No. Of Home Businesses Quadrupled Since 2016

No. Of Home Businesses Quadrupled Since 2016

The number of people who have their own home business has shot up in recent years, quadrupling since 2016. This just shows how many Brits are keen on working from home and being their own boss, despite the added pressures self-employment can bring.

According to Admiral Insurance, 4.4 million people work for themselves, while there are also two million freelancers who chose to go solo to improve their work-life balance, boost their earnings and not have to answer to someone else, the Mirror reported.

Head of Admiral Home Insurance Noel Summerfield said: “In recent years, there have been an increasing number of people from all professions working part or full-time from within the four walls of their own home.”

He added that more people are tempted to work for themselves as there has been a “rising awareness and importance of finding a comfortable work-life balance”.

The data found these businesses provided significant financial benefits for the country. Indeed, self-employed people contributed an impressive £271 billion to the economy last year, whether they were working on their own sales business, walking dogs or consulting for larger companies.

Home-run businesses do not stop there, and you can set up your own enterprise if you are a beautician, psychologist, sales executive, writer, musician or teacher.

However, the insurance provider reminded freelancers they need to be prepared before going out on their own.

Mr Summerfield stated: “It’s important that people set the right foundations in place before they start using their home as a place of work. Having the wrong insurance in place could prove costly for everyone involved.”

He added that checking existing policies would give workers “peace of mind that their property and contents – or those of their employees – are sufficiently covered”.

It is not just insurance that self-employed people have to think about, but also whether they have to undergo any extra business training before they embark on their solo career.

The course you choose will depend on the type of business you are launching, but something like a complete training for Microsoft Word 2013 programme will be good for everyone.

Whether you think you will need to be adept at using computers or not, it always comes in handy when embarking on a freelance career or starting a new business. You might have to do your accounts at the beginning, for instance, so will need to get to grips with Excel spreadsheets. They are also useful for keeping account of your workload, analysing data, creating reports and tracking whether payments have been received.

In addition to this, you will need to use Microsoft Word to send invoices, create business plans and write headed letters.

What’s more, you will have to get to grips with using an email account, as this is likely to be the most popular form of contact you will have with your customers or clients. It is also a good idea to learn a bit about social media for businesses, as you could tap into a very useful – and often free – marketing tool simply by using social networks to plug your enterprise.