Although the practical implications of running a home based business are more likely to be at the forefront of your thoughts when setting up a home based business, ignoring the deeper issues such as tax and health and safety could prove disastrous in the medium or long-term.
Some businesses are much more suitable to becoming home based businesses than others; similarly, some homes are much better suited as a base than others, so it is important that you consider all of the practical aspects of your new venture, before you start.
For many new businesses, starting as a home based business may seem the perfect way to explore the market, without having to make any long-term commitments in terms of purchasing premises or committing to long-term contracts.
In practice, home based business are often developed alongside part or full time working hours as a way of testing the viability of the business venture, before finally giving up a regular income. For this reason, home based businesses tend to be smaller or new businesses with very few additional employees.
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