Why the Growing Trend of Home-Based Business?
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Loading ...There is a growing trend of home-based business in the recent years, according to report from National Association for the Self-Employed (NASE), the home-based businesses are on the rise in the United States. There is no known figure for the global statistics but definitely it is on the rise as many countries are facing economic crisis now where the jobs are scarce. Many people were retrenched and had problem finding new job especially older workers are being hit the hardest. Creating a job for oneself by starting a home-based business, therefore become a more viable choice for many.
Moreover, majority of people today especially the generation X and Y have higher expectations on their jobs. They expect to work lesser, smarter and are no longer motivated by money alone. Job satisfaction and career advancement are important criteria for them. If these were not found in their current jobs or elsewhere, starting their own home-based business could be their alternatives especially they are more well-exposed to entrepreneurship today than their parents’ or grantparents’ era.
The high rental of today’s office spaces is another contributing factor for professionals to move their business back to home. Instead of paying the high overhead of office rental, utility and taxes, these could be saved and add to the profit for the business.
The change of economic structure which is now driven by information, technology and service is also another contributing factor. The innovation of Information Technology (IT) such as the Internet has brought great convenience and flexibility for many business owners. Working at home eliminates unnecessary traveling time and leave them more time with their family which ultimately help them to achieve work-life balance.
However, the change in economic structure has also brought up the cost of living. Majority will find that their salaries cannot catch up with the high cost of living and have to resort looking for second job or supplementary income. Starting a part-time job at home therefore become a popular choice. Fortunately, the facilitation of IT has created many new jobs and helped to bring down the cost of starting a business at home. Some popular home-based businesses include the following:
- Accounting, Auditing and Finance Services
- Art & Craft Services
- Affiliate and Internet Marketing
- Blogging
- Designing Services: graphic design, interior design, illustration, web design, fashion design and jewellery design
- Writing, Translation and Copywriting Services
- Consultancy Services
- Coaching Services
- Art & Craft, Drawing and Painting
- Internet Marketing, eCommerce and Programming
- Education, Training and Tutoring Service
- Tailoring, Sewing and Alteration
- Plumber, Electrician
- Photography
- Setting Virtual Store via eCommerce or eBay
- Software and Application Development
- Virtual Assistant
The list is not exhaustive, there should be more other services other than the above-mentioned. There are also some home-based business owners who have successfully converted their hobbies into a business like cooking, baking and art and craft.
Besides the Small and Medium Business, the Home-based Business has become another fastest growing industry today. According to the research company - IDC in its U.S. Home Office 2004-2008 Forecast, as of 2005, there were about 13.8 million income-generating home-based business in USA alone. It has the potential to reach new height in the next two years as more jobs are cut. Despite the uncertainties, the home-based business can become the next main contributing force to a country’s economic.
If you are seeking a new job opportunity or change of career, why not take advantage of the current growing trend and try a home-based business today. May be you could become the next successful home entrepreneur.
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