Home working blossoms as it caters for new careers
Nov 19 2009 By Chris Knox, The Journal
Factfile
THE 2009 Home Business Report highlights how important these business are to the North East’s economy.
These firms are generating an estimated annual income of £6.7bn for the North East economy.
This is set to rise as 89% of home businesses expect to increase turnover next year.
45% plan to increase turnover by using freelancers and outsourcing, while 42% intend to make better use of existing resources
Only 4% will consider hiring full-time employees, preferring to keep their operation small during the recession.
Technology, such as broadband, is also proving vital for home business expansion with 81% saying it is critical to their success.
Nearly three-quarters of home businesses also use social networking sites, such as BT Tradespace, to keep in touch with other businesses.
The most popular reasons for starting a home business are low costs, a better work/life balance, and being close to family.
The spare room is the most likely location for a home business.
Emma Jones, author of the report, said: "This report confirms that more people are starting up at home on account of lower costs and wanting a better work/life balance. Basing a business at home is certainly no obstacle to growth as home business owners are making the most of technology to outsource work and collaborate with other talented minds."
