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Home-based workers positive about "crunch" survival |   |
Despite a year's worth of "credit crunch" headlines, self employed home-workers remain positive according to new research released today.
Insurer RSA’s survey, undertaken in August, interviewed 450 self-employed home-based professionals and found that 29% of respondents described current trading conditions as positive and an additional 38% described conditions as average or no different to normal.
When asked about the prospects for their businesses during this economic downturn, one third (34%) of respondents thought they would definitely be able to grow or maintain their level of business. Only 8% of businesses thought they would definitely not be able to grow their business.
Home-based professionals are not only optimistic about the future of their businesses; when asked whether they would start-up their business again, over three quarters of respondents said that they definitely would, with only 3% saying that knowing what they know now, they would never start up a business again.
The top three benefits of setting up your own business from home were being your own boss (92%), having the freedom and flexibility to decide where you work (84%) and not having to commute, which saves time, cost and stress (83%).
Contrary to popular belief having the opportunity to earn more money (51%) and getting to spend more time with the family (59%) came significantly further down the list of benefits.
A possible reason for self-employed home workers not feeling the effects of the current financial climate might be the advantages they have over larger corporations. Respondents felt the top two advantages are being able to provide a more flexible service to accommodate client needs and clients knowing that the owner-manager is the single point of contact.
Top Start-up Tips
Respondents were asked what advice they would give to individuals that are either currently starting or considering starting their own business. The top five tips were:
1. Establish clear payment terms for clients and suppliers to manage cashflow
2. Don’t underestimate the value of networking and building contacts
3. Seeking out and taking advice from others
4. Stick to what you know
5. Protect yourself by getting adequate business insurance cover such as professional indemnity
Posted September 1, 2008
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[December 1, 2008] If you can’t remember who’s got spare sets of your keys, you could be invalidating your insurance.
[December 1, 2008] If you work from home, one potential area of stress can arise when your paperwork has been left to the last minute, or seems out of control. Here are some tips for keeping on top of your small business administration.
[October 28, 2008] Tax relief is available for additional expenses incurred by people working from home. A leading accountancy body is encouraging homeworkers to claim all the tax reliefs they are entitled to from HMRC.
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[September 17, 2008] With over two million business based at home, more and more small business owners are torn between concentrating on a successful homeworking career and meeting the needs of a family.
[September 5, 2008] This week the 2008 Home Business of the Year has been announced, with online language tuition company Toniks picking up the gong.
[September 2, 2008] Working from home is becoming increasingly popular, and it’s not just the big corporates who are offering their staff the chance to work away from the office.
[September 1, 2008] New research shows that home workers remain positive about the future despite the economic downturn. Includes tips from respondents for individuals thinking of going it alone.
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[May 12, 2008] Starting your own business doesn’t necessarily have to be about building up a big company and putting yourself at the top as boss. Freelancing might be the solution if you want to be your own boss.
[April 23, 2008] Garden offices are purpose-built buildings that are installed in your garden or anywhere else on land you own. Makers claim they are changing the way people work from home.
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