Presented by KIS Finance
You may be interested in quitting your 9-5 job for a number of reasons: Perhaps you need to work from home to manage childcare, you want to earn more money, you are struggling to find a job or just want to be your own boss. Maybe you have little job security and want to take control of the situation yourself by having an idea of what you could do should you be made redundant.
No longer do we hear stories of people starting a job and remaining at the same company until they retire, working their way up the career ladder there over the years. These days, employers encourage employees to take ownership of their own work, take their own risks, justify why they deserve a promotion or pay rise – and in this way we are thinking more like entrepreneurs. However, thanks to the internet and the growing popularity of social media and smart phones, more and more people are becoming self-employed as financial risks are lower. We can now more easily target customers anywhere online with less overhead costs. Anyone can find a way to work from home in a way to suit their lives if they want to!
Starting any kind of business is time consuming and most of us would prefer to do something that we enjoy. Doing a job you love will help you stay motivated during difficult times and new ideas will occur to you more naturally. If you have a hobby that you enjoy doing, ask yourself whether you could make money at it.
If you have been to university, or learnt to play an instrument, you may be qualified enough to teach GCSE or even A Level for around £10 an hour. There are plenty of websites you can use to register as a tutor to enable people to contact you.
Anyone can publish an eBook and earn up to 70% of the sale price of the book in royalties. Have a look at Kindle Direct Publishing - approval of new books takes less than 48 hours. Short, non-fiction books tend to sell better than novels. There are various websites that you can register with as a freelancer to finding work, just simply search ‘Freelance register’.
There are loads of ways to sell the things you produce, whether its jewellery, upcycled furniture, clothes, toys etc – have a go at selling online or at a craft fair to see how it goes without the financial burden of opening a shop. Good websites to try are Etzy, eBay, Ruby Lane (antiques/vintage items). If you want to sell at a market or fair, you should be given plenty of information when you apply for a stall, such as whether you need stall holder insurance and a market traders licence from the local authority. Find out when and where the events are at checking websites such as ukcraftfairs and stallfinder.
If you would like to swap your collegues to spend more time with furry friends, consider taking a course in dog grooming if you have space at home to work. If you have enough space outside you could look into opening a kennels/cattery to take care of people’s pets whilst they are away, or advertise yourself as a pet sitter and go to their home to feed and care for them. Many people also earn some money breeding pets.
Reckon you could arrange a good night out? Why not set up a speed dating agency! No licence or permits are required to hold a speed dating event, however if you store member’s details then you will need to comply with the Data Protection Act 1998. Cost to register as a data controller is £35 a year at the moment, for more details visit: the information commissioner’s website. You can advertise your events using online dating directories such as Smart Dating UK.
If you rather deal with the younger clientele, maybe learn to do face-painting or dress as a clown and do some magic, and advertise yourself to attend kid’s parties for a fee. Set up a facebook page to advertise for free.
If you fancy working from home and booking appointments at times to suit you – consider taking a course in a complimentary therapy.
For example, the Somerset School of Hypnotherapy offer a 5 day diploma course (approx £800) to train you up and once you have insurance, you can then start taking customers. Going rates are anything from around £50 for a hour session with a customer.
When I moved house – I was amazed how long I had to wait for a carpet fitter. There must be some demand for this! Carpet fitting tools are not very expensive – if you can learn how to do this then this could be an option for you. Maybe if you have a steady hand, you could be a painter/decorator too.
If you have extra space, inside or out, and working at home is important for you – consider letting some rooms out as a B&B. Be sure to put on a good cooked breakfast and invest in a coffee maker and tumble dryer.
If you have space outside and live in a picturesque area, you could allow caravans to park up and use the land as a campsite.
Make sure you have the right Class of Use on your motor insurance policy, goods in transit cover and public liability insurance and you can begin work as a courier or removal firm/ any purpose man or woman with a van job.
Start a business making cakes for weddings, birthdays etc, or maybe if chocolates your thing become a chocolatier and sell your produce at a stall at events. Perhaps you could set up a lunchtime delivery service at local offices delivering sandwiches or jacket potatoes, pasta etc made to order and delivered at lunch time. You can prepare all this at home, no need for a catering van, and all you need is a way to transport it over to the offices. Make sure you have any food hygiene licences needed.
Do you like sewing? Is ironing less of a chore to you than most people? If you want to work at home, maybe arrange a collection and drop off ironing/clothes alteration service. This gives you the freedom to work the hours you want from home.
Whatever you may like to do, take time to do some market research to make sure there is a demand for the product or service you can provide, and familiarise yourself with the industry before you make any decisions (like quit your job).
When considering if it makes financial sense to go self-employed - remember you will need to arrange your own pension scheme, plan ahead for holidays and make provisions for loss of income while on holiday or sick. Check you have all permissions needed, such as permission from your landlord or mortgage provider to work from home, permission from the local authority (customers coming and going may be an issue), find out if you need to pay business rates, fire certificates and health and safety assessments (if you employ staff to work with you) and check you have the right insurance.
If you go self-employed, you will need to decide whether you are a sole trader, a partnership or a limited company and register with companies house. Also register with HMRC as soon as your start trading.
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Last updated: 08 July 2024 | © KIS Bridging Loans 2024 | Terms & Conditions
