Thursday, August 11, 2005

Home-Based Business ...

You wake up to an inbox full of email. An overnight package is delivered. It's business as usual; just another day at the office. However, unlike most traditional offices in the country, there's a baby sleeping in the next room, a dog playing out back, and the smell of a home-made breakfast wafting through the air. This is the new workplace of the 2000s -- the Home Office.

What's behind the move to the Home Office? Modern technology. Powerful computers, high-speed Internet connections, laser and color printers, cellular phones, and toll-free phone numbers are now easily accessible and affordable to home-based businesses. The Wall Street Journal recently reported that "...most home-based businesses -- especially start-ups -- can stick to the basics and equip themselves for $3,000 to $5,000."

According to IDC, a top national research firm, there are between 34.3 million and 36.6 million home office households in the United States alone. They also conducted a recent survey indicating that the average income for income-generating home office households is $63,000 a year.

A November 2000 report from the SBA's Office of Advocacy showed that in 2000 nearly 20,000 entrepreneurs grossed more than $1 million operating from a home-based environment. Further, they estimated that the number of U.S. households that had a home-based business then exceeded 12 percent. Newsweek magazine has estimated that, by 2005, 50% of the households in the United States will be involved in a home-based business.

And these businesses enjoy a healthy rate of success. About 70% of home-based businesses will last over a three-year period, compared to 29% of other business ventures, according to the Home-Based Business Institute. Find/SVP reports that 89% with household incomes greater than $80,000 have a home office compared to 14% of those with incomes below $25,000.

There are many advantages to working from home -- no commuting time, flexible hours, casual dress, proximity to children and the "comforts" of home. "Clearly, the home-office is the wave of the future and is here to stay," says Richard Ekstract, chairman of the Home Office Association of America (HOAA). "Where else could you become a great success in your field and still be able to send the kids off to school and welcome them in the afternoon when they come home?"

It all sounds so good! Where do I sign up? More next time...


jbv's Competitive Edge 


Anonymous Pigalina said...

Thanks for this and the post on scams above this one. I know that these never work but I always get tempted and dream of a life spent working from home. I haven't been sucked in yet!

3:47 AM  
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4:06 PM  
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Michael Rad

5:58 AM  

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