Massive technological growth in recent years has creating a growing influx with the home based entrepreneur. Sites such as Etsy have allowed at home mothers and even full time employees to start their own home based business anywhere in the world. There are currently tens of millions of homepreneurs with a new home-based business starting every 12 seconds. These businesses have shown much success to the homepreneurs, with an estimated 70% of work at home businesses succeeding within 3 years. The growth of Etsy, many crafters are finding it easy to launch their own online store, allowing them to work from home. If you are a part of the more than 70% of working Americans that would like to work from home, the following information may prove to be invaluable to you.
What Sites Like Etsy Offer
Popular e-commerce sites such as Etsy have offered new options for sellers to market their goods and sell directly to consumers. Approximately 88% of sellers on Etsy are women despite the fact that only 29% of American businesses are woman owned. The median income of these users are $44,900, about 10% below the national average. Of these users 18% sell full time while 60% that sell work a full time job and aim to earn additional money that contributes to household expenses and discretionary spending.
What keeps these sellers motivated? With over 74% viewing their shop as a business, 94% of sellers plan on increasing their sales in the future. An estimated 81% are motivated by creativity and 68% are motivated by income. Almost half of these users are part time or temporary workers.
Pros and Cons of Working at Home
The average home based business is launched for less than $5,000. For crafters that already have their own supplies, paired with their creativity, can get started for a lot less. For the successful work at home business, 35% are able to generate more than $125,000 a year giving this industry a net worth of more than $427 billion a year.
1. Working from home allows the business owner to have more flexibility.
2. You can increase the time spent with family members.
3. Less time and money spent commuting.
4. All you require is a high speed internet connection and PC.
5. Allows business owners to achieve a work and life balance.
6. Offers flexibility and the ability to pursue a passion.
1. It can be easy to get distracted.
2. You have less socializing with others such as fellow colleagues.
3. Friends and family bother you more.
A Shift in the Marketplace
The economic downturn has encouraged a shift in the work at home marketplace. Lower costs and risks are associated with those desiring to put their business ideas into action. Many other working Americans view home based businesses as being less riskier than traditional employment. A decrease in job offers and benefit packages has additionally contributed to this shift. The largest demographic that has been impacted by this marketplace is women, Gen Y, and baby boomers.
Tools and Resources
The following tools will prove invaluable to your ability to start your own business from home. Some form of video conferencing and internet based voice calling (VoIP) will allow you to stay connected and communicate with others. Having instant messaging and email will help you reach out to customers and potential prospects. Connecting with others on social media sites such as Twitter, LinkedIn, Facebook, and YouTube has allowed business owners to engage with customers and become a part of their overall marketing strategy.