Starting a small home business has never been a more popular career choice. There are a record 5.2 million businesses currently trading in the UK and over 60% are run from home. The power of the internet means it has never been easier running a home business from your kitchen table or back bedroom.
BUSINESSES CURRENTLY TRADING IN THE UK (5.2 MILLION) BUSINESSES
Whether you have spotted a gap in the market for a new product or want to put your skills to use and work for yourself, starting a home business can be a viable option that offers flexibility, low overheads and new opportunities.
At the same time, there are a number of things you need before you can get your home business start up off the ground. From the fundamentals to the foundations there are many things to get right before you get down to business.
This chapter looks at the practicalities and considerations before launching your own business from home.
Before your business ideas gets to the start line, there is a lot to think about and get done. Preparation holds the key to a stable and successful launch. Key considerations include:
"WHAT'S THE BIG IDEA AND WHAT MAKES IT SPECIAL?"
What will set you apart you from the competition?
What will you be providing that the market doesn’t currently offer?
Write down the core objective for starting your own home business and outline your strategy for achieving it. Only when this objective is crystal clear in your mind, will you be able to sell and communicate it to others.
The home business plan doesn’t have to be overly complex. But it is important to lay out a structure for what your business is going to do and how it will make money?
There is no perfect format and your home building business plan could be as little as a page or two of A4. When writing it, seek to answer three main questions:
Before you can begin trading, there are certain administrative tasks that you must complete. Principally, you must register as self-employed with HM Revenue & Customs www.hmrc.gov.uk and if you are creating a limited company or limited liability partnership, that must be registered at Companies House: www.companieshouse.gov.uk. There are services that help set up the company for you. For advice, see: https://www.gov.uk/limited-company-formation/register-your-company