The recession has helped to create 300,000 home-based businesses, a new report has revealed.
According to the Home Business Report released by Enterprise Nation, 5,500 are swapping the daily commute for a home-based venture every single week, with many using redundancy to fund their projects.
The report also revealed that 60% of small businesses in the UK were started at home. Currently, 2.8 million home businesses generate a collective annual turnover of £284bn.
Emma Jones, founder of Enterprise Nation and author of the report, said: “This year’s report confirms that more people are starting up at home on account of lower costs and wanting a better work/life balance.
“Basing the business at home is certainly no obstacle to growth as home business owners are making the most of technology to outsource work and collaborate with other talented minds.”
Business confidence is also high among home-based entrepreneurs, the research found. Nearly 90% of respondents said they were expecting turnover to increase over the next year.
© Crimson Business Ltd. 2009