FSB reveals five tips for running your business from home

With modern technology, it is now easier to run your business from home than ever before. This allows you to reduce your company’s outgoings by eliminating office rental costs. Statistics show that roughly 14% of the UK population now operate a home-based company, with the government identifying these businesses as a key potential driver of national economic growth.

Yet, running your business from home comes with its own challenges, which you must overcome if you wish to develop a lucrative venture. The Federation of Small Businesses (FSB), a leading UK business lobbying group recently spoke on this subject to Start-ups. The FSB outlined the key areas of consideration you should take into account when running your company from home.

Take out insurance

Business owners are legally required to take out certain kinds of insurance policies. For instance, as soon as you hire staff you are required to buy Employers’ Liability Insurance. You may also require policies such as Personal Accident and Assault Cover and Deterioration of Stock Insurance, as well as industry specific insurance. Visit the ‘starting a business’ section of the UK government’s official website to find advice on home-business insurance matters.

Use your space wisely

It is vital you maximise your time to focus on business matters. If you are working at home, how do you reduce the distractions that come with family life to maintain productivity? Use your space wisely; ideally you should establish a separate office in the house away from family areas. Also invest in basic office solutions such as a proper desk, office chair, business technology e.g. phone, computer and good storage facilities so your space is adequately outfitted for business purposes.

Reduce energy costs

According to Ecomonitior, 53% of UK small to medium-sized enterprises do not manage energy efficiency. Of those that do, half reported savings of up to 10%. As a home-based business, implement energy efficiency initiatives to earn real savings which you can re-invest in your company. You may also want to utilise the FSB energy service, an advice facility which the organisation says can help lower average small business energy bills by almost a quarter.

Strike up relationships

Working remotely can make it hard to meet new people or build up advantageous business relationships. Actively strive to engage with the wider business community when operating from home, so you can build the connections you need to generate business. The FSB runs networking events across the UK where its members can socialise and do business with likeminded professionals. Conducting business via phone rather than email wherever possible will help to maximise human contact.

Invest in equipment

Your home-based company will fail without the right equipment. Invest in new technology wherever possible to strengthen your business’ potential to turn a profit. Source the best equipment and software so you do not fall behind in an increasingly competitive marketplace. When running your business from home, it is key that you invest in effective broadband services, such as those offered by Kinex. By utilising a comprehensive broadband package, you will have the infrastructure you need to work remotely and engage with target consumers online, where they are increasingly going to research local businesses and execute purchasing decisions.

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