How To Run a Business From Home: An Introduction

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How To Run a Business From Home: An Introduction

on Wednesday, 25 May 2022. Posted in Industry News

Running a business from home comes with its challenges, but even some of the biggest entrepreneurs in the world started their multibillion businesses from home. Here we’re going to explore how you can run a business from home, and everything you need to get started. 

Advantages of running a business from home

First off, what advantages are there for running a business from home? Turns out there’s quite a lot. 

Low costs

One of the greatest advantages of starting a business from home is the low running costs you will incur. Working from home means the need for office or warehouse space is reduced, as well as the potential tax reduction you may be able to claim.  

Flexibility

Creating your own business means that you make the rules when it comes to lunch times, breaks and opening hours. Giving you the freedom and flexibility to decide when and when not to work.

Family business opportunities

Running a business from home can also be a great opportunity to grow your family relations. Having family members get involved with your company is a great way to bond, but also share your new journey with them. 

Work-life balance

As we mentioned before, flexibility in your life is key, and running a business from home can help you with that. Being able to work on domestic tasks throughout your day, such as cleaning and taking care of a young child, can save you time in the evening for other relaxing activities. 

The laws & regulations of running a business from home

We would advise you to firstly check what laws and regulations you have to follow as a business owner or sole trader. These will change from industry to industry, so it pays to do your own research. 

Permission

One of the first hurdles you would typically hit when opening a business in your home will be getting permission. If you are currently renting your home, you will need to receive permission from your landlord or landlady before your business can begin trading.

If you currently have a mortgage for your home, you will need to ask permission from your mortgage provider, as residential mortgages differ from business mortgages. Starting a business without getting permission from your mortgage provider results in breaching the terms of your loan, and full payment of the mortgage can be actioned.

Planning permission

Planning permission may be required if running a business causes you to make changes to your home. If you believe your business will force you into making changes to your home, we would advise you to get in touch with the UK government’s planning portal.

Tax changes & business rates

When running your business from home, the way you pay tax will change. If you are a sole trader or are a business partner and have earned more than £1,000 you will have to send a tax return

A good benefit of making a business from home will mean that you may be able to claim back a portion of your business costs, such as heating, lighting, council tax & broadband.

Insurance

After receiving permission to launch your business, you will need to acquire some form of business insurance. The type of insurance will come down to the service or product you offer. A business that offers a service or product to the public will probably need to obtain public liability insurance, which can be granted by many insurance companies.

If you plan on employing someone to help you get your project off the ground, you will also need employer’s liability insurance. This insurance protects you and your business if an employee gets injured whilst working for you. You can be potentially fined £2,500 every day you are not properly insured.

How to keep in touch with your customers

One of the biggest issues that businesses face when moving to home working is maintaining professional communication with their customers. Staying connected with your clients while maintaining a work-life balance is easier when you have a phone system that accommodates running a business from home. 

Rather than using your personal phone for client calls, you can use a virtual phone system to help you take calls. Utilise a voicemail system or a virtual receptionist to handle out of hours calls for you. You can also use a virtual number system to maintain the appearance of the large business, or to target a local area. Here’s how. 

Local numbers

A local phone number is a number specific to a certain area, containing that place’s area code. A virtual local number can help you target a specific region. For example, if your small business wants to focus on clients in Cardiff, obtaining a Cardiff phone number can help you with that. By owning a number from their area, you can build the impression of a local business and gain the trust of a new customer base. 

Freephone numbers

A national number can be a great way to appeal to as many clients and customers as possible. This is because they give the impression that a business operates on a national scale. National numbers are used by numerous multi-million pound businesses around the UK and have become a staple for customers to ring for many years. 

Freephone numbers

Using a freephone number is a great way to encourage customers and clients to call you. Freephone numbers, also known as 0800 numbers, are free-to-call numbers that allow customers to call your business for free, with you, the business owner, paying the price of the call.

Virtual Business Numbers with Virtual Landline

Virtual Landline can offer you a bespoke service that allows you to make and receive calls from any smartphone, tablet or PC from anywhere in the world, but especially from your home office.

How does it work? Find out how Virtual Landline can help your business today.

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