70% of home-based businesses say they can beat the crunch, according to new research.
71% believe they will be able to grow or maintain their level of business during this time of economic downturn
- 29% say general trading conditions for their business are positive, with an additional 38% saying conditions are average
- Only 8% believe they will definitely not be able to grow or maintain their level of business
Respondents were asked what advice they would give to individuals that are either currently starting their own business. The top five tips were:
1. Establish clear payment terms 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 insurance cover such as professional indemnity
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%).
Makes you think – doesn’t it?
Hat tip to enterprise nation