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The Home Based Business Explosion

The Home Based Business Explosion

Perhaps I should start by asking the question, “What is a Home Based Business? This is any business run from the comfort of the owner’s home.”

Next question, who owns a Home Based Business? This refers to an Entrepreneur who has decided to run his business from the comfort of his home.

The Home Based Business Explosion
The Home Based Business Explosion

I decided to clarify these terms because there is a huge difference between a Home Based Business owner and a Home based business owner who may be working with a government/private organization but decides to work from home once or twice a week.

The Evolution of the Home Based Business

Many home-run businesses often start out as a Micro or Small Business. Some eventually grow into Midsize Businesses and others eventually grow into fairly large companies.

Entrepreneurs’ desire to run a business from home actually started in the 1980s. During this period, many things came together to accelerate this great desire of people to own Home-based businesses.

Fundamentally, the combination of many factors such as socio-economic change, improved technology, and new management thinking resulted in the loss of otherwise permanent paid employment, encouraging people to attempt to reaffirm their freedom by choosing to start a home business.

The Home Based Business Explosion

The emergence of new management thinking and theories such as downsizing to make an organization leaner, more agile and efficient have created fears in the minds of the average employee.

So the mass layoffs helped create the right environment for some workers to go it alone and start a Home-based business.

The period from the end of 1990 to 2010 can be defined as the period of the big boom in the establishment of on-site workplaces. The use of Computer, Internet and Mobile Technology has helped this idea to grow.

I strongly believe that the idea of starting a home business will continue to be positive and will remain so for a long time to come.

The continuous increase in people’s desire to have a job has attracted the attention of Universities and other higher institutions. To meet these needs, they responded by offering different courses and programs on Entrepreneurship studies.

The Home Based Business Explosion

Contrary to the previous belief that home-run businesses are not well run and do not make good money, the current situation is that many Entrepreneurs motivated to start a home business now have college degrees, including many senior professionals with work experience.

The entrepreneurial spirit is innate in all of us and we just need to be sufficiently motivated to take the necessary action.

It’s a really exciting world out there.

The Home Based Business Explosion
The Home Based Business Explosion

HOME-BASED BUSINESS EXPLOSION

As noted earlier, while the desire to run things from home started in the 1980s.
This coincided with when starting 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 grew from about 6 million in 1984 to 23 million by 2007.

With the help of modern technology such as computers, mobile phones, printers and the immense power of the internet, more business is done virtually than ever before and more global businesses are routinely run from home.

According to a 2012 GEM report, 69 percent of American entrepreneurs start their home business from an empty room, dining table or garage in the house. The report also revealed that more than 50 percent of entrepreneurs continue to work from home even after the business has started successfully and stabilized.

The Home Based Business Explosion

According to Mr Lewis, also 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 America cited the following statistics as of 2012:

38 million businesses in America were operating from residential

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

The Home Based Business sector in the United States earned Four Hundred Twenty Seven billion dollars.

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

The Home Based Business Explosion

Entrepreneurship is ingrained in the psyche of the average person. Baylor University’s 2005 research revealed that since 1980, more than 5 million jobs have been lost in Fortune 500 companies and 34 million have been created in small businesses.

Data from the United States Census Bureau for October 2012 also revealed that the number of home-run businesses has increased since 1999.

UK Experience

Continued growth in the Home-based business sector appears to be a global phenomenon, as the report from the UK will show shortly.

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