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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: 23 January 2020 | © KIS Bridging Loans 2024 | Terms & Conditions
