Part 4 - New Home Based business opportunities due to growth in the industry
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The Complete Home Based Business Success Formula Brought to you by: www.dream-it-plan-it-do-it.com Home Based Business: Achieve your financial independence in the global economy of the 21 st century
Part 4 - New Home Based business opportunities due to growth in the industry
A home based business is an entrepreneurial business mainly operated from home, mostly by the business owner himself. Some people refer to it as micro enterprises, working online, or small businesses. A small or micro business may not necessarily be a home based business. Working online from home it will most probably be a home based business. It is important for the development of our home based business opportunity to achieve financial independence in the global economy of the 21st century, to have a view of the total size of this industry and some views on possible future development and growth. This evaluation of the trends of the industry will help to dream-it-plan-it-do-it.
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1. The Complete Home Based Business Success Formula Brought to
you by: www.dream-it-plan-it-do-it.com Home Based Business: Achieve
your financial independence in the global economy of the 21st
century
2. What is the Home Based Business Industry? A home based
business is an entrepreneurial business mainly operated from home,
mostly by the business owner himself. Some people refer to it as
micro enterprises, working online, or small businesses. A small or
micro business may not necessarily be a home based business.
Working online from home it will most probably be a home based
business.
3. It is important for the development of our home based
business opportunity to achieve financial independence in the
global economy of the 21st century, to have a view of the total
size of this industry and some views on possible future development
and growth. This evaluation of the trends of the industry will help
to dream-it-plan-it-do-it. Very reliable statistical information is
not freely available because these businesses are not well defined
and is not part of governmental statistical planning and strategic
information data. Some research and other information are available
and will help us to get a broad view of the importance and trends
of this industry.
4. Some general trends of and comments on the Home Based
Business Industry: The prospect of working from home has gained
credibility over the years. It is no longer seen as a kind of part
time job that the wife is doing from home while caring for her
children. Take into account that most companies, about two-thirds
of all companies, begin at home. That includes big companies like
Apple Computer, Baskin- Robbins ice cream, Electronic Data Systems,
Hallmark cards, the Lillian Vernon catalogue, and Purex.
Opportunity does not knock, it presents itself when you beat down
the door. Kyle Chandler
5. In the USA, the average income generated by the home based
business is substantial, as indicated by the following: Plus many
home based businesses do generate substantial revenue. About 35%
have revenues of more than $125,000 and 8% more than $500,000. The
median household income is $50,233 for households in general and
roughly $75,000 for homepreneurs. The income for home based
business owner is thus substantially higher than it is for the
population as a whole. The home based business is already a major
part of the economy of the USA . The homepreneurs business employs
about 13.2 million people in the USA. It is estimated that about
50% of these are home based businesses. The assumption is that the
home based businesses employs about 6.6 million people in the
USA.
6. The home based business industry is developing fast and
becomes more important due to the following: - The growth in the
internet and the people connected to the internet. Two billion
people are connected via the internet and this number grows by 200
million each year. - Growth in the availability and lowering of the
costs of broadband communication and connections worldwide has a
positive influence on people connecting to the internet. - The
internet, increased online purchasing, money transfer mechanisms
(notably PayPal), reliable global shipping, the decline in informal
trade barriers and networks created through immigration have all
made it easier for small businesses to serve global markets. The
internet has been particularly important in enabling small
businesses to cost effectively serve small market niches (the 'long
tail' phenomenon). The development of computer technology,
software, printers, dedicated telephone lines, and mobile phones
creates new opportunities for the home based business and makes it
more viable to operate a business from home. Affordable and
powerful new technologies will continue to create new opportunities
for the home based business. These technological developments will
help to keep this industry growing.
7. New innovations like: Express parcel delivery, distribution,
cloud based IT services. Outsourcing, freelancing, communication
technology, and the availability of skilled people in foreign
countries makes it possible to not to have to perform all tasks at
the premise of the home based business. It is easier to operate
from a small premise at home. New business models have created new
job opportunities for the development of home based business. Two
examples are the network marketing industry, or multi level
marketing, and franchising. The growth of the knowledge and service
based industries requires little office or working space and
economies of scale does not apply. People are making lifestyle
changes and prefer to work from home as it gives them flexibility,
it saves time, and it eliminates commuting costs.
8. The Home Based Business Industry: The computer home based
business is not exclusively dependant on the local market to
generate income, or for its financial existence; that makes this
kind of business less vulnerable to economic cycles. The costs and
risks involved in starting a home based business is lowering and,
thanks to the internet, it is becoming easier. This will make it
more attractive for people to start their own home based business.
Many people do need an extra source of income due to debt or other
financial reasons and start their own home based business part time
to generate a second income stream.
9. One of the main reasons why I believe that the home based
business will grow in the future is being summarised as follows:
Nevertheless, home based business owners are much more satisfied
with their quality of life than other small business owners.
However, the majority of home based businesses owners do not appear
to have made a financial trade-off in order to secure this quality
of life. With employer benefit packages being cut and the chances
of losing a corporate job increasing, many view starting a home
based business as no more risky than traditional employment. Job
and income security drives people to start looking for and to
develop an extra source of income for them. Due to demographic and
social shifts. Aging baby boomers, women, Gen Y and others are all
seeing home based business ownership as an increasingly viable work
option. An interest in achieving work/life balance, flexibility,
the opportunity to pursue a passion and working for your self are
some of the reasons given for starting a home based business. There
is a lack of corporate jobs. Large corporations have been battered
by the recession. Even if the economic recovery is strong, it is
unlikely that these companies will dramatically increase hiring.
Instead of hiring full-time staff, they will stay flexible and lean
through the increased use of technology, contractors, partnerships,
and outsourcing. As a result, starting a home based business will
be the best, and in many cases, the only option for corporate
refugees.
10. The internet does have many opportunities for a home based
business. The number of people connected to the internet is growing
very fast. Broadband is becoming more available in the world. The
internet support technology and mobile applications of
communication is growing at an astronomical rate. These
developments create new opportunities for the internet related
businesses. It is being considered by some researchers that these
developments will have a greater influence on the world economy
than any economic revolution in history. Opportunity is missed by
most people because it is dressed in overalls and looks like work.
Thomas A. Edison The first one gets the oyster, the second gets the
shell. Andrew Carnegie These technological developments and
innovations will create more and new opportunities to
dream-it-plan-it-do-it big. The home based business opportunities
and the industry will boom. The true entrepreneurs will grab them.
Do you want to be part of this? Brought to you by:
Dream-It-Plan-It-Do-It