Whether it is by choice or by default, many more people are opening home-based businesses. 2010 looks to be a booming year for home-based entrepreneurs, also known as the “homepreneur.” Here is a look at why homepreneurs will likely become the largest form of small business in America.

The Trend of Homeprenuership

Going into business for yourself is an uncertain prospect. Although the rewards of working for yourself can be great, the fear of failure and the uncertainty of your next paycheck prevents many prospects from jumping into the fray.

However, due to the economy since 2007, there has been no better time to start a home-based business. Millions of people are suffering from company layoffs, and many more cannot find other work. What choice do they have but to start their own home-based business, using their expertise and contacts as a way to make a living?

According to the Small Business Administration, 52% of all small businesses are home-based businesses. Only about 35% of home-based businesses have revenues of $125,000 a year or more, compared to 75% of non-home-based businesses. Most home-based businesses, about 93%, do not have any employees.

Advantages of a Home-Based Business

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Tags: 2010, Booming 2010