Running a business from home reduces the financial risks of starting out in business, but it can have a big impact on family life and lead to long work schedules.

There are many business owners who have started from home – for many different reasons. Some have seen it as a cost-effective way of getting started. That makes good sense as an important overhead – the rental of premises – is reduced.

Some business owners do not need special premises anyway because they go out each day, servicing customers. But at a minimum, they will need a small space to work and keep business records.

Other business owners, such as hairdressers, vets, doctors and café owners, set aside large sections of their homes for the business. The choice to work from home for them is largely to be as near as possible to customers in the surrounding community.

Running a business from home particularly appeals to parents of young children. Some run a business to provide a second family income.

The availability of affordable mobile technologies is another factor influencing people to work from home.

Whether or not family are involved directly in the business, working from home impacts their lives. Recognise that your family needs space and privacy and consider how a home-based business will affect their comfort level.

If starting a home-based business will cause lifestyle changes for family and friends, talk it through with them and agree a system that works for everyone.

If family members will be involved in the business, formalise this relationship. Think through the implications for relationships of running a business from home.