3 Key Concerns For Homebased Business In 2022
The Homebased Business Sector Is Growing!
Although homebased business is growing quickly in the U.S, there are three key concerns for homebased business growth as gainful employment.
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In the coming year, key factors are needed to generate even more homebased employment that have received little attention.
These three concerns for homebased business are as follows:
Potential For Growth
1. Reasons For Potential Growth
- Dissatisfaction with mainstream employment;
- Unemployment, layoff or redundancy due to corporate down-sizing, restructuring, industry, work reform creating an available labor supply;
- Increased outsourcing or subcontracting by larger companies and government bodies;
- Change in societal values regarding lifestyle, freedom, independence and flexibility in time commitments, increased time for family commitments and home responsibilities;
- Increase in availability and affordability of information and communication technology for use in the home-based business and telecommuting;
- Increasing number of women participating in the workforce;
- Increase in the level of education of the workforce;
- And growth in the services sector in competitive markets, which is suited by the structure of small businesses, and the associated decline in manufacturing and resource based activities.
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2. Measurements Of Viability
The factors identified as influencing concerns for home-based business viability are gender, family responsibilities, financing, government regulations, technology, business expenses, proportion of expenses spent on labor, hours worked, degree of formal planning, outsourcing or sub-contracting, age of business, industry sector, household location, usefulness of networking organizations, owner self-funded super coverage, bartering, similarity of previous work experience, sales and employment.
3. Potential Sustainability
Government studies show that self-employment is a major feature of the homebased business sector.
However, there are varying views on the employment aspirations and potential of home-based business.
While some studies suggest that there is untapped growth and job potential in the homebased business sector, there is also a proportion of the sector that has no intention of growing or expanding their business beyond certain limits.
Therefore, there is a need for increased research of factors affecting the sustainability potential.
Summary Of Concerns For Homebased Business Factors Identified
It is the growing insecurity of livelihoods, rather than unrealized ambitions for entrepreneurship, which lies at the heart of much micro-businesses.
Another major concern is how households turn to some form of small enterprise as all or part of their livelihood to maintain themselves in a changing economic environment.
At the intersection of the household and the market, a micro-entrepreneurs behavior is affected in part by the extent to which the business activity accounts for their livelihood security.
Studies show that in micro-enterprise businesses, of which more are female owned, that women have created more stable enterprises than their male counterparts.
There are limited findings on home-based business profit concerns, which indicates profit earned is generally not large and likely to be less than small and medium enterprises.
However, given the potential contribution of profit to household income and that little is known about factors influencing profit generated by homebased business, it suggests that profit is an economic benefit worthy of concern.
Based on limited data, profit to sales ratio in homebased businesses is found to vary considerably.
As a measure of profitability, very little is understood about the factors that influence profit in homebased businesses and the reasons for the variations.
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