In our book we examine 4 ‘how to’ strategies for financing a new portfolio career. One strategy is to get someone else to pay you while you develop it. Global Entrepreneurship Week begins tomorrow and recognises the importance of starting a business from home by designating one of the days as Home Enterprise Day. What is the connection? You can have a full time job but still begin a new business from home for relatively low start up costs. 60% of all new businesses in the past year have been set up in the home. However, even if you do not have a job you can also experiment by setting up a new business at home – in fact there is a thriving 5-9 economy with people doing just that. We posted in January the results from a BT report in which Ian Bushby, Head of Start Ups stated that the current economic climate is acting as a spur for thousands of people to start up their own business from home.
Over 1,400 new ones are launched each week. Home businesses account for more than a quarter of the UK’s employment and everyone is getting in on the action – from the young to over 50s and even stay-at-home parents.
Rachel Bridge has an up to date article in the Sunday Times today which explores the issue and has some useful examples of different people who have set up home businesses.