Home sweet home working -

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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 -

    1. 1. Home Sweet Home Working Working from Home – Is it for me? Chris Pearson
    2. 2. 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
    3. 3. 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
    4. 4. 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?
    5. 5. 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
    6. 6. 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
    7. 7. 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
    8. 8. 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
    9. 9. 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
    10. 10. 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”)
    11. 11. 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
    12. 12. Any Questions?

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