Five Tips for Starting a Business From Home - World Options

The flexibility afforded to employees during COVID-19 lockdowns was a wake-up call for many people. Two years since the pandemic began, many workplaces have ushered employees back into the office, but the large numbers of workers who have quit their jobs over the last year — in a phenomenon known as the Great Resignation — show that not everyone is happy with this return to the status quo. 

If you are thinking about moving into a home office long-term — and especially if you want to start your own business from home - there are some considerations you will need to make.

Here, World Options’ franchise experts explain what you need to know if you aim to convert your home into an office and to ensure that it is suitable for your business needs. 

Make Sure You Have The Space 

Different types of business require different amounts of space and while you may easily find the space for a small workstation, or even a full office, you may need more than just room to work.

If you’re running an e-commerce business, for example, you may need a lot of space for stock in addition to your workspace. If you are making your own products to sell, you may have considered that you need space for manufacturing, but may not have considered that you will also need a workspace to stay organised. 

• If your business grows to a size where you decide to hire employees, do you have a plan for this?

• Is there room in your house to accommodate a small team?

• Will they also be able to work from home and is your network infrastructure prepared to manage remote workers?

If not, it may not make financial sense to set up a home office in the first instance, depending on how quickly you expect it to grow. 

Check Your Internet 

Most businesses rely on the internet for their operations, but different types of businesses will have different requirements.

If you operate an online store, for example, you will list products, process orders and handle customer service online — you may also deal with suppliers and business contacts using the internet, or book deliveries for sending physical products to customers. 

For this reason, a reliable internet connection is a must-have for any home-based business.

Often, the Wi-Fi service you use around your house won’t be suitable, and if your connection is weak in certain rooms, you might want to invest in boosters or signal extenders to make your connection more reliable.

If you expect to send large files — for example, if you will be freelancing in a creative profession and will need to transfer media files — you should ensure that your internet speed is fast enough. Otherwise, slow upload speeds can easily hamper your business ambitions.  

Further, if your connection drops out or you experience a long-term outage, this could lead to delays, missed orders, or an inability to easily get in touch with customers.

However, some business Wi-Fi packages can account for this and provide backup or repair services to avoid any long-term impact on your business, so you should consider making an investment in a professional network setup. 

You may find that the easiest way to manage your business operations is to use cloud-based software, as many packages offer email, documents and customer relationship management (CRM) functionality all in one place.

But if a large proportion of your work is going to take place online, you should certainly consider the strength and quality of your connection. 

The good news is that if you set up your connection in the name of your limited company, you can claim your business-related internet costs as expenses for tax purposes.

However, if your connection will also be subject to personal use at the same time, you may need to set up a separate line to your home to benefit from an expenses claim. 

Buy A Business Phone 

A business phone will enable you to keep your contacts organised and will store your most valuable data, without overloading the memory of your personal phone and creating data management challenges.

If you feel that carrying two phones is too cumbersome when out and about, you can use your work phone as your office phone and leave it behind when you go out, or employ someone to answer and forward business calls to your phone. 

Alternatively, you could set up automatic redirects that will send calls to your personal mobile number if they ring out on your work phone.

This means that you can still address work emergencies when necessary, but you can maintain clear boundaries between your work and home life. This can be difficult when working from home, especially when you are the owner of your business. 

Similar to internet services, if you purchase a cell phone and use it exclusively for your business, you can claim tax relief on the cost of the phone and any expenses associated with its use, which can make this option more affordable to new business owners. 

Be realistic about your expenses 

Working for yourself means paying your own energy bills, whether you work from home or in a rented office space. If you are used to working in an office, it may be difficult to estimate the increase in your household expenses that you will incur from moving to a home office.

Still, you should factor in that you will be using more electricity, and possibly more heating, water and other utilities, and include at least an estimate in your business plan.  

You can also claim some portion of these costs as business expenses, and you can also claim for tax relief on fixed outgoings like your mortgage interest, home insurance and Council Tax, so there are significant financial benefits to starting a business from home, providing that your account for your expenses realistically. 

Start A Franchise Business 

With a franchise business, you can rely on a franchisor to provide financial information that can help you to calculate your outgoings more accurately and prepare for success.

Most franchisors will provide training and may also supply the starting equipment you need in exchange for your franchise investment fee, so you can hit the ground running. 

Depending on the franchisor you choose, you might also benefit from their head office taking care of certain responsibilities on your behalf, whether that includes providing an online sales or CRM platform, or handling customer service enquiries, leaving you more time to focus on growing the business. 

There are many types of franchises you can operate from home, whether it is an e-commerce business, a parcel courier franchise or other business models, so if you are not yet sure what type of business you want to start, it can be valuable to research the franchise options available.  

If you are interested in starting a franchise business, you can find out more information about starting a World Options franchise on our franchise portal. Alternatively, if you are interested in starting an e-commerce business and are in need of a trusted delivery partner, find out more about our shipping services.