The Homepreneur promotes financial and location independence
A homepreneur is, as the name suggests, an entrepreneur who is running a business from their own home. A significant majority of all businesses are home-based and this trend is increasing. Often, the homepreneur and the businesses that they manage are often dismissed as hobbies or part-time ventures with limited economic impact. However, being a homepreneur can much needed income, flexibility and indeed subsequent jobs for private sector workers. The evolution of the homepreneur is fueled by technology and enabled by low costs.
Examples of a typical Homepreneur
A homepreneur is born for a variety of reasons such as:
- Necessity: In order to save themselves from losing jobs, they create jobs for themselves.
- Opportunity: To escape the hum-drum 9 to 5 and follow or exploit a passion and creative talent
- Improved work/life Balance: Where, when and how work is done is becoming a priority for the young culture that’s being bred into today’s innovative society
In addition to the above examples, it is increasingly evident that many people are eager to escape the corporate jungle to embark on the adventures of a home-based business. Examples of this type of homepreneur include:
- Freelance writers
- Online retailers
Why become a Homepreneur?
1: Economy: People living in environments that have high rates of unemployment, lack of alternative job vacancies view being a homepreneur as viable self-employed, home based business option for them. 2: Bootstrapping: With cashflow being the lifeblood of any startup, there are obvious cashflow advantages in being a homepreneur such as reduced location costs, fixed overhead costs, travel and food costs. 3: Home-based Artisan: A new do-it-yourself movement of crafters, digital tinkerers, green advocates and other “Makers” are using their garages, basements and backyards as their factories. These types of artisan homepreneur are combining digital technology and tools with traditional methods to create innovative products, processes and business models. 4: Cloud Computing: The Cloud is the key shift of the drive towards home based businesses. The cloud-based IT services help homepreneurs develop and grow their businesses as a result of:
- Access to advanced computing capabilities on a variable cost basis
- Reduced requirement for IT infrastructure and support
- High availability of mobile computing and the provision of back-up and security services
- Improved collaboration with employees and customers
5: Mobile computing: Most home businesses are mobile with customers, suppliers, partners and employees located elsewhere. It provides the homepreneur with the tools and resources needed to operate and manage a distributed business. 6: Social Media Resources: Social media sources such as Facebook, LinkedIn, Twitter, Blogs and other collaborative tools for sharing and exchanging information are easily accessible, cheap and easy to use. A homepreneur can leverage these tools to amplify their business impact. 7: Online analytics: Management, monitoring and marketing of home-based businesses allows the homepreneur to successfully compete in a range of sectors by using analytical tools. 8: Localism: Driven by changing demographics, technology, rising energy prices and concerns about the environment, the homepreneur is increasingly focusing on their families, friends and communities. Being a homepreneur allows greater community focus and creates market opportunities locally-oriented customers. 9: Boomers: Aging baby boomers are flocking to home-based businesses because it offers:
- Lifestyle and financial flexibility
- Options to explore a new career or passion
- The opportunity for improved work/life balance
10: Work/Life balance: Interest in work/life balance is growing across almost all demographic segments as people focus on non-economic life issues.
Origination of the Homepreneur
The increase of the homepreneur can be traced back to part-time and full-time telecommuters in the 1980s where employees in certain circumstances were given the option to work from home. The increasing use of internet in 1990’s fueled the rise of the homepreneur as a viable work option. These home-based businesses are also employing private sector workers, part-time workers, home-makers, and students, thus making a commercial space out of the home. These home-based business industries are not restricted to any one particular sector and are often spread over multiple sectors. A homepreneur will often be more personable with their clients which makes them more approachable. The key differentiator for the homepreneur is obviously the fact that their operational control centre is based in their home but this can be any one of the following:
- Converted attic
- Home office
As the lure of being a homepreneur is enticing, consideration should be given to the disadvantages, such as the many distractions, job security and the requirement to be disciplined and focused on being efficient and productive. Being a homepreneur is not for everyone but with self-discipline, enthusiasism, motivation and the ability to work smart, a homepreneur can translate those qualities into building a successful home-based business for themselves. If you are a homepreneur or are interested in becoming a homepreneur and need help and advice with starting an online business then contact eCubation today for a FREE consultation.