The Home Based Business Explosion Is Upon Us!

INTRODUCTION

Perhaps I should start by asking the question “What is a Home Based Business? This is any business operated from the comfort of the residential home of the owner.

The next question is who is a Home Based Business owner? This refers to an Entrepreneur who decides to run his business from the comfort of his home.

I decided to clarify these terms because there is a huge difference between a Home Based Business owner and a Home worker who might be working with a government/private organization but decides to be working from home once or twice during the week.

Evolution of Home based Business

Many businesses operated from home usually start as a Micro or Small Enterprise. Some eventually metamorphose into Medium Scale Enterprise and others eventually grow into quite large companies.

The desire by Entrepreneurs to start operating businesses from home actually started in the 1980s. During this period, a lot of things combined to precipitate this massive desire by people to own Home based businesses.

In the main, the combination of many factors like socio- economic change, improved technology and new management thinking resulted in the loss of otherwise permanent paid employment and this encouraged people to attempt to revalidate their freedom by opting to set up a business at home.

The advent of new management thinking and theories like downsizing to make an organization Lean and more agile and efficient created fears in the mind of the average worker

So mass lay- offs helped create the right environment for some workers to go it alone and set up a Home based business.

The period of late 1990 to 2010 can be appropriately described as the period of massive explosion in the establishment of businesses at home. The use of Computer, Internet and Mobile Technology helped in the growth of this idea.

I strongly believe the idea of setting up business at home will continue to be positive and will remain so for a long time.

The continued upsurge in the desire of people to own businesses has attracted the attention of Universities and other higher institutions. They have responded by introducing different courses and programs on Entrepreneurial studies to cater for these needs.

Unlike earlier belief that businesses run from home are not well managed and don’t make good money, the present situation is that many Entrepreneurs motivated to set up business at home now have college degrees including a lot of high level professionals with business exposure.

The entrepreneurial spirit is innate in all of us and we only need to be adequately motivated to take the necessary action.

It’s really an exciting world out there.

THE HOME BASED BUSINESS EXPLOSION

As stated earlier, though the crave for running businesses from home started way back in the 1980s, what can be termed the explosion of this way of doing business was between the late 1990s and the first decade of the new millennium.(2010+)

This coincided with the time when the setting up of a Home based business became a Fad. According to Mr Lewis of the National Association of Home Based Businesses, Home based business in the United States grew from about 6 million in 1984 to 23 million by 2007.

With the help of modern technology like computers, mobile phones, printers and the huge power of the internet, more work is being done virtually than ever before and more global businesses are routinely being run from home.

According to the 2012 GEM report, 69 percent of American entrepreneurs start their business at home from either a spare room in the house, the dining table or from the garage. The report further revealed that more than 50 percent of entrepreneurs continue to operate from home even after the business has taken off successfully and stabilized.

Again according to Mr. Lewis of the National Association of Home Based Businesses, his own companies do training in 20 countries, import eyeglass frames from China and also develop condominiums.

Mr. Nuyten of the Home Based Business Statistics in America quoted the following statistics as at 2012:

38 million Businesses were operating from residential homes in America

A new business is started from home every 12 seconds in the United States

The Home Based Business sector in the United States earned Four Hundred and Twenty Seven billion dollars.

It revealed that 70 percent of Americans would like to be self- employed.

Entrepreneurship has become entrenched in the psyche of the average person. The Baylor University study of 2005 revealed then that more than 5 million jobs had been lost in Fortune 500 companies since 1980 while 34 million were created in small businesses.

The United States Census Bureau data of October 2012, also revealed that the number of businesses being operated from home have been on the rise since 1999.

The United Kingdom Experience

The continued growth in the Home based business sector appears to be a global phenomenon as the report from the United Kingdom will show shortly.

The United Kingdom department of Business, Innovation and Skills released a report titled ” Backing for Home Business” which revealed that 2.9 million home based businesses in the United Kingdom contributed 300 billion pounds sterling to the UK economy. The report also stated that 70 percent of all new businesses in the United Kingdom started from home.

According to Home Business report compiled by Enterprise Nation, 1,400 new businesses are started from home each week.

