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  • Talk about making sure that business is not illegal i.e. drug related. Is there a market for your business – does it exist already Will money coming in be greater than money going out and enough to live off.
  • Lower overheads, good for working mums etc
  • CGT
  • You can portray a corporate image through the way you market your business – i.e. professional website.
  • A website gives you the same size shop front as everyone else – make the most of it Example of client getting ready for work leaving by the front door and going to the garage
  • John’s example of client turning up in Chauffeur driven Bentley and being walked through the house.

Home sweet home working - Home sweet home working - Presentation Transcript

  • Home Sweet Home Working Working from Home – Is it for me? Chris Pearson
  • Content
    • Pros & Cons of running a business
    • Have you got a good idea?
    • Have I got what it takes?
    • Pros and cons of running a business from home
    • Issues and implications of running a business from home
    • Hints and tips
    • When is it time to leave?
    • Any Questions
  • Pros & Cons of Self employment
    • Advantages
    • You are your own boss
    • Time is flexible
    • There is no ceiling on your earnings
    • Job satisfaction
    • There may be tax benefits
    • You make the decisions
    • Disadvantages
    • You need self-discipline
    • You have to manage your time carefully,
    • There is no floor on your earnings
    • You are completely responsible
    • No payment for sickness, holidays etc
  • Viable idea? Key Questions to Ask Yourself…
    • Is my idea legal?
    • Will people buy my product / Service?
    • Will I make a profit from my business?
    • Can I make a living from my business?
    • Have I got what it takes?
  • Have you got what it takes?
    • Skills – Technical, business
    • Characteristics – Attitude, Discipline, tenacity
    • Motivation
    • Support – family, financial, professional
    • Capacity / time – 168 hours per week
    • Space – premises, home, serviced office
  • Pros of working from home
    • Low cost
    • Offers convenience and flexibility
    • Supports work / life balance
    • Overall can be less stressful
    • You may be able to get tax relief on domestic bills
    • More practical for people with special needs or disabilities
  • Cons of working from home
    • Professional isolation
    • Difficulty separating personal life from business
    • Easy to become distracted by domestic affairs
    • May undermine professional image
    • May need planning permission
    • May need to pay business rates
    • Clients may turn up uninvited or late
  • Home working Issues to consider
    • Does your lease / deeds allow you to run a business
          • Tell your landlord / mortgage provider / Home insurance provider
    • Do you have space to work effectively
          • Can you leave your papers untouched overnight
          • Is your kitchen big enough
          • Do you have enough storage space (DPA?)
    • You may need to apply for planning permission if:
          • You change primary use of premises
          • Clients coming and going
          • Creating smells, noise
  • Issues and Implications of Working from Home
    • You need to comply with Health & Safety regulation
    • Don’t forget your family, friends, and neighbours
    • You may need a trading license
          • i.e Child minding, health & beauty, food (LA dependant)
    • You need to comply with the Disability Discrimination act.
    • IT & Communications
  • Hints and Tips
    • Working from home does not confine you just to home
          • Meet your customers
          • Meet your networks and attend events, forums and meetings
          • Market research is not just about sitting behind your desk
    • Consider buying used furniture
    • Set aside a separate space and ground rules
    • Set up a separate phone line
    • Working from home does not mean you have to look small to your customers
    • Go to work! (get yourself in “the Zone”)
  • When do I Leave Home?
    • When image becomes important (prestige)
    • When you need to recruit employees
    • When your domestic equipment / space becomes inadequate
    • Personal desire
  • Any Questions?