Who are Homepreneurs and Why the Economy Needs to Take Notice.

by
Brenda Buffalin,
Bb's Creative


The largest majority of small businesses are now considered Homepreneurs: they are small business owners running viable enterprises from their homes. They do the majority of their work at home. They share one key common denominator: The control center-is based in the home and they are building successful small businesses that provide at least 50% of our household income by selling products locally, nationally and around the globe. Roughly 6.6 million home-based businesses fit the homepreneur description - 43% of the over 15 million home-based businesses in the US - and they are rarely regarded as significant players in the U.S. economy. Instead, the common perception is that home-based businesses are merely hobbies or side businesses contributing little to the business owner's income or the overall economy.

Due to everything from advances in technology to demographic and economic shifts, the number of homepreneurs is likely to surge over the next few years. Plus, many generate substantial revenue. About 35% have revenues of more than $125,000 and 8% more than $500,000. What's more, median household income is substantially higher than it is for the population as a whole: roughly $75,000 for homepreneurs vs. $50,233 for households in general. A recent study released by the Small Business Administration shows that about 50% of the growth-oriented small businesses surveyed that started in 2004 were home-based.

So the question becomes, why do small home businesses not operate like large corporations with a rotating CEO, a board of directors, a good marketing plan, business practices that ensure growth? If they aren't, they should. Every task a large corporation performs is easily done at a small scale level to help your company grow incrementally to its potential. Just take advantage of the services and coaching you can get for free at the Small Business Administration to gain the skills and savvy that takes your business to the next level. Start networking with other small businesses and pick their brains for solutions that challenge you. Do the necessary research on the internet for answers
to issues that come up and make you feel stifled. Applaud yourself for being one of the economys business sectors that will continue to grow in popularity and thrive even after the recession.