Starting a company is a costly business. Many of us have some fantastic ideas and grand ambitions which are never realised because of fear of failure, and ultimately the danger of bankruptcy that inevitably follows. However, with a little pragmatism and a dose of resourcefulness budding entrepreneurs can begin their new ventures without breaking the bank as there are some fantastic methods to minimise exposure to risk and expense, and one superb solution is to launch a home-based business.

Reduced outgoings

The cost of renting a commercial property is seldom cheap. For a decent sized workspace in a good location new bosses could be paying significant sums of money that would be better off invested in other areas of the fledgling venture. Instead, spare a thought for starting off at home as it will be easy to save on rent while the business gets off the ground. Many successful large corporations started out doing just this and undoubtedly the early savings helped them go on and achieve the incredible success they continue to enjoy today. So just what is needed to ensure a home business is well prepared to enter the market, and what should aspiring leaders do to ensure they stand every chance of achieving their aims? Below are some useful ideas to give individuals the inspiration they need to launch their home-based ventures.

1. Make space – designating a room in the house as an office will be the first issue to address. This should be separate from other areas as the dining room, for instance, can’t serve two functions
2. Purchase resources – every good work environment needs to be stocked with the basics, like pens, pencils and paper, and also with well-made furnishings. It is also prudent to consider communication needs and invest accordingly. A fast internet connection is important for every modern company, as is a reliable phone with the ability to take several calls at once.
3. Look at home renovations – this one is perhaps the most important on our list. As mentioned, space is essential for home-businesses as owners will need their property to serve two functions, both as a residence and building for commercial activity. It is therefore, important to make sure the house is suitable to be used as a business location, particularly if children also live there. Firms like CBConstruction are able to lend a hand here by developing unused areas, such as the garage and loft, making them suitable for use as office space.
4. Respect the neighbours – before making the decision to be based at home individuals need to consider how it will affect their neighbours and whether or not their company will be too disruptive to the local area, and if it would be better off in a commercial zone after all.

Clearly there is a great deal to think about and decisions need to be carefully made, however one can start by assessing the viability of using the home as a business address. Many of us have looked at our attics and considered the potential there, after all there is a great deal of space that is more often than not used only to store old and unwanted possessions. A professionally executed conversion could transform this into a useable area for a home office, giving entrepreneurs the space they need to launch their promising venture from. Furthermore, any renovation work like this is likely to add to the value of the property, and for those about to go into business it doesn’t take much to see that this is an investment that could pay off handsomely in the future.

CB Construction is a Bristol-based company that specialises in the conversion of lofts and construction of home extensions. They also have services in plumbing and more.