3 things you need to know before starting a home-based business

  |   22 October, 2014   |   933   |   3980

(BPT) - About 16 million Americans work from home – a number that Global Workplace Analytics expects will increase by 63 percent over the next five years. In fact, every 12 seconds someone starts a new home-based business in the United States, according to Business for Home. Access to new technology, increased job flexibility and a higher earning potential are just some of the reasons many entrepreneurs consider a home-based business more rewarding than the typical corporate cubical.



Home-based business owners can easily engage with customers in real-time through social media channels. They can even take advantage of technological advances, such as cloud computing, video conferencing services, apps and mobile payment devices to connect with business partners and conduct business from virtually anywhere in the world.



Millennials especially enjoy the idea of not worrying about the dress codes, arrival times and rush-hour traffic that come with traditional jobs. Global Workplace Analytics found that 81 percent of them expect to have a flexible work schedule, and home-based business models allow just that. Perhaps most attractively, self-employed business owners also have the potential to earn more money instead of being confined to a pre-determined salary, since higher risks sometimes yield higher rewards.