In fact, it’s estimated that out of 4.5 million small - to medium-sized enterprises in the UK, almost half are home-based. And around 60 per cent of all new businesses are started from home – that’s an impressive 1,400 per week.
So where are all these new home workers coming from? A report has found significant growth coming from non-traditional demographics – mums, young people and the over-50s. In other words, the trend is now bringing people into the job market who might otherwise not be there, which only serves as a bonus to the UK economy.
Add to that, companies needing more flexible working practices due to the economic downturn and the home-working sector is one of the few beneficiaries of the global recession.
The good news is, if you do decide to start a business from home there are very few start-up costs. You won’t be paying a lease or rent on premises, you most likely already have an internet connection and a computer and you are almost certain to have a telephone line.
You’ll also save hundreds – if not thousands – of pounds each year by not commuting.
One area, though, that you will need to think about is whether your
buildings and contents insurance policy covers you in the event of loss. Most
home insurance quotes will cover you for teleworking at home but if it evolves beyond that you’ll need to consult your provider.
Where there is an increased risk to the insurer - for example by having expensive equipment or stock at your property - it would be prudent to check with them that your policy will cover you. If you do run an office based business from home, you shouldn’t wait until the point you might want to make a claim to find out that your policy limits don’t cover your needs.
The same thing applies to your buildings insurance policy. Working from home could affect your buildings insurance - even if you don’t decide to start manufacturing dynamite in your coal shed but settle for a simple office-bases business - it’s best to let you’re your insurer know.
Now all you need to do is become a sole success.
