In Business / July 2006
Business Hits Home
America’s home-based sole proprietors generate $102 billion in annual revenue, according to a study released today by the Office of Advocacy of the U.S. Small Business Administration. The study details revenues, expenses, and income for both homebased and non-homebased sole proprietors by industrial sector.
The results indicate that sole proprietorships are a vital part of the US economy. Many are home-based micro businesses, but collectively, they generate a significant amount of economic activity. For the average sole proprietor, their business provides benefits of entrepreneurship that go beyond just income and revenue.
The report presents a comparison of homebased and non-homebased sole proprietorships. For example, it finds that the average homebased sole proprietor earned $22,569 in net income while their counterparts employed outside the home earned $38,243. However, due to lower expenses, particularly in rent and labor costs, the average home-based sole proprietor consistently gained a higher return on gross revenues-36 percent, versus 21 percent for sole proprietors who were not home-based.
The administration, information and construction sectors had the greatest percent of home-based sole proprietorships.
For more information and a complete copy f the report, visit the Office of Advocacy website at www.sba.gov/advo or call (202) 205-6533.
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