Support for small business owners operating from home has not been sufficiently prioritised, yet it is critical to their success and long-term viability. To better support this sector, the government could consider the following strategic initiatives:
- Enhanced Tax Relief and Deductions: Expand tax relief provisions for home office expenses by broadening the scope of deductible items and increasing allowable limits. This could encompass costs associated with utilities, office supplies, and technology.
- Targeted Grants and Funding: Introduce specific grants or low-interest financing options designed to assist with initial setup costs, technology enhancements, and business growth initiatives.
- Broadband and Technology Infrastructure Support: Invest in high-speed broadband infrastructure and provide subsidies or grants to facilitate technology upgrades, ensuring home-based businesses maintain operational efficiency.
- Skill Development and Resources: Offer access to free or subsidised training programmes, workshops, and online resources to equip small business owners with essential skills in areas such as digital marketing, financial management, and cyber security.
- Networking and Mentorship Programmes: Develop platforms and initiatives that promote networking, mentorship, and collaboration among home-based business owners, including both in-person and virtual networking events, as well as the establishment of local business hubs.
- Regulatory and Legal Guidance: Provide clear, accessible guidance on regulatory requirements and legal obligations specific to home-based businesses, assisting owners in navigating compliance challenges.
- Mental Health and Wellbeing Programmes: Fund initiatives aimed at supporting the mental health and wellbeing of small business owners, who may experience isolation and stress while working from home.
- Flexible Working Regulations: Ensure that regulations governing home-based work are adaptable and supportive of small business owners, particularly concerning health and safety compliance and insurance matters.
- Marketing and Visibility Support: Back initiatives that enhance the visibility of small home-based businesses, such as online marketplaces and inclusion in local business directories.
Implementing these strategic measures would foster a more supportive environment for home-based businesses, driving growth, resilience, and sustainability within this crucial sector.