Did you know that the home is now the most popular business start-up location? More than 60% of companies in the UK are started from home – that’s more than 1,400 new businesses each week. And a good number have someone in their over 50s at the helm.

According to the Enterprise Nation Home Business Report [published in October 2007], the three groups showing the fastest growth in home based start-ups are graduates, Mums and the over 50s.

And they’re involved in a whole range of businesses too. From interior furnishings to writing, catering, fashion and consultancy; it seems that pretty much any business can now be started and run from the comfort of your own home.  

In a series of five articles, Emma Jones, Founder of home business website, enterprisenation.com and author of Spare Room Start Up, offers her top tips on how to turn your business idea into reality and realise all the benefits that come with working from home. Benefits like the 60 second commute, earning an income for yourself and still having time left for family and friends.

The first step involves coming up with the right idea!   

Step 1: What’s the BIG idea?

It all starts with the idea. What’s your idea? If you’re in need of a little inspiration, think about these factors:

• What is your passion/hobby skill? Turning your hobby into a business is a great way to get paid for doing what you love and it never feels like work!

• Spotted a gap in the market? If you’ve ever looked for a product or service that you just can’t find, maybe others have looked too …meaning there’s a market out there for something that doesn’t yet exist. Fill that gap! This is what Gina Krupski did at the age of 50, when she started Pink Camellia; an online retail business, from her home. Gina says: “At the age of 51, I’m modeling collections at Charity fashion shows, appearing in the press and exhibiting at large consumer fairs. I’m also feeling the sheer fun of being part of the working population again. It has been a wonderful experience which has certainly given me the opportunity to try something that I have always wanted to do – be my own boss!” ( If Gina seems familiar she was our first "Prime Example" on this site. To see her story click here)

• I can do it better. If you see someone doing something but think you can do it better yourself, then go right ahead.

If you’re still all out of ideas, then consider a franchise. There are plenty of them about, offering a proven business model and an opportunity to work with other people who have the same goal as you. Check out companies like Travel Counsellors, My Secret Kitchen and Virgin Vie.     

Step 2: Business Planning

I can almost hear you groan at mention of the words ‘now it’s time to write a business plan’ but I always think writing a business plan is a bit like going to the gym…you put it off, don’t like the thought of it, force yourself to finally go, don’t particularly enjoy it whilst you’re there but boy, do you feel good once it’s done!

 Writing a business plan doesn’t have to be a monumental task. In fact, the shortest plans are some of the best. You can keep it brief by following my basic chapter headings. They’re easy to remember as ‘IMOFF’ and with these headings noted in a plan, you really will be off!  

• IDEA – what’s your business idea?

• MARKET – who are your customers, who is currently offering a service to them, what do you offer that’s different and how will you make the market aware of this unique selling point?

• OPERATIONS – how will you run the business; what resources (stock and manpower) will you need?

• FINANCIALS – do the figures add up? What are your start-up costs and can you charge more for your product or service than it will cost to produce?

• FRIENDS – are there friends with contacts and experience that you can call on, to be a partner in the business or to act as a sounding board?  

Even if you’re not looking for funding, it’s worth writing a business plan as it sets your course and provides you with a clear route map for the business. Once it’s written, you might want to re-visit it every six months or so, and refresh.   

In part three, Emma will offer tips on how to make your first sale.

Emma Jones is Founder of home business website, enterprisenation.com and author of ‘Spare Room Start Up – how to start a business from home’, published by Harriman House. The book is on special offer to inmyprime.co.uk visitors with a 35% discount and is available for purchase at www.enterprisenation.com