Starting a business from home
Research shows homeworkers now contribute an estimated £167 billion to the UK economy annually, and that the number of those who work from home in the UK is set to rise to 15.6 million by 2022. For many working from home is the ultimate career dream and with developments in technology, like broadband and lowering cost of mobiles, the opportunity to do so has never been easier.
Opening and running costs
One of the most important factors for entrepreneurs operating a home-based franchise is the affordability of it. Setting up a commercial office or retail premises is very expensive. As with any new office or space this will need to be decorated, furnished and staff to man the operation. This all adds to the running cost and adds more pressure on you to generate revenue.
A work from home franchise will not need to make this sort of expensive decisions. Most home-based franchises can be operated with a computer, internet connection and a mobile phone, thus allowing you to start making profit for you and not covering your business operating costs.
Travel costs. What travel cost?
More and more of us spend an ever-increasing amount of time just getting to and from work. A UK employee on average spends £151 a month travelling to work every month, and 110 minutes travelling per day. This not only is a financial drain but also a personal drain when tied in with long working hours.
It’s no wonder that investors are looking at home based businesses, not only saving money to channel into their business but also the time saving not having to commute.
Although we expect many new business owners will be required to work as many hours as the day possible allows. But most franchise businesses will be able to decide their working hours or will be required to work around the hours of the customers or clients. This sort of flexible working can be a real benefit to mums/dads who are still career driven while also caring for their children. To some its just being able to be their own boss while deciding their own working hours, and if that’s you then choosing a work from home franchise may just be the perfect chance to realise your dreams.
Bills and tax advantage
Starting a new career can be a challenging time and this is only intensified when your starting your own business. For this reason, it’s important that business owners take full advantage of any financial savings they can make.
When running a business from home, you can offset a percentage of your house hold bills through your business. Speaking closely with your accountant should ensure your get the tax benefits while not breaking the law.