This is the amazing statistic reported by Ian Bushby, Head of Start Ups at BT. He states that the current economic climate is acting as a spur for thousands of people to start up their own business from home.
Obviously, those thinking of launching during the current economic turmoil have to weigh up their options carefully. However, slowdowns can be defining moments for people to make the move, especially if they have lost their jobs.
Many who decide to hit the start-up trail launch their own enterprises from home because of their desire for a better work-life balance, to increase their income or to be their own boss. The overheads are also cheaper than renting premises and the benefits to the environment through reduced traffic congestion and energy savings are obvious.
The development of reliable, fast broadband connections and technology and communications that support working from home, means the trend towards more home start-ups will continue in the long run as people are able to manage the full gamut of business tasks from the comfort of their homes.
One interesting trend picked up by BT’s Home Business Report 2008 found an increase in spare time start-ups, with a third of people running a home business in their free time. This thriving 5pm-9pm economy offers would-be entrepreneurs a low-risk route to starting their own business while still retaining a regular income stream from their full-time jobs.More and more over 50's are pursuing what setting up what are called Lifestyle Businesses. These people do not necessarily want to build up large businesses, employing others, just wish to do work that they love and enjoy. And what a major contribution they are making to the economy too!