A home-based business can be a good solution for people who want extra income but need the flexibility of working from home. Here we look at different ways of working from home, whether you’re an employee, freelancer or running your own business.
Employee
There are currently over 4 million people working from home – around a seventh of the working population. One of the most secure ways of working from home is to become a home-based employee for a company. These kind of workers can enjoy the independence and flexibility of home-working but also benefit from the umbrella of a company sending you the work and thereby taking away the risk. This also has the huge advantage of a firm sorting out your finances and taxes for you. So you won’t have to collate every single business receipt, nor go through the hassle and expense of getting your own accountant to manage your financial affairs.
With the Government actively encouraging flexible working, being self-employed and working from home often means you can choose your own hours. Working from home as an employee will still normally involve going into the office from time to time because some things – such as appraisals, job spec change, etc. – can usually only be done face to face.
Self-employed
You can earn extra cash and stay at home with the children by being self-employed. These positions take many different guises, for example work doing telesurveys, canvassing people’s opinions. Similarly, this genre is huge with marketing and telesales. This sector is also very big among tutors. Music lessons, academic tutoring, private lessons, specialist skill classes in subjects such as computer software or painting – all can be taught from home. The great thing about this way of working is that you can tailor your hours to suit your life. This is especially good if you have to work around your children or caring arrangements.
Holly Reisem Hanna’s award-winning blog about working from home stresses that whatever a home-based job’s flexibility, it must be treated for what it is: professional employment. She says the biggest challenges are social isolation and avoiding distractions.
Running your own business
When it comes to starting your own company, the possibilities are endless. Your new home-based company could be product or service-related. Hand-crafted clothing, hand-made baby blankets, gift baskets, custom furniture builder and designer jeans re-seller fall into the former category. Book-keeping, accountancy and catering fall into the latter. A third category comes in the shape of hobby-based business ideas. These include picture framing, photography, musician and artist.
There is also a fourth category: franchise-based firms from home. Many of these can be tailored to suit your budget, aren’t as risky as some other firms and have the advantage of usually being a proven business. For example, you could start your own aerobic dance body-conditioning business. Jazzercise franchises offer training which end in certification. Start-up expenditure varies from around £1,800 to £46,000. Many franchises are available from under £30,000, which is far cheaper than most normal start-up costs. You don’t have to concern yourself with renting premises for a start.
A fifth category is specialism. Many accountants, psychiatrists, web designers and journalists work from home these days.
Posted by the Secret Businessman