The traditional 9–5 job is quickly becoming a relic of the past, as more and more people are embracing home businesses to make a living. Running a home business is now the new norm, with more people than ever before launching their own businesses, freelancing, and working from home. Technological advances make this trend possible. They enable people to work remotely and make a living from the comfort of their own homes.
In this article, we explore eleven facts that demonstrate how running a home business is now the new norm. We will dive into the digital economy, the rise of self-employment, the advantages of working from home, the growing appetite for freelancing and side hustles, and for home offices and remote working. By the time you finish reading this article, you will have an in-depth understanding of why running a home business is now the norm.
The Rise of the Digital Economy
The digital economy is now a major force in Ireland, with the Technology Ireland IBEC 2021 Report revealing that it accounted for about 13% of Ireland’s GDP. Advances in technology drive this growth, with the internet enabling businesses to access new markets, automate processes, and reduce their overheads. This enables more and more people to set up their own businesses and work from home, creating a new wave of self-employed people and home-based businesses.
Self-Employment and Home-Based Businesses on the Rise
Self-employment in the UK has steadily increased since the late 2000s. Moreover, it continues to rise. According to the ONS, there were 4.96 million self-employed people in the UK in 2019, accounting for 15.1% of the UK’s workforce. This is a significant increase from 2014, when there were just 4.3 million self-employed people in the UK, accounting for 13.7% of the workforce. The increasing popularity of home-based businesses drives this trend, with more and more people launching their own businesses and freelancing.
The Benefits of Working from Home
Working from home has a number of advantages, both for individuals and businesses. It allows people to work flexibly and avoid the costs and stresses associated with commuting. It also enables them to create their own working environment and set their own hours, allowing them to be more productive and better manage their work-life balance.
Working from home also eliminates the need for expensive office space, enabling businesses to reduce their overheads and become more profitable. What’s more, it also allows people to experience a better work-life balance, as they can work from home and still have time for their families.
Many of the benefits of working from home and trends in home working are featured in this infographic from Corcoran’s of Ireland:
The Growing Popularity of Freelancing and Side Hustles
More and more people are now turning to freelancing and side hustles to supplement their incomes. This is largely thanks to the internet, which enables people to connect with clients and customers from all over the world.
This growth is being driven by the increasing popularity of gig economy jobs, such as Uber and Deliveroo, as well as the growing number of people launching their own businesses and freelancing. What’s more, advances in technology have also enabled people to work remotely and access new markets.
Home Offices and Remote Working Are Now Commonplace
Home offices and remote working are now commonplace, with more and more businesses allowing their employees to work from home. According to the ONS, over half of all employees in the UK worked from home in 2020. In addition, this number is expected to rise. This trend is driven by the increased use of technology, which has enabled businesses to reduce their overheads and increase their productivity by allowing their employees to work from home.
Remote working has also enabled businesses to access new markets, as they can now employ people from anywhere in the world.
Flexible Working and Virtual Offices Are Increasingly Popular
Flexible working and virtual offices are becoming increasingly popular. More businesses take advantage of the cost savings and increased efficiency they offer. Flexible working allows employees to work from home or wherever they choose and set their own hours, while virtual offices allow businesses to use technology to create an office environment without needing to rent physical office space.
This has enabled businesses to become more flexible and reduce their overheads. In addition, it is becoming an increasingly popular option for home businesses. What’s more, it has also enabled businesses to access new markets, as they can now employ remote workers from any location.
Independent Contractors and Solopreneurs Are Thriving
Independent contractors and solopreneurs are now becoming more and more common. This trend is being driven by the increasing popularity of freelancing and side hustles, as well as the rise of the gig economy and the growing number of people setting up their own businesses. This is being made possible by advances in technology, which have enabled people to access new markets, automate processes, and reduce their overheads.
Online Businesses and Remote Working Are on the Rise
Online businesses and remote working are becoming increasingly popular, with the number of people working remotely in Ireland rising in recent years. The rise of the digital economy drives this trend, as well as advances in technology, which have enabled more and more businesses to move online and allow their employees to work remotely. Remote working has enabled businesses to access new markets and reduce their overheads. Moreover, it is becoming a popular option for businesses of all sizes.
Home-Based Careers and Freelance Economies Are Growing
Home-based careers and freelance economies continue to grow rapidly. This is thanks to the increased use of technology and the internet. The freelance economy in the UK estimates to be worth £125 billion a year. In addition, this number is only set to rise as more people turn to freelancing and side hustles to make their livings.
The increasing popularity of the gig economy and the increasing number of people setting up their own businesses both drive this trend. Technology makes it easier than ever before for these businesses to succeed. They are able to access new markets, automate processes, and reduce their overheads.
The Gig Economy and Homepreneurship Are Booming
The gig economy and homepreneurship are both booming, with the number of people working in the gig economy in the UK estimated to be around 4.4 million. What drives this trend are increasing popularity of online platforms such as Uber and Deliveroo, as well as the rising number of people launching their own businesses and freelancing.
The gig economy and homepreneurship offer people the chances to make a living from the comfort of their own homes. Moreover, this trend is only set to continue as more and more people realise the potential of these opportunities.
Technology Making Home Business Easier and More Lucrative
Technology makes running a home business easier and more lucrative than ever before. With the help of technology, businesses can now access a global market, automate processes, and reduce their overheads. This has enabled more and more people to set up their own businesses and make a living from the comfort of their own homes. What’s more, technology has also enabled businesses to become more efficient. They can access new markets and automate processes with the help of automated systems and software.
Conclusion
The evidence is clear: Home businesses are now the new norm. Thanks to advances in technology and automation, self-employment and home-based businesses are both on the rise. More and more people turn to freelancing and side hustles to make livings. Home offices and remote working are also becoming increasingly popular, enabling businesses to reduce their overheads and increase their productivity. With the help of technology, running a home business is now easier and more lucrative than ever before. This makes them attractive options for anyone looking to make a living from his or her own home.
Those who are looking to take advantage of this should take the time to research the various opportunities available and find one that suits their needs and lifestyle. With a bit of hard work and dedication, it is now possible to achieve success with a home business and turn it into a profitable venture.
So why wait? Now is the perfect time to start your own home business and take advantage of the opportunities available.
Reference Sites:
- Home Business Magazine
- Office for National Statistics
- The Freelance Economy in the UK
- Gig Economy in the UK
- BBC News
- Forbes
Authorities on the Subject:
- Linda Bustos
- Mike Michalowicz
- Chris Ducker
- Steve Olenski
- Sujan Patel
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