Running your Business from Home
Running your Business from Home
Running your Business from HomeThe current economic climate has caused many of us to find that we have lost our jobs, or we need to pick up a second job to cover the expense of our outgoings. A lot of people are choosing to work from home, and start little businesses on the side of what they already do, but if you fall into this category, take a whole to consider the implications.
A small business gives you freedom, you are your own boss and you can work to the deadlines that you set. Small businesses are normally privately owned (which echoes the new start up trend) and they can be low cost and easily operated on a part time basis, meaning that you can squeeze it in around other commitments.
Your contents insurance is the first thing you should consider. Are you covered to work from home? Will you be having clients and customers onto the premises? If this is the case then you may not be covered, and should look into a policy that covers using your home as a business premises.
You will need to add to your insurance policy as much as five thousand pounds to cover any damage to the new business equipment that you are using, not to mention and stocks that you might be keeping in your home. If your business employs staff then you also need to make sure that the insurance covers them, in case of any potential law suits. This will most probably be a specialist type of insurance.
Small businesses can face lots of teething problems, like not having enough capital, and all the certificates you need to ensure you are legally allowed to conduct your business. You must be mindful of margin and overheads, and reach a good level of sales that outweigh the daily business running costs. Another problem that small businesses face is the issue of larger companies being able to service customers well, with stock levels and delivery times being greatly shorter with larger businesses.
If you are looking to start a small business then seek advice online and check your Contents Insurance policy to see what you are and aren't covered for.
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