What Are The Odds Of Your Home Based Business Succeeding Online?

Before starting your home based business online it may be worth your while to conduct some research into the chance of being successful in the particular field you choose. According to Score.org, there are an estimated 29.6 million small businesses in the United States. This includes 52% home based businesses. In 2008: There were 627,200 new businesses, 595,600 business closures and 43,546 bankruptcies. Seven out of 10 new employer firms survive at least two years, and about half survive five years.

General trends in the small business marketplace show the number of self-employed workers in June 2005 fell 3.1 percent or 303,000 from the month before, Labor Department data showed. Self employment tends to fall as the economy grows. That’s especially true among laid-off workers who start tiny companies after failing to find work in slow times. (Source: USA Today, July 17, 2005)

During 1979-2003, self-employment increased: 33 percent for women; 37 percent for African Americans, 15 percent for Latinos, 10 for White Americans and 2.5 percent for men. (Source: SBA, Office of Advocacy)

Where do small business owners go for advice? 52 percent from individual mentors; 51 percent from social networks; 44 percent from trade associations; 36 percent from business advisors; 31 percent from the Internet and 27 percent from Chambers of Commerce. (Source: American Express)

Currently the hot markets for small businesses include: eBay drop-off sites, search engine optimization and Internet marketing, performance apparel, niche health and fitness, technology security consulting, and Services/products for Hispanic-market. (Source: Entrepreneur magazine, “Newest Trends & Hottest Markets,” January 2005)
 
The first two on the list: eBay drop-off sites and search engine optimization and Internet marketing is great news for anyone thinking about setting up a home based business online. The Internet marketing and affiliate marketing opportunities online at the moment are very popular and in great demand. Finding the right product or service or affiliate opportunity and combining it with your favorite Internet marketing strategies can result in a very successful home business.

Apparently the face of the home business entrepreneur is changing also. These days, according to recent research,  people 55 and over are more likely than young people to be starting businesses, says Professor Scott Shane, writing in Business Week. He cites research by Dane Stangler of the Ewing Marion Kauffman Foundation that showed in every year from 1996 to 2007, Americans aged 55 to 64 are more likely to start a business than those aged 20 to 34.

However black-owned businesses are the fastest growing segment, up 45 percent between 1997-2002. Revenues generated by the nation’s 1.2 million black-owned businesses rose 25 percent between 1997 and 2002 to $88.8 billion in 2002. (Source: U.S. Census Bureau)

While women represent more than 1/3 of all people involved in entrepreneurial activity. (Source: Global Entrepreneurship Monitor (GEM) 2005 Report on Women and Entrepreneurship) The number of women-owned firms continues to grow at twice the rate of all U.S. firms (23 percent vs. 9 percent). There are an estimated 10 million women-owned, privately-held U.S. businesses. The greatest challenge for women-owned firms is access to capital, credit and equity. Women start businesses on both lifestyle and financial reasons. Many run businesses from home to keep overhead low. (Source: SBA, Office of Advocacy and Business Times, April 2005)

After reviewing the information provided and after conducting your own research hopefully you will come to the conclusion that starting your own home based business is the path to take and you will become one of the most successful entrepreneurs online today.

Bob Withers