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With recent statistics showing that half of all small businesses are now home-based, it is clear that this a way of working that suits a great deal of people. Indeed, this is even truer with female entrepreneurs in the USA, 58% of whom work from home.
With over 80% of workers reporting feeling happier when working from home and 77% of business owners feeling happier than employees, the attraction of running a business from home is easy to see.
Over half of the current home based businesses in the USA earn less than $25,000 per year, though, meaning that there is scope for home-based entrepreneurs to improve their earnings while still enjoying the convenience of an office in their house. At the opposite end of the scale, close to 7% of home businesses earn more than $250,000 each year.
Craig Ridley, the Founder of YourBusinessCoachingClub, commented on these figures and on the importance of planning this type of venture carefully. He said that a starting point is for the would-be entrepreneur to “consider their skills and the suitability of their home for the type of business they are interested in.”
Mr Ridley went on to say that after this it is “vital to think about new business opportunities that could be profitable.”
One mistake made by many people in this situation is that of not taking the time to find out about the legal issues such as licences, taxes and business registration. Mr Ridley confirmed that “this needs to be treated as seriously as the setting up of any other type of business.”
In terms of the cost of setting up a home based business, one in five of these ventures is put into action with no start-up capital. With the right planning it appears that running a home-based business can turn out to be a wonderful idea.
YourBusinessCoachingClub is a thriving online business coaching club that combines business coaching resources with an extensive global network of business owners who share experiences and knowledge. With a membership fee of under 50 cents each day, it is easy for any new entrepreneur to sample the benefits of YourBusinessCoachingClub.
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