14 Jul The Home Office Goes Global
Like a lot of other entities, from large corporations to small and home-based businesses, Live Out Loud is a global company. The only problem that occasionally gets in the way of seamless communication is time-zone differences.
However, for the average small or home business, there’s a bit more than just time zones (and perhaps languages) that make the global office of today tricky to navigate.
For instance, most of the world works in metric, but the biggest Internet market works in imperial. (The imperial system is base units of length, mass and time.) So, some customers won’t know what a mile is, and others won’t know what a kilometer is. There’s also difficulty with the variety of currencies, though that’s getting better all the time.
Today, even with a home office, you can compete on a global scale.
The majority of the 16.5 million home-based businesses are working online. And with the technological advances brought on by today’s Internet, such as cloud computing and smart phones, it’s only going to get bigger. I see the number of home based businesses possibly even doubling over the next decade.
That’s good news and I want you to be part of that expansion. I don’t think anybody twenty years ago would have imagined that someone could sit at home and make a comfortable living (or better) by typing words into a computer.
While my business has a brick and mortar base (in the U.S. and Australia), I conduct global activities and have venture partners and independent entrepreneurs (several from home offices) working with me. I have great respect for small businesses whether they’re home-based or otherwise. They’re instrumental in my everyday business.
In fact, I’ve always said the only way we’re going to build a robust economy again is by the efforts of entrepreneurs, of people working independently, outside the corporate structure. I’ve also always believed the only way for individuals to build their own robust personal economy is by building a business of their own.
This is a changing economy, complete with changing roles. The traditional, outdated model of working a j.o.b. until you retire and then collecting on your 401K and social security is gone.
More and more, entrepreneurship is driven by people who are tired of the rat race, taking early retirement, or by those whose jobs have disappeared completely.
Take a look at the facts based on recent studies about home-based businesses:
- They provide for at least half of their household’s incomes.
- Together they employ one in 10 private-sector jobs. (That’s actually 13 million more than venture-backed companies.)
- 35% have revenue above $125,000 while keeping a greater share of their net income (36% vs. 21%)
In many cases home-based businesses are as competitive as their counterparts that rent, lease or buy commercial space. Most are even more competitive within the market because they have lower operating costs. On top of that, they’re getting more and more sophisticated. Today it’s much easier to run a business from anywhere in the world and cater to a global market.
However, what might be even more important than all of the above is that the corporate world is recognizing the home business as a legitimate enterprise. You might want to read that again because it’s very good news for all entrepreneurs.
Do you have a global home (or small) business? What have your experiences been?
If you haven’t gone global, is it in your future plans? What do you think the hardest part would be?
How can I help?