According to latest research, more than eight out of ten (84%) contractors running their own business now use their home as a place of work.
There are now 2.7 million self-employed people working from home in the UK, with a new report from Lloyds Bank Insurance showing that the majority of contractors (82%) have made significant changes to make their home ‘work ready’.
The findings revealed that the average cost of adapting homes for work purposes is around £1392, with the most popular adjustment being turning a room into an office.
The report ‘Big Issues for Small Business’, which looked at the environment in which microbusiness owners and sole traders operate, also revealed that 53% of all microbusinesses were started from home, and half of the top 10 working locations identified are within the home – including the living room, dining room and kitchen.
Of those surveyed, 49% said that being able to work from home is the main driver for those who have chosen to go down the self-employed route.
Findings also show that 78% enjoy working from home, 84% feel it provides greater flexibility, 57% said it helps to improve productivity and 64% believe that it makes more financial sense.
Damien McGarrigle, head of Business Insurance at Lloyds Bank Insurance, commented, “With the help of technology, the way we live and work is evolving with more and more people choosing to combine home and work where possible.”
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