time with your friends and loved ones that just wouldn’t be possible working from a commercial space with a commute either side.
As long as your landlord or mortgage provider know you are setting up a business from home and it is all accounted for within contractual agreements make the most of it. When it works it can be a great thing, building up your business from scratch whilst having the flexibility to enjoy your social and family life close at hand.
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