Why start a home-based business now? Home-based businesses are quickly becoming the fastest growing form of business start-ups. Growing your company out of your home allows for flexibility that is difficult when renting or buying office and warehouse space. Although working at home requires self-discipline, the benefits can be substantial — especially in the start-up years.
The U.S. Small Business Administration reports that around 50 percent of small businesses are home-based firms, including 60 percent of firms without paid employees. Sole proprietorships are by far the most common types of these businesses, according to the same data. Home based business opportunities are everywhere: There are 38 million home-based businesses in the U.S. — this means that starting your own business from home is more common than you might expect! Your neighborhood might be full of home-based entrepreneurs who are succeeding in business on their own terms, working from home and perhaps selling online.
Forbes is a global media, branding and technology company, and an American business magazine. Its focus is on news and information about business, investing, technology, entrepreneurship and leadership. They report that virtually all U.S. firms are small businesses. Small businesses comprise 99.8 percent of all firms. Home-based business numbers have seen remarkable growth in recent times — the number of such endeavors has risen by 26% over the past decade alone.
Selling online has a number of advantages over selling by traditional methods, including:
- Making savings in set-up and operational costs — You don't need to rent high street premises, pay shop assistants or answer a lot of pre-sales queries.
- Reducing order processing costs — Customer orders can automatically come straight into your orders database from the website.
- Flexibility of working hours — Being able to work at night or first thing in the morning is great for those who are juggling children or other obligations.
- Personal freedom — No bosses, no dress code, no set work schedule, and no office politics to maneuver.
- Reaching a global audience — You reach a worldwide market, thereby increasing sales opportunities.
- Competing with larger businesses — By being open 24 hours a day, seven days a week you make sales while brick-and-mortar businesses are closed.
- Receive payment more quickly — Payments from online transactions means you get money now.
- Showcase your products — Using your online shop you can display your products to new and existing customers.
- A creative outlet — Launching your home-based business can be an opportunity for you to express your passions and indulge in your hobbies, while creating a money-generating outlet for your unique and creative talents.
The National Retail Federation has represented the retail industry for over a century. The NRF expects US online retail to grow 8% to 12% in 2017. This suggests eCommerce sales will fall between $427 billion and $443 billion. For comparison, brick and mortar is expected to grow at just 2.8%. The prevalence of eCommerce continues to grow and shows no signs of slowing down. While brick-and-mortar businesses still make up the majority of sales, eCommerce sales are growing faster.