Recently, I’ve been doing some research on small home based business ventures. From all indication this sector has continued to grow despite the global economic down turn. In fact the statistics indicates that there has been a steady increase between 2007 and 2009. For example, statistics shows that more and more Americans prefer being self-employed with over 12% households in the US having a home based business. Besides, the U.S. Bureau of Labor Statistics reports that the number of home-based businesses in the U.S. is well above 18.3 million businesses while the success rate for home based businesses is put at 70% for at least a 3 year period as compared to 29% outside the home business venture.
Now, I personally believe one of the reasons for this increase is because more and more home based business entrepreneurs are today using the internet as a marketing tool. Whether we admit it or not, one thing is certain, technologies like the internet have revolutionized just about everything we do around the world both at our personal and professional levels. And it’s this revolution which online home based business entrepreneurs are cashing in right now that is pushing the figures up the scale!
Indeed the internet has opened a whole lot of opportunities for home based businesses. In this article I want to highlight some of the ways the internet has influenced the home business entrepreneur positively.
1. Potential for a Global Market
This can be regarded as one of the greatest gains of home based businesses as regards the internet. Before the internet, home based businesses were limited being able to only reach out to customers from their immediate communities. But today the internet has made it possible for home business entrepreneurs to have customers far away from home. In fact, an online home based business today has the potential of reaching the global market without any extra costs. Having a home based business in today’s internet-driven economy means being released from that limiting factor of market reach.
2. Less Time to Get Your Business off The Ground
Before the internet, starting and growing a successful business took time and much hard work. Many of the big companies today had to put in the extra hour in order to get their businesses off the ground. However, the internet now helps people to shorten that time. With the proper information coupled with the right mindset starting and growing a home based business on the net is now a click away!
3. Making Money At Home Made Much Easier
The internet has actually eroded much of the barriers of running a home business so much that the lure of making money from home has increased. Now home-based businesses aren’t what they used to be because of the internet. With the advantage offered by the internet it means the lucky entrepreneur can actually stay at home while making their money online. And from all indication it’s because making money with the internet technology is much easier that more and more people are opening up online businesses today.
4. Easy Access to Information
Every entrepreneur understands the importance of having the right information in running a successful business. Before the internet a whole lot of testing and research work were undertaken by entrepreneurs. Sometimes this took years. But with the internet, you can have all the information you need at your fingertips. Pieces of information that can affect the business venture like marketing trends; demographics etc can now be easily gathered. Of course the market is a very erratic factor in business, with people changing their preferences all the time. But with the internet the home based entrepreneur can really be prepared for any of these possible events using the right tools.
5. A Better Understanding of Your Competition
Another way that the easy access of information has helped the home based entrepreneurs is that they are now able to take a closer look at the competition. Questions like, what sets those businesses apart? What is the competition’s weakness? How can I get ahead in the market? etc. can now be answered by a simple search online or by the use of specialized software.
6. Quicker and Easier Access to Help
One thing that is clear in building a successful business is that you need the help of others. It doesn’t matter if you’re running a one-man home based business. In fact, it makes it more pertinent! And the internet has become a really great asset in this area as it allows you access to people even while working from the comfort of your home! This means you can reach important contacts and make business decisions faster. With online social media home business entrepreneurs are finding it much easier to network and build fruitful business relationships that have impacted positively on their businesses. Also access to expert advice has become much easier, cheaper and quicker.
7. Easier Access to Business Opportunities
One outstanding trait of successful entrepreneurs is that they are always on the lookout for any chances of expanding their businesses. They understand that the earlier you learn of an opportunity, the better your chance of getting it. And the internet has become an indispensable tool in this area for entrepreneurs.
Conclusion: From the foregoing, it will not be out of place to say that with the internet home based business entrepreneurs have an edge. From saving time on making business-related decisions to multi-tasking, the internet has become a very valuable technology for the home business entrepreneur. But most of all having the world as your potential market is indeed an opportunity to make more money from your home based business.
What do you think: Maybe I’m wrong but I passionately believe that the internet is contributing greatly to the increase of home based businesses. Do you agree with these views? Share with us in the comments below.