For the last 5 years, Trey Knight has operated his business out of his home. For many reasons he believes this has played a large role in his success and happiness.
Studies now show that working at home is something that others also prefer. More and more entrepreneurs and employees are making this choice. Just look at some of the recent data on home-based businesses:
• Every 11 seconds someone starts a home-based business.
• It is estimated that the home-based business industry does over $427 BILLION in business (Entrepreneur Magazine).
• Home-based businesses represent 52% of all small companies and provide 10% of the total receipts of the economy.
• A recent global survey showed that the average income from income generating home-based businesses is $65,000 US dollars a year.
• The number of home-based businesses range up to 38 million in the US. (US Census Statistics)
• Between 34.3 and 36.6 million US households have active home offices. (research firm IDS)
• Over 12% of all US homes operate a full or part-time home-based business. (Small Business Association)
• Nearly 70% of home-based businesses succeed for at least 3 years (compared to 29% outside home business ventures). The number one difference for such a higher success rate is because home-based businesses allow people to work part-time around a day job.
• Estimates forecast that 50% of the US households will be involved in a home-based business. (Home Business Magazine)
• 40%-44% of all home based businesses require less than $5,000 for start-up costs.
• A recent survey done by Home Office Computing Magazine showed:
98% are much happier working from home
96% would definitely recommend working from home
88% would never return to the corporate world
Here are a few quick tips to being successful when working from home:
1. Have a Dedicated Workspace. I have always had a dedicated office at home that allowed me to separate from the other distractions in my home. I feel that having an office gives you the mindset that you have a work area that is dedicated to business productivity.
2. Manage Distractions. When it is time to work, it is time to work. Often those who struggle with a home office become distracted by other factors in their home (family members, the tendency to do something other than work, etc.). I have always said “all distractions are equal”. To focus and be productive, you need to be able to avoid distractions so you can work when it is time to work.
3. Schedule Work Time. One of the benefits of a home office is flexibility. For some, flexibility can be a curse. I have found one of the key reasons I am so productive at home is that I schedule my work time. I have always understood the value of scheduling time to maximize productivity. It is a major factor in establishing consistent work discipline and a good DMO.
4. Never Make Your Home Office the Driving Force in Your Home. I have always had the ability to walk out of my office and retreat into my home. I think this is critical to both productivity and balance.
Why am I sharing this information right now? The reason is simple. The Entrepreneurial Boom is in full swing. Since I know that many of you have or plan to have a home-based business, I thought it was good timing to share this data and also provide you with a few tips that have helped me along the way. It is my hope that you find this information helpful in your journey to great success!
As a former financial advisor, I know that most people have no idea that they are not on track to retire comfortably. Even if they are stashing a way money, month after month, they don’t realize that there is no guarantee that the market will prove to be consistently favorable over the time period that they need. Unfortunately, that’s why so many baby boomers are finding themselves remaining in the work force. So here’s my recommendation for anyone that wants a legitimate opportunity to create 3 to 5 units of principle-less interest – start a home-based business. –
Nate Scott – 904.838.2623