Home-Based Businesses in Australia

Paper Summary:

This paper discusses the economic importance as well as the advantages and disadvantages of establishing and running a home-based business. In addition, the paper explains factors that are affecting the success of such businesses and then focuses on statistics from Australian home based businesses. The paper concludes by providing different possible scenarios of the future of home-based businesses in Australia.

Outline:
Introduction
The Importance of Home-Based Businesses:
Pros & Cons of Running a Home-Based Business:
Factors Affecting the Success of Home Based Businesses:
Australian Statistics:
Future of the Home Based Business Sector in Australia:
Conclusion:

From the Paper:

Starting a home-based business provides the highest level of flexibility to an entrepreneur, as he is able to organize every facet of the business thereby creating a business catered to his own specifications. The entrepreneur controls every detail, such as product/service positioning, advertising, marketing, finance, personnel (if any) and production. Most importantly he regulates the amount of time he spends operating it.
One of the biggest obstacles faced by the start-up of a small business is financing. In regards to a home-based business, the start-up cost as well as the operating costs is low, sometimes negligible. This is a major competitive advantage that increases the overall profitability of the business.

Sample of Sources Used:

• Anonymous, 2004, Cuts for small business, The Advertiser, 27 September 2004, http://www.theadvertiser.news.com.au/common/story_page/0,5936,10888941%255E462,00.html accessed on October 10, 2004.
• Australian Bureau of Statistics, 2002a, 8127.0 Small businesses in Australia dominated by men, at home and online, 19/03/2002, http://www.abs.gov.au/Ausstats/abs@.nsf/0/5029caac4ca419c7ca256b800081a3b4?OpenDocument accessed on October 14, 2004.
• Australian Bureau of Statistics, 2002b, 8127.0 Characteristics of Small Business, 19/03/2002, http://www.abs.gov.au/Ausstats/abs@.nsf/lookupMF/3D4E3096405F603DCA256E8400784357.htm accessed on October 26, 2004.
• Australian Bureau of Statistics, 2004a, 8127.0: Growth of small business sector slows: ABS, 28/04/2004,
• http://www.abs.gov.au/Ausstats/abs@.nsf/0/3c6dbd363359bddaca256e830080a6e8?OpenDocument accessed on September 23, 2004.

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