Tag Archives: home working

The secrets of running a successful home business

 

People who have “proper” jobs have a funny concept of what it is like to work from home, possibly because when they do have a day out of the office, not much “work” actually gets done….

 

If you are moving from an office-based job to a home office, here are five tips on how to make it work,

1. Have a proper office space

Don’t try to work at the kitchen table, in the living room, sprawled across the bed. None of that feels like a genuine place to work, and as a result you won’t feel like you are doing a proper job, which you are.

2. Open a work bank account

It doesn’t have to be a business account at first, as high street banks tend to charge extra for processing cheques, transactions and other fees just for businesses. An ordinary current account into which you pay your earnings and which is separate from your household accounts is free and a good idea. It helps you keep track of your money and allows you to demonstrate genuine business costs and expenses, which you will need to be able to do if the Inland Revenue comes calling…..

3. Keep records

The better your records, the fewer hours you will spend filling out your self-assessment form. When your business grows and/or you set up a company, you’ll need to do two sets of accounts – your personal accounts and one for your company.

4. Spend money wisely

You don’t need lots of expensive office equipment or a sophisticated accounting software package until your business is growing rapidly, but you do need very good anti-virus software on your computer or laptop.