Starting your own business

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Starting a Home Based Business


Starting a home based business is a practical solution for most people wishing to become self employed.

Working from home can have many advantages which the tradition avenues of renting or purchasing office premises do not have.

Some of these include:

Reduction in travelling costs

One of the more obvious advantages of starting a home based business is that there are no immediate travelling costs associated with getting to work. These savings achieved might be substantial depending on the area which might otherwise be travelled to.

Costs of travelling to work are also not an allowable deduction from the profit of the business and therefore the benefits of working from home become even more attractive.

Less disruption to family life

Spending late nights at the office might become an everyday part of the normal life for a person trying to build up customers and dealing with enquires and other matters. When starting a home based business, although long hours might still be worked, the person might at least be in proximity to their partner and other family members.

Coupled together with reduced journey times, the hours spent working from home might actually be less as time saved between home and the office might allow more work to be accomplished.

Reduced overhead costs

The leasing of office premises might represent a significant overhead expense to an enterprise. Together will be rates, utility costs, insurance and the possibility of having to pay a lease premium, renting offices might quickly drain both the short and longer term cash resources of a start-up.

These expenses might also be incurred before the business has earned a single sales transaction to counteract these bills.

Starting a business from home might negate a significant portion of these costs at a time when cash might be in short supply. There are also the advantages of accepting reduced risk, so that should the business fail; the person is not committed to a lease which might be expensive to exit.

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Take the 6 question quiz and test your knowledge on matters relating to starting your own business
1. When running a business, which of these statements is generally true?
Profit is the same as cash in hand
Profit is not the same as cash in hand
Profit and cash are usually about the same
Single Question Survey
Did you know that company formations can be carried out entirely online without any need for paper or written signatures?