Location, location

Where will you make your idea happen? How will location contribute to the success of your enterprise? There’s no rule for choosing a good business location, but it’s important to think about how location will affect you.

Ask yourself these questions:

Is location crucial to the success of your business?
What type of location is best for your business?
How much rent can you afford?
Is your proposed location appropriate for what you plan to do there?

Renting commercial space is a big responsibility. The success or failure of your business may ride on certain terms of the lease. Before approaching a landlord know how commercial leases differ from the more common residential variety.

Before you sign anything, make sure you understand the terms of the lease, including the amount of rent, the length of the lease and the configuration of the physical space.

Working from home

The other option, of course, is to be based at home. More than 60% of new businesses start that way - and lots gets used to it! There are over 2 million home based businesses in the UK. And many reasons why working from home makes sense:

It’s much cheaper than renting commercial space
You can work your own hours - and not just when the office is open
And you don’t have to commute, or at least quite so far!

Lots of people think that you’ll need planning permission to work from home or that you’ll get in trouble with the local council. Neither of those things are true - necessarily. As long as working from home doesn’t change the way your house looks, or disturbs your neighbours, you’ll be fine.

Interesting facts about working from home

5 to 9 working

Over 5 million people in the UK are holding down a day job and building a business at nights and weekends. We call this 5 to 9 working. The increase is being driven by a desire to earn extra income in troubling economic times and an ambition to turn a hobby/passion/skill in to a way of making a living. Of the businesses being run part-time, 50% are growing and 26% of the owners expect to be going full time within the next 3 months/38% in over a year. These part time ventures will soon become full time businesses - they represent an enterprise renaissance. (‘Working 5 to 9 – how to start a business in your spare time’)

Low carbon

Home based business is intrinsically low carbon. Operating from one property instead of a separate home and workspace cuts commuting. It also reduces the carbon emissions generated by constructing and fuelling separate premises. (‘Can Homeworking Save the Planet’, The Smith Institute)

The stats

More than 60% of small businesses started from home. (UK Global Entrepreneurship Monitor)
There are currently 2.5 million businesses being run from home, with ambitions to grow. (ONS Labour Force Survey)
Home business owners are optimistic about the future with 72% saying they plan to win new customers in the next 6 months and 58% working on developing new products and services. (Enterprise Nation 2008 Home Business Report)
Over 5 million people in the UK are holding down a day job and building a business at nights and weekends. (‘Working 5 to 9 – how to start a business in your spare time’)

Helpful stuff

If you’re thinking about running you own business, setting up from home may be the best way to start. We cornered Emma Jones, home business expert and founder of Enterprise Nation, to give us some hints and tips to get your spare room business going!

Read Emma Jones’ inspiring story - founder of home business website Enterprise Nation

Business Link and Enterprise Nation have developed a guide that helps you decide whether starting a business from home is right for you. Starting a business from home also tells you what you need to do if you decide to go for it. To find out more go to www.businesslink.gov.uk/homestartup