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Have you discovered the joys of working from home? Almost half of us gave it a go at the start of the pandemic, and many have stayed put ever since. With no busy commutes, dress codes, or office politics to worry about, it’s easy to see the appeal of setting up a home business.
In fact, the pandemic has driven what analysts have identified as the UK’s strongest start-up boom in a decade. But as with any new venture, and no matter where you’re based, there are still several key steps to follow on the path to success.
Business registration
Unsurprisingly, starting a business brings its fair share of admin. You’ll need to decide on your company structure – sole trader, limited company, or partnership – then register with HMRC.
It’s wise to open a business bank account to seperate your personal and company finances. Think about establishing a business address too. A virtual office could be worth signing up for if you deal with other businesses or move regularly.
Strategy
So you have the idea, but what’s your strategy? Start by researching your target market and any competitors in this space already. As well as building a brand, you’ll want to create clear objectives along with a detailed plan of how you’ll achieve them with the help of a local design agency London.
Formalising your strategy will help keep you focused, as well as coming in handy if you want to approach lenders in the future.
Security
Security may not seem as a threat when working from home, but you’ll need to take extra steps to protect your livelihood. This could include taking out business insurance, expanding your home contents insurance, and installing an alarm system.
Don’t neglect cyber security either. Install antivirus software and download a VPN in the UK to protect your personal information from hackers, advertisers, and internet service providers.
Working space
This concern may seem minor, especially if you do all your work from a laptop, but you’ll need to find somewhere comfortable and quiet to set up. The ability to do so will depend on your accommodation and who you live with, of course, but aim to find a nook with as few visual and audio distractions as possible.
Permissions
Whether you need permits will depend on where you live and how your business will operate. You could need to apply for planning permission if you’ll be dealing with high volumes of customers, for example. You might need to notify your mortgage provider or landlord too.
It’s never been more feasible to set up a business from home. Follow the steps above to start strong and make your first period of trading that bit easier.
