A new year can feel like an exciting opportunity for a fresh start — and, if you have grown weary of your day-to-day working life, changing your job could provide just that start. Working from home can especially appeal, as it can save you money on commuting and expensive overheads.
However, if you do like the idea of working from home, you might remain unsure on how exactly to set up the business. In this article, we provide a few pointers and aim to clear lingering confusion.
Decide on the sector in which you want to work
Did you know that, as reported by Start Up Donut, over 60% of people starting a business do so from their home? There are many different reasons to join them, a point on which this article will elaborate. One major reason is the versatility which running a firm from home would afford you.
No matter what industry you could think of, from IT and accountancy to fashion design and pet care, somebody somewhere is working in that sector by running a business from home. It’s clear, then, that you have plenty of choices regarding what type of work your own home-based firm will handle.
Consider the technical options for registering a business
Exactly how you register your business will depend on what country or territory’s law will pertain to that business. For example, if you will be setting up your business in the UK, you can register your company as a sole trader, limited company or partnership.
These might initially seem like rather technical terms, but it’s important to educate yourself on what each of them mean. As the UK Government’s website explains, setting up as a sole trader is a simple process, but would leave you personally responsible for the company’s debts.
Therefore, you might prefer to keep your personal and corporate finances separate by forming a limited company instead, though this route would require you to handle more reporting and management responsibilities. If you want to run a business alongside at least one other person, then starting the firm as a partnership would help you to do so.
Are there other legal implications that must be heeded?
Yes, there could be, though this will depend on your specific situation. You might need to secure particular permissions to go ahead with your home-based business. This could require you to approach your mortgage provider or landlord.
In the UK, if you are intent on major alterations to make your home suitable for business use, you may also require permission from the local planning office. Meanwhile, if you anticipate receiving many customers or deliveries, seek to advertise outside your residence or require a license for running the business, think about contacting the local council, the GOV.UK site advises.
If starting that business from home turns out to not be practically possible after all, you could consider moving to a new location or office space that relieves this issue. So, “where is a man with a van near me?”
