In 1976 three friends formed what would later become the richest company in the world: Apple Inc. But, in stark contrast to the new £5bn Apple Campus 2, the original founders of Apple started building computers out of Steve Jobs parent’s garage. “
In the early stages of any company’s growth, maintaining low overheads is vital and avoiding lengthy expensive property contracts can free up capital to focus on going to market. But for many entrepreneurs, the chance to start a home business offers more than just economic freedom. Many people who launch a home-based business enjoy the time that would otherwise be spent commuting, whereas others cherish taking the kids to school or having dinner at a reasonable hour. An extra hour of sleep can also make a huge difference to your wellbeing.
Moreover, introducing a more flexible schedule into your weekly routine can help reduce stress levels. Rather than enduring a busy shopping centre on Saturday, you can avoid the crowds and head into town on a Tuesday. And the freedom to take a walk during daylight hours in the winter or take a creative course in the afternoon can help contribute towards work-life balance.
There’s an assumption that this time has to be made up during unsociable hours but that’s not always the case. A recent survey by www.salary.com reported that 89% of employees waste time in the office, with online distractions and “sociable” colleagues often taking the blame. Getting paid for your work rather than your time is a huge incentive to ignore Facebook in favour of an early finish or longer lunch.”
Despite the benefits of starting a home-based business, many people feel daunted by the amount of time and money it takes to launch a new venture. In order to minimise your risks and generate a return quickly, many entrepreneurs look to replicate an established model. There are over 39,000 franchises available in the UK but if you’re specifically looking for a home-based business, there are some key things to consider.
Holding stock
Unless you happen to have an unused garage or attic, space will always be a major restriction. Having to hold stock also ties up your working capital in assets. But with so many digital and service-based businesses now available, holding stock has become more of a choice than a necessity.
Owner-operated
Can the business be operated alone or will it require additional staff? Building a fantastic team is a great long term goal but employees come at a cost. Not only do you have to commit to a regular salary and benefits, you also have to provide adequate space to work in.”
Scalability
You might want to run your business alone in your spare room for now but what if your situation changes? It should be relatively simple to increase revenue through investment in staff and marketing.”
Market timing
Huge companies like Microsoft and Apple will work on a number of product lines knowing that some will take time to take off and some will fail to launch. They have the luxury of established revenue streams and huge capital reserves. If you’re backing one product, the market has to be ready now.
When you start looking through the thousands of UK business opportunities, finding a home-based business that meets all of these criteria can be challenging. But if you’re determined to leave the rat race, we would recommend looking for the following:”
Digital products
Unlike traditional products, digital services and products can be distributed quickly and at little cost. Not only can you save on storage space, you can run your entire operation with a phone and a laptop.
Support and training
If you want to keep staff costs low, quality support and training is essential. Not only should you expect to be trained by someone with real business experience but there should be a support network readily available and on hand to provide expert advice.
No geographical restrictions
Not all franchises restrict your business activity to a specific location. Having the freedom to trade from anywhere gives you the security of knowing you can always take your business with you should you decide to move.
Huge growth market
With smartphone sales breaking the one billion barrier, now is the perfect time to look towards the technology sector. Not only are consumers spending more time than ever on mobile platforms, businesses are actively looking to leverage technology to achieve real growth.
“Starting any business carries a degree of risk but, by equal measure, no job is completely secure,” says Charles Keys, digital marketing specialist at Eazi-Apps, the mobile apps franchise. “I would advise anyone who is considering launching a home-based business to research their options fully and choose something that facilitates the lifestyle they are looking for.”