This report also confirmed that out of a total of 4.5 million small and medium enterprises, 2.1 million are Home based businesses.

Factors contributing to the growth of Home Based Businesses

There are many factors motivating people to set up Home based businesses such as:

  • Losing one’s job

Being laid off in a time of economic downturn could be very devastating. With difficulty in getting new job offers, the next best thing would be to start a Home based business.

  • Flexible lifestyle

You are your own Boss. Literally, you can come and go as you please. You maintain better work/family balance. There are no set opening and closing times. You go for lunch and vacation when you feel like

  • Reduction in Stress level

The daily commuting, especially with the present heavy fuel costs is avoided. Also those train/bus rides to and from work with all sorts of characters is avoided.

  • No corporate office politics

You are not thinking of how to always please the boss and climb the corporate ladder. You don’t have to engage with difficult colleagues. Best of all, there are no dress codes.

  • Cheaper start up and running costs

It’s cheaper to set up a Home based business. A serious entrepreneur can get started with just $5,000. The main requirements could just be a computer, mobile phone, printer and a good internet connection. No rent of physical store space.

  • Secondary Income

Some entrepreneurs set up business at home to bring in extra income to support a day job. Some people start the business as a part time hobby. Eventually the business may become very successful and the entrepreneur will now take the decision to resign from the day job.

  • Be your own boss

You are your own boss. You have the freedom to do things the way you want. There is nobody breathing down your neck reminding you of targets.

  • Job dissatisfaction

An otherwise loyal employee may become unhappy with the company for lack of promotion and motivation. The next thought is to set up a Home based business.

  • Opportunity to achieve Self actualization

Having your own business gives you the opportunity to make as much money as you desire. This of course depends on how much money you want to make and the amount of time and effort you decide to invest in the business.

Advantages of running a business from home

The desire to get out of the rat race, avoid the daily grind coupled with the power of modern technology make telecommuting more productive.

Together with some of the factors already mentioned above, listed below are more advantages:

  • Tax advantages

You can deduct some of your expenses as business expenses. These could be utility bills, insurance, mortgage and property tax.

  • Opportunities for Professional improvement

It is safe to assume that with the day to day running of your business, you will develop more business management skills.

  • Multiple streams of Income

With more time to yourself and the freedom to follow your lead, you can decide to explore other areas of interest and create multiple streams of income.

Disadvantages of running a business from home.

In spite of the almost glamorous attraction of Entrepreneurship, there are some disadvantages which must be effectively managed in order to improve the chances of success.

  • Irregular Income

For some one that had been used to regular pay checks, having to go through some weeks without income could be a huge challenge.

  • Lack of adequate space

This could arise where work sometimes spills into the home space

  • Nearness of Family and Friends

The nearness of family and friends could become a distraction if not properly managed.

  • Lack of Fringe benefits

Fringe benefits like health and dental insurance and paid vacations which were hitherto being enjoyed in paid employment are no longer available.

  • Friction with neighbors

The type of business you are involved in could create friction with neighbors due to noise pollution and lack of packing space

  • Health Issues

Staying glued to the computer screen and in a small space may affect health and fitness. So try and create time for exercise and recreation.

CONCLUSION

So as the French would say Voila! There you are! The idea of starting a business at home has become engraved in the mind of people. Every day, people are starting thousands of businesses in their residences all over the world.

Though there are disadvantages in running a business from home, the advantages far outweigh the disadvantages.

Some industry watchers believe that crave for setting up businesses at home is waning and the general trend could be heading downwards.

However, I personally believe that the trend can only continue northwards. Why? Because I see all the indices still pointing positive. The factors that motivate people to set up Home based business are still very much around. There are still massive lay- offs going on in many companies and workers are still feeling short changed by employers.

To crown it all, the technological tools like Computers, Mobile Phones, Printers and the Internet which assist Home Based Business owners to work smarter and achieve more with lesser effort are still evolving.

Therefore I’m of the view that the trend of setting up businesses at home is still on the upward swing.

So, how about you? What do you think? Is the trend moving up or going down.

Let’s have your thoughts.

Renovating a Home in Mississauga Is Cheaper Than Buying a New One

Are you tired of the dull look of your home? Do you want a new home that matches your style and personality? If you are thinking of selling your home and interested in buying a new property in Mississauga, it is time to reconsider your decision.

