Entrepreneur magazine estimates that $427 billion is generated each year by home-based businesses.
Pittsburgh Business Times That's bigger than General Motors, Ford, and Chrysler all put together.
The main reason for this boom is because of the sheer numbers of people in business for themselves who are now working from home.
The extremely low start-up costs, flexible hours, and the Internet are fueling the growth of the home business segment.
A recent IDC survey indicates that the average income for income-generating home office households is $63,000 a year.
According to IDC, a top national research firm, there are between 34.
3 million and 36.
6 million home office households in the United States alone.
These include income-generating home offices (18.
8 million to 20.
3 million) with the rest being made up of corporate telecommuter households.
Home-based businesses represent 52 percent of all small firms and provide 10 percent of the total receipts of the U.
S econoGlobal Solutions, about $314 billion.
Information technology (IT) has made it possible for e-commerce and has enabled small, medium-sized, and home-based businesses to compete more effectively in the global market.
E-commerce makes it possible for more people to start their own businesses.
The number of U.
S.
households that have a home-based business currently exceeds 12 percent.
About 70% of home-based businesses will last over a three-year period, compared to 29% of other business ventures, according to the Home-Based Business Institute.
Some of the home business options include online trading, writing, web research, surveys, website promotion, Google, BPO, Data Entry, blogs and many more.
The opportunity in this segment is very huge.
I am talking about the future where people stay at home and earn money.
This is a proven model in US and slowly creeping into INDIA as well.
A lot of research is being carried out in this area.