In praise of 'Homepreneurs'

on Tuesday, 09 February 2010. Posted in N21 Business Blog

There are a large number of people running businesses from home in London N21.  Typically, there are around a dozen new businesses with N21 addresses registered with Companies House each month. Many of these businesses are being set up from home. Today, 60% of new companies start up from people's homes.

New research published by Business Week in the States demonstrated just how important home-based businesses are to the economy. They account for more than half of all U.S. businesses and the picture this side of the Atlantic is not likely to be greatly different. According to the research, more than half of all U.S. businesses are based at home and together these "homepreneurs" employ one in 10 private-sector workers. It is estimated that there are 2.8m home based businesses in the UK, generating a turnover of aroond £285 billion, making a significant contribution tothe national economy.

Whilst many of the new homepreneurial businesses have been set up out of the necessity, as a result of redundancy, it can often give people the opportunity to pursue something they have always wanted to do. It can also be argued that the trading environment for home based businesses has never been better, especially as more companies look to outsource non-core operations.  The Internet has made it easier to set up of ‘virtual businesses’, with the capability of delivering a wide range of goods and services.

In the business world we have seen a much wider acceptance of home-based businesses develop over the past decade.  The variety of home-based businesses cuts across industries, but the top sectors are business and professional services, construction, retail, and personal services. Moving forward, Business Week is forecasting that over the next 20 to 30 years, the percentage of people who are self-employed and home-based will double.

Yet working from home isn’t always easy, indeed many people may have been forced into the situation through redundancy and the weak job market. When working from home it is difficult sometimes to switch off and ‘leave the office’.

It can be lonely working from home, so remember the old adage - 'A PROBLEM SHARED IS A PROBLEM HALVED’

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Today, 60% of new companies start up from people's homes.

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