Home Business

TYPES OF HOME BUSINESS

• Website building: when you build/ set up a website, the more people visit the more sales it will generate.

• Ebay Business eBay is where people and businesses buy and sell variety of goods and services online and they also give advice to start ups. It requires a little knowledge about the products/services.

  • Companies’ representative: being a representative for companies is also a home based business. When you sell a product for these companies, you will be given a commission based on the product sold.

• Mobile franchises which includes businesses such as residential cleaning, home owner services and repair, auto detailing, pet care services, senior care, and many more.

• Small business consulting: you can be an online consultant on a particular business; you give your clients productive ideas and advice

All the types of home business listed above can be done at home; all you need is a computer with an internet facility. You don’t spend money on transportation and you have the freedom and flexibility to work the hours you choose in an environment you think it’s best for you.

Becoming a home business owner is an option if you don't actually need to run your business from rented or owned business premises, only if your rent agreement does not include restrictions on using the premises for business. It’s the best option for those needs small office; you can start in your home.

Advantages of Home based Business

• It reduces expenditure on office rental or office purchase.

• Saves time and money by reducing what you buy with money.

• It can be flexible and there is always freedom; you are your own boss, so you work at your own pace

Disadvantages of home based business

• There may be distraction and interruptions domestically or even visitors

• You might not have people to talk to about the business problems and how to solve them.

• Your hours of work might be longer than the hours you want to work.

• It may affect your home insurance, mortgage and even your tax

Home base business start up tips

Below are some things you need to consider before starting a home based business

• Check if your mortgage or tenancy agreement contains any information about using your home to run a business.

• Contact your insurance provider and ask if you need to take extra insurance.

• For you to know if you will be charged for business rates, you need to inquire from the valuation office agency (VOA).
• Check your income tax, VAT and Capital Gains Tax.

• The Health & Safety Executive or your local authority, to find out if it will be safe for you to start a home based business.

• The planning department of your local authority, because you might need to make structural changes to your home. But note that you will need planning permission

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