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?