If you run or work in a home-based business in the U.S, you certainly are not alone. In 2011, the U.S. Census Bureau published some startling results from their 2007 Survey of Business Owners. The Census Bureau felt that the following facts were important enough to warrant a press release. While the 2012 SBO “Characteristics of Business Owners” data will be released in March 2016, here’s what the 2007 survey told us about home-based businesses.
- 51.6% of all survey respondents operated primarily from someone’s home.
- 58.2% of women-owned businesses were home-based.
- 49.1% of men-owned businesses were home-based.
- Only 6.9% of these home-based businesses had annual receipts of $250,000 or more.
- 57.1% of home-based businesses earned less than $25,000/year in income.
- 20.8% of respondents needed no startup capital to start their business.
- 62.9% non-employer respondents were home-based businesses.
- 23.8% of employer respondents were home-based businesses.
Home-Based Business Stats Infographic
One thing is clear, more people are choosing to work for themselves even if that means earning less than 25K per year. It may be because so much work in the Internet age can be done remotely. The virtual office is more possible than ever before. The independent, frontier spirit of Americans is alive and well.
If you are someone just starting out, let these numbers inspire you. Over half of all businesses surveyed were self-financed, home-based businesses. If you have a skill or a service, a home-based business is indeed possible!
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If you are a home-based business owner, freelancer, micro-business or small business, Flare online accounting software can help you keep save time, manage business finances and profit. Flare has everything you need including time-saving invoicing, expense tracking, bank reconciliation, budgeting, and collaboration, but Flare also makes you smarter. Flare’s dashboard displays actionable financial performance metrics that help you really understand your business finances.