Overall Numbers and Success Rates on the Rise
As the economy clings stubbornly to a recession, the home-based business market still continues to grow. With record levels of unemployment and job uncertainty for those still employed, the investigation of home businesses and start-ups increases. Here are some statistics.
• Home Business Growth: The number of home-based businesses ranges up to 38 million, depending on who is doing the counting (U.S. Census statistics). According to the U.S. Bureau of Labor Statistics, the number of home-based businesses in the U.S. exceeds 18.3 million businesses.
• Home Office Households: In addition to home business activity, between 34.3 million and 36.6 million U.S. households have active home offices (research firm IDC), and these numbers are growing substantially.
• The number of U.S. households that operate a full or part-time home-based business exceeds 12 percent (Office of Advocacy, Small Business Administration).
• Success Rate of Home Businesses: Although difficult to track, it is estimated that nearly 70% of home-based businesses succeed for at least a three-year period (compared to 29% outside the home business ventures). The higher success rate is due to the ability for home-businesses to be operated part-time around a day job.
• HBM estimates that 50% of the households in the United States will be involved in a home-based business! HBM
Previously published in the February 2010 issue of HOME BUSINESS® Magazine, an international publication for the growing and dynamic home-based market. Available on newsstands, in bookstores and chain stores, and via subscriptions ($19.00 for 1 year, six issues). Visit www.homebusinessmag.com
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