Demand for Home Based Businesses

In a recent post I asked if you have you been thinking about starting your own home based business? I suggested that there may never be a better time to do it than there is today. Yes, even in this unstable economic environment. I want to explore some of the reasons for that thinking a little further.

In the last decade the number of employed people working from home has increased over twenty percent, but at the same time the number of people working in home based businesses has increased over twenty-five percent. Regulatory pressures on employers are anticipated to cause home based business growth to accelerate over the next few years.

Why a Home Based Business Now?

At the end of this year businesses across America will face a huge dilemma. The new health law will force them to make some serious decisions about how they will try to pay the increased insurance costs.

Many, perhaps most, do not have enough income to absorb this cost so what will they do? Several options are being seriously considered by many businesses.

  • Many are considering, and some have already implemented, a policy of restricting employees to less than thirty hours of work each week to avoid paying for insurance.
  • Many will look for ways to outsource work, especially production work, to other businesses.
  • Many will choose to hire independent contractors to do more of their work.

If you look at these choices, you will see how most of the cost saving options being considered by businesses today will actually increase the potential for people who want to start a home based business of their own to succeed.

There is no doubt that there will be a significant increase in demand for self-employed workers and home based businesses over the next few months and years.

Opportunities for Home Based Businesses

Workers who have their hours cut back from forty to less than thirty will have an increased incentive to find a way to increase their income. At the same time, having a base of income to meet essential expenses may make it easier for them to try to start a business of their own.

Dollar sign logo EXAMPLE:

New categories of work for home based business may open up that have not been seen as options before. In recent years many employers have permitted some workers to work from home part time for other reasons. Now they may see a benefit in hiring these workers as independent contractors instead.

If your responsibility is doing the bookkeeping, for instance, perhaps you could arrange to do the bookkeeping for your employer as an independent contractor instead of an employee by setting up a new bookkeeping service with him/her as your first client.

This not only provides a new option to your employer that may be seen as a great help in the present economic situation but gives you an opportunity to increase your income by finding similar work with additional businesses.

It may be wise for many employees to begin looking at some of the work that is going on where they are employed to see what they might enjoy doing as a home based small business.

Why not look at your skills in relation to those areas and think about whether or not you could develop a profitable business of your own doing it at home?

Possibilities for Home Based Businesses

Over the years I have done a number of things to earn a living. Most of my life I have been self-employed, as a matter of fact, so I understand the fears that hold some back from trying.

I also understand the feeling of freedom (even when you have to work sixty hours a week!) and satisfaction that comes from building a business of your own. It is a great way to provide for your family and yourself.

As I suggested before, over the next few months I have decided to add a new section to the Success With Money website, a section sharing some basic information about specific home based business opportunities that I know to be realistic options.

These will be home based businesses that I have done successfully or know people who do. No multi-level marketing programs or anything like that but real businesses that most people could do if they wanted.

How About You?

Meanwhile, what about you? Do you see how you could use your present skills to start your own home based business? Is it something you have always wanted to do? This may be your year to act on that desire and get started.

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