Home based business explosion is upon us!

Introduction

Maybe I should start by asking "What is a home based business?" It operates from the comfort of the residential home of any business owner.

The next question is, who suited owns a home based business? It refers to an entrepreneur who decides to run his business from the comfort of his home.

I decided to clarify these conditions because there is a huge difference between a home based business owner and a home worker who can work with a government / private organization, but decide to work from home once or twice a week Does.

Home based business development

Many home-run businesses usually start as micro or small enterprises. Some eventually transition to medium scale enterprise and others eventually develop into much larger companies.

The desire by entrepreneurs to start a home-run business actually began in the 1980s. During this period, a lot of things were combined by people to add to this huge desire for home based businesses.

Primarily, the combination of many factors such as socioeconomic change, improved technology and new management thinking resulted in the loss of permanent paid employment and this led to the desire of people to try to invalidate their independence from the desire to set up a business at home. Was encouraged to.

The advent of new management thinking and principles to build an organization bends and creates more agile and efficient fear in the mind of the average worker.

Mass layoffs therefore helped some workers create the right environment to go it alone and set up a home based business.

The period from 1990 to late 2010 can be aptly described as a period of mass explosion in setting up businesses at home. The use of computer, Internet and mobile technology helped in the development of this idea.

I firmly believe that the idea of setting up a business at home will remain positive and remain so for a long time.

The continued growth in people's willingness to own businesses has attracted the attention of universities and other higher institutions. He has responded by introducing various courses and programs on entrepreneurial studies to address these needs.

Contrary to earlier belief that home-run businesses are not well-managed and do not make good money, the current situation is that many entrepreneurs are now motivated to set up businesses at home that have high business performance. Colleges of level professionals are also included.

Entrepreneurial spirit is inherent in all of us and we just need to be motivated enough to take necessary action.

It is a really exciting world.

Home based business expansion

As previously stated, however, the longing to run a home business started coming back in the 1980s, which was marked by the explosion of this way of doing business between the late 1990s and the first decade (2010+) of the new millennium. Can be called an explosion.

This coincides with the time when the establishment of a home based business became a fad. According to Mr. Lewis of the National Association of Home Based Businesses, home based business in the United States increased from about 6 million in 1984 to 23 million by 2007.

With the help of the vast power of modern technology such as computers, mobile phones, printers and the Internet, more work is actually being done than ever before and more global businesses are being run regularly from home.

According to a 2012 GEM report, 69 percent of American entrepreneurs start their business at home, either from an empty room, a dining table, or a garage. The report has revealed that more than 50 percent of entrepreneurs continue to work from home even after the business has been successful and stable.

Again, according to Mr. Lewis of the National Association of Home Based Businesses, his own companies train in 20 countries, import eyeglass frames from China and also develop condominiums.

Mr. Nuyten of Home Based Business Statistics in the US quoted the following 2012 statistics:

38 million businesses were operating from residential homes in the US

A new home business is started from home every 12 seconds in the United States

The home-based business sector in the United States earned four hundred and twenty-seven billion dollars from there products.

It was discovered that 70 percent of Americans want to be self-employed.

Entrepreneurship has permeated the mind of the average person. A 2005 study by the University of Boiler showed that more than 5 million jobs had been lost in Fortune 500 companies since 1980, while 34 million were created in small businesses.

Data from the United States Census Bureau of October 2012 also showed that the number of home-operated businesses has been increasing since 1999.

United Kingdom Experience

Continued growth in the home-based business sector appears to be a global phenomenon as the United Kingdom report will shortly show.

According to the Home Business Report compiled by Enterprise Nation, 1,400 new own home businesses are started from home each week.

The report also confirmed that out of a total of 4.5 million small and medium enterprises, 2.1 million are home-based businesses.

Factors Contributing to the Development of Home Based Business

There are many factors that motivate people to set up a home based business:

Lose someone's job

Closing in times of economic recession can be very destructive. With difficulty getting a new job offer, starting a home business would be the next best thing.

Flexible lifestyle

You are your own boss. Actually, you can come and go as you please be own. You maintain a better work / family balance. There are no opening and closing times. When you want to go for lunch and vacation

Decreased stress levels

For daily commuting, especially the current heavy fuel expenditure is avoided. Also, working with all those types of characters avoids train and bus rides.

No corporate office politics

You are not thinking how to always please the boss and climb the corporate ladder. You do not have to connect with difficult allies. Best of all, there are no dress codes.

Cheap Start Up and Running Cost

Home based businesses are cheaper to set up. A serious entrepreneur can start with just $5,000. The main requirements can be just a computer, mobile phone, printer and a good internet connection. No rent for physical store space.

Secondary income

Some entrepreneurs set up businesses at home to bring in additional income to support a day job. Some people start the home business as a part-time hobby. The business could eventually become very successful and the entrepreneur would now decide to resign from the day job.

Be your own boss

You are your own boss. You have the freedom to do things as you wish. There is no one who reminds you by targeting your neck.

Job dissatisfaction

Lack of promotion and motivation can make a loyal employee of the company unhappy. The next idea is to set up a home based business.

Self realization opportunities

Having your own business gives you the opportunity to earn as much money as you want. It definitely depends on how much money you want to make and how much time and effort you put into investing in the business.

Benefits of running a home business

The desire to get out of the rat race, combined with the power of modern technology, avoid the daily grind, making telecommunications more productive.

Listed below are more advantages, with some factors mentioned below:

Tax benefits

You can deduct some of your own expenses as business expenses. These can be utility bills, insurance, mortgage and property taxes.

Professional improvement opportunities

It is safe to assume that with the day your business is running, you will develop more business management skills.

Multiple streams of income

With the freedom to follow yourself and your lead, you can decide to explore other areas of interest and create multiple flows of income.

Disadvantages of running a business from home.

Despite the almost glamorous charm of entrepreneurship, there are some disadvantages that must be managed effectively to improve your chances of success.

Irregular income

For some people who were used to regular pay checks, passing without income for a few weeks can be a major challenge.

Lack of enough space

This may occur where work is sometimes spread in the home space

Inflation of family and friends

Family and friends may become a distraction if inflation is not managed properly.

Lack of fringe benefits

Benefits such as fringe health and dental insurance and paid holidays that were enjoyed in paid employment are no longer available.

Friction with neighbors

The type of business you are involved in can cause friction with neighbors due to noise pollution and lack of packing space

Health issues

Sticking to a computer screen and a small space can affect health and fitness. So try to make time for exercise and recreation.

The conclusion

So as the French would say Voila! There you are The idea of starting a business at home has become engraved in the minds of people. Every day, people around the world are starting thousands of businesses in their residences.

Although there are disadvantages in running a business from home, the losses overcome the disadvantages.