Tips For Starting A Part Time Small Business From Home – Whose business is it Anyway ?
Are YOU one of those individuals looking to Start a Small Part Time Business because you feel stuck in a Rut?
Wage increases are virtually non existent whereas the cost of living continues to increase making it so much harder for individuals and families to make ends meet. Working in the public or private sector for someone else is also not as enjoyable as it used to be due to the pressures being imposed on employees to work harder for less.
The reality is that there is a limit as to what you can realistically earn by working for someone else, in other words you have to work over time, extra shifts and weekends making your social life more miserable and limited, whereas running a small part time business means that your hourly income can increase in line with the money and profits that your small part time business makes each and every day.
If you’re an employee /mum/ dad or student by day and looking towards building a business after hours around an existing job then there are people who you should consider keeping in the loop with what you’re doing to help relationships flourish that it turn may well help your new small business take off.
Tell your boss
As long as you’re not doing anything in competition with your day to day job, it is a good idea to let your employer know what you are doing out of hours as a part time small business, but remember that your small part time business must not affect your full time job. Don’t be afraid to tell your employer as they will be likely to see your part time small business as a good thing, because you are showing ambition towards gaining new skills and motivation that may well end up benefiting your employer in one way or another. If you attend out of hour training courses to help you develop new skills for your new small home based business, then again what you learn may also benefit your employer.
Inform your insurance / mortgage company
When starting a small business at home, it is always wise to upgrade your home insurance policy to include business cover and tell your mortgage provider so that should any claims be made in the future there is no excuse for them to refuse to pay out because they were not informed. There is no need to notify your local council as long as your property is to remain as your main residential home and not be completely converted to a full time business premises.
Contact the taxman
Whenever you change jobs, or even start a small part time business you have a duty to inform the taxman of your new activities within three months. Registration is straightforward and the type of form filling depends purely on whether you set yourself up as a sole trader, partnership or limited company. If you are unsure of what benefits you can claim or offset against any tax liabilities it is a good idea to seek advice from a professional accountant. By doing so you will be able to keep your tax bill as low as possible by claiming business including those for working at home.
Share the news with family and friends
Last but not least – shout out loud and spread the news. You may even be surprised how it could help create sales and new business for you. Some may be a little jealous to begin with, but so what….. it’s your life, your future and your dreams that count.