Current Real-Estate Scenario in Mississauga

According to Point2Homes, a premier Canadian real estate website, home prices have increased by 10.4 percent in comparison to last year. It means you will be able to sell your home at a great price. But, do not make a quick decision of selling your old home. It is because steady rise in the home prices has led to difficulty in buying new homes.

Why are Home Prices increasing in Mississauga?

According to the Globe and Mail, Canadian home prices will decrease in 2017. It is because there is a rise in the number of first-time home buyers who find high-priced homes out of their budget. But, the scenario is different for Greater Toronto Area. Higher level of demand and growing economy will continue to increase home prices in the area. And, because Mississauga is one of Toronto’s closest neighbors, home prices will continue to rise in the future.

Also, the new mortgage rule has not cooled off prices in the Peel region. With the introduction of the high down payment rule, home listings in Toronto city have decreased. And, it has increased the home prices in Mississauga.

What is the solution for Home Buyers of Mississauga?

If you are tired of your home, do not sell it. There is an affordable option of building a home of your dreams. You can renovate your current home and make it beautiful to suit your needs. There are many home renovation contractors in Mississauga area who undertake simple renovation work as well as complex remodeling projects.

Renovating a Home in Mississauga

Whenever you think of renovating your home, you must hire a home renovation contractor. It is best to let experts handle renovation work because a small error can ruin your chances of building a beautiful home.

Decide what kind of renovation work you want the contractor to do in your home. Once you are sure of the work, hire an experienced contractor. Also, make sure that the home renovation contractor has adequate knowledge of the permit regulations in Mississauga city. Before undertaking renovation work in the city, you have to know the following things:

· Are you allowed to undertake renovation work on your property?

Mississauga city’s zoning by-law provides you with information regarding undertaking any renovation work on your property. It also involves details about the size of the structure and the parking area. If you wish to make any change to the existing structure, you will have to refer to the by-law before starting the work.

· Do you require building permit for the work?

You are required to obtain permit for different renovation work such as constructing a porch, excavating the basement, repairing the private sewage system, etc. On, the other hand, erecting a fence, installing a siding, building a kitchen cabinet, painting the home, etc. don’t need a permit from the City of Mississauga.

Renovating a home and making it beautiful is a cheaper option than buying a new home. Selling your home and buying a new one can become an expensive task in Mississauga. So, hire an experienced home renovation contractor who can work for you and help you in building the home of your dreams.

Get Affordable Home Insurance in Calgary

There are many reasons to get home insurance in Calgary. First of all, you want to make sure your house, cottage, or tenancy is covered for damage, theft, and flooding. Secondly, you want to know if you are overpaying for home insurance, and if you are, you want to know if you have access to a more affordable insurer. We can help you connect with a live insurance broker who will give you the information you need to insure your house in Calgary. You can also request a quote from at least 10 Canadian home insurers, so you can compare rates.

Typical Home Insurance Premiums
Home protection prices are different for rented and owned properties. Tenants insurance for rented homes covers the basic contents of a house and some liability (you may need a separate policy for fine art, wine collections, furs, and other expensive, atypical items). Tenants insurance is often cheaper than homeowners insurance.

Homeowners insurance covers the building and its exterior, as well as risks connected to theft, fire, earthquake, etc. Since the value of the building is much higher than the contents of a rented unit, homeowners insurance premiums are significantly higher than are the premiums for tenants insurance.

In order to have a broader picture of home insurance rates in Canada, here are statistics of the average home rates in Alberta, Ontario, British Columbia, and Canada. These statistics are provided by InsurEye.

In Alberta, monthly house insurance rates are typically $84 for homeowners and $49 for renters.

In Ontario, monthly home insurance rates are typically $78 for homeowners and $42 for renters.

In British Columbia, monthly home protection rates are typically $85 for homeowners and $47 for renters.

Across Canada, monthly home insurance rates are typically $77 for homeowners and $41 for renters.

