Whether you plan to open a bookshop or become a freelance graphic designer, finding the right workspace can mean the difference between success and failure.
You will need to read up on where your customers are based, where they go, what their buying habits are, nearby transport links, and any potential competitors. All of these factors will determine whether you sign along the dotted line or look elsewhere. For example, opening a coffee shop on a street already saturated with established cafés could negatively impact your business.
If you plan to work from home, you might be surprised to know you can’t simply set up a laptop in your front room and get to work – there are legalities you need to consider, too. For instance, you will need to speak to your landlord or mortgage lender before you accept any payments, as it could violate the terms of your tenancy or mortgage agreement. You will also need to check your buildings and contents insurance as most home insurance policies do not cover business activities. If you are unsure, speak to your insurer or seek advice from a business insurance broker. If you plan to make any major alterations to your home for business purposes, you will also need to gain permission from the local planning office.
For more details on how to run a business from the comfort of your own home, head over to gov.uk.