Britains army of 2.9m homepreneurs actually contributes more than 300bn to the economy on an annual basis.
The results of the ‘Home Business Survey clearly’ show home-based businesses are thriving. They are keeping costs low in starting and growing from home and maximising sales opportunities by leveraging technology.
Furthermore, 64 per cent are women, and only 28 per cent have children under the age of ten; dispelling the idea that female entrepreneurs are motivated to start-up by childcare duties.
The top sectors for homepreneurs were primarily in the creative sector, business services and professional consulting including law, science and engineering.
The regions with the highest concentration of home-based businesses in the UK are the South East (19.3 per cent) and Greater London (17.1 per cent). West Midlands (11.2 per cent), East of England (10.3 per cent), the South West (9.6 percent) and the North West (9.4 per cent) display a medium concentration, while the least popular locations are the North East (3.8 per cent), Yorkshire and the Humber (6.7 per cent) as well as the East Midlands (7.6 per cent).
The top national sector for female homepreneurs is the creative services, and the region with the highest concentration of home-based female-owned businesses was the West Midlands, at a staggering 83.3 per cent. Figures also showed businesses based here had more international customers and were more experienced, with 50 per cent having run a previous firm.
The East of England shows highest concentration of male-owned home businesses at 40 per cent, where homepreneurs were more likely to be working on their business part-time, while holding down some form of paid employment.
The South West is one of the most heavily populated by young homeprenuers – an interesting insight given the fact that the region has the oldest population in the UK, according to ONS statistics.
Currently, 41 per cent of the total owners in the area fall within the age range of 18 £34 years. Most have been established within the last two years. They specialise primarily in the creative industries. Another popular location for the younger home business owners is the North West region, where 53 per cent of those surveyed were aged between 25 and 44.
When asked why they started a business, the top answer from all homepreneurs was that it was a lifelong ambition, a chance to exploit an opportunity or a gap in the market or thirdly insecure feelings about a previously-held job.