Examples of Calgary Home Insurance Quotes
Home insurance quotes in Calgary depend on the size of a building, its location, and possible risks (like flooding). The following examples of house insurance quotes will help you better understand how much home insurance can potentially cost you:

· For a 2,800 square foot, two-storey house in Calgary, in the neighbourhood of Altadore near River Park, expect approximately $98 monthly ($1,176 a year).

· For an 850 square foot, two-bedroom condominium on the 12th floor in downtown Calgary, next to Central Memorial Park, the insurance costs are approximately $23 a month ($276 a year).

· For a one-storey house in Calgary, in the Mount Pleasant neighbourhood, located close to 4th St NW and the Trans-Canada Highway, the insurance is approximately $62 monthly ($744 a year).

Flooding Coverage for Homes in Calgary
Since Calgary often sees flooding, every homeowner should be prepared for the possibility of this risk and should understand the main aspects of home protection and flooding. One thing you should keep in mind is that home protection in the flood-endangered areas of the city is more expensive because of the much higher risk.

There are four main types of flooding. It is important to remember that your home insurance policy treats each of them differently:

1. Overland flooding occurs as a consequence of water (rain or melting snow) entering your house from the outdoors. Standard insurance in Calgary does not cover expenses from overland flooding. However, some companies do provide coverage for this type of flooding at an additional cost.

2. Roof leakage can be covered or not covered, depending on the factors that caused it. If the roof was in poor condition from the beginning, your insurance provider will not cover the damage. Your home insurance will most likely cover damage from a natural cause, like hail.

3. Your insurer will cover plumbing issues, only if you comply with the rules in your policy, such as having somebody visit your home while you are not there for extended periods of time (for example, while you are on vacation).

4. Sewer backup happens when wastewater is driven back into your house. Traditional home protection does not cover this type of flooding. However, you can always purchase this type of coverage as an addition to your home insurance policy.

The Difference Between Condo and Tenants Insurance in Calgary
Owners of condos can purchase homeowners insurance for their condo. The condominium corporation purchases commercial condo insurance. The difference between these two policies is in what part of the condo they cover. The homeowners insurance covers the contents of the condominium. The coverage also includes protection for upgrades, locker contents, third party liability, theft, additional living expenses, and sometimes special insurance assessments.

The commercial condominium corporation’s insurance covers the building’s exterior (envelope), together with its infrastructure and common areas.

Condo renters in Calgary need tenants insurance to cover the contents of their condos. This type of protection is usually mandatory and is part of the rental contract. In addition to the coverage of contents against theft, fire, and other hazards, the insurance also extends to third party liability and additional living expenses. Living expenses are for the cases when the condo is unlivable (due to earthquake, flood, fire, etc.), so the renter is forced to live in a hotel or rental unit until the condo repairs are complete.

10 Ways to Save on Home Insurance in Calgary
Here are a few ways to save on your home coverage. For more savings, get an insurance quote and contact an insurance expert.

1. Professional membership. Members of unions or professional organizations can get a discount on their home insurance. Insurance companies, like Meloche Monnex Insurance, also provide their members with insurance policies.

2. Hydrant or fire station. If your home is close to one of these things, you can ask for a discount from your insurance provider.

3. Discounts for students. Some insurance providers give discounts for students. As for dependent students who live alone, their parent’s home insurance may cover the insurance on their apartment at no additional charge. For example, Desjardins Insurance provides this discount.

4. Discounts for graduates. TD Insurance is an example of an insurer that offers discounts for graduates from post-secondary institutions like McGill University or the University of Toronto.

5. Quit smoking. Many insurance companies increase home protection premiums for smokers due to the potential fire risk.

6. Change your policy. Those with tenant insurance should rethink the size of their coverage – perhaps some things that do not have much value do not need additional coverage.

7. Security of your home. Does your home have additional security, like a doorman or security guard? This might get you a discount from your insurance provider.

8. Direct insurer. Also called a captive agent, a direct insurer represents one company and can offer their products for a cheaper price when compared to insurance agents or brokers.

9. Consumer reviews. Other home insurance consumers often share their experiences of purchasing insurance and making claims. Thanks to these insights, you will be able to avoid unexpected costs and overpayment.

10. Compare prices. You can get home insurance quote in Calgary for a cheaper price thanks to the price comparison tools that show you the rates of the same services provided by different insurance companies.