General Business and Finance Blog

Home based business opportunities are growing daily, along with a new spirit of entrepreneurialism and independence. Today’s technology is making is making working from home far more common today than just a decade ago. Through the general consensus is that more people are working from their homes than ever, finding solid data to prove this can be difficult.

Because things change so quickly, much of the data, collected two to four years ago may be inaccurate.

The latest statistics from the U.S. Department of Labor are from 2004, but already show a growing trend for men and women working primarily at home. In that year 20.7 million people worked, at least part-time, from their homes most working for another company. About 7 million of those were self-employed as home based business owners. The average work week for someone working at home, according to the study, was 25 hours, and most were professionals, such as people who offered consulting services or sales related businesses. Another huge chunk of the at-home pie are those working in the construction industry.

Though the general belief may be that women far outnumber men working at home, this is not the case. Men and women were about equally likely to work out of their home, and there are more parents working at home then singles.

According to the Labor Department, home based business are operated by educated individuals. Individuals with a bachelor’s degree or higher were more than 6 times as likely to work out of their homes than those without a college degree. This maybe because it is easier for someone with a management background to transition to a work-at-home job. It may also be easier for someone with a background in computers or web design to operate a small business from home.

This trend of working at home is partly due to advances in electronics. Most homes have computers with high-speed Internet connections. Most people have the basic computer skills to put together a rudimentary website. There are even software packages available with some computers that will build your website with just a few clicks of a mouse or keyboard. Information and resources are readily available for individuals looking to start a home based business.  It is becoming more and more acceptable in main stream business to work from home at least part time if not full time.

The Small Business Administration estimates that 52 percent of all small businesses are home based, and small businesses (those with less than 500 employees) represents 99.7 percent of all employers. Due to lower expenses, particularly in rent and labor costs, the average home based sole proprietor consistently gained a higher return on gross revenue at 36 percent, versus 21 percent for the traditional business model.

Statistics from the NBBTA.org, the online division of the National Black Business Trade Association, show that home based business represents a $427 billion industry. This number exceeds the pharmaceutical, food and consumer good industries combined.

While getting accurate reports on home base businesses is difficult, one thing remains obvious. Home based businesses, in one area of the U.S.economy that will continue to grow. This is especially true during an economic downturn where traditional jobs are more difficult to find.

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