Today was #NationalWorkFromHomeDay, and from checking out the buzz surrounding that hashtag, plenty of people in the UK today thought to themselves: “hmm, I could really get used to this”.
Maybe you’re fed up of the commute, done with grumpy colleagues, or just want to spend more time with the cat. If you’re one of these folks, it’s time to map out what to make this daydream a reality, and decide whether being your own boss would be the right move.
Make #NationalWorkFromHomeDay every day!
Getting out of the office and freelancing full-time has its own challenges, but might be the best decision you ever make. Here are a few things you might need to consider when deciding whether working from home is for you.
Will your landlord let you do it?
59% of non-employing business owners work from home, so it’s not a rare concept. If you’re living in rented property though, the rules surrounding running a business can be a bit cloudy.
Read our recent article on running a business from a rental property to find out about the obstacles that might stand in your way, like business rates, planning permission, or a nay-saying landlord.
Can you afford to set up an office at home?
Spending the working day at home might sound pretty luxurious, but you’ll soon realise the freebies you get at the office no longer apply to you. You’ll now have to pay for extra gas, water and electricity usage, coffee, equipment, and yes, even toilet paper.
This doesn’t have to be a game changer though, as long as you’re thrifty in other departments, for instance when setting up your new workplace. We’ve documented several ways to set up a home office without breaking the bank.
Can you stay motivated?
It’s hard enough to stay focused on what you’re supposed to be doing when it’s Friday afternoon in the office and you’re on a coffee crash. How will you ever manage to keep yourself from spending all day on Cool Dog Group, or turning a quick lunchtime Skyrim session into a totally wasted day?
These productivity hacks will help you answer these pressing questions.
Should I just quit right away?
While it might be tempting to hand in your notice right away, it might be a better decision to get the ball rolling alongside your current full-time role. After all, you’ll need some income coming in whilst you find the clients or customers necessary to pack in the day job.
Here’s what you need to consider if you want to freelance on the side.
Can you stay in HMRC’s good books?
Starting your own business is a truly exciting life decision, allowing you to pick your own gigs and do things your way. On the other hand, failure to get familiar with the small business taxes you’ll need to pay can have major consequences when the taxman cometh.
To help you get a better idea what you’re expected to pay as a freelancer, contractor, or small business owner, here’s a quickfire explanation of the taxes small businesses need to know about.