Tiffany S. Williams, MBA , Forbes Councils
Technological growth and access to the internet have changed the way we do business. As per the International Telecommunications Union, the number of internet users grew from 400 million in 2000 to 3.2 billion in 2015.
The idea of a physical workplace is being
replaced by the idea of conducting businesses from your own home. It's
easier now -- we can create a virtual office and marketplace through the
internet. You can take care of all aspects of the business from home
and find the right balance between personal and professional life.
Not only do home business owners save time and energy, but they are putting technology to the right use.
1. Automation
As stated in an article by Per Bylund on Entrepreneur.com, in the near future, machines will be able to do any job better than humans. Though
knowledge-based jobs will take some time to be replaced, work that
involves physical labor will be hit hard by automation. Eliminating
emotional and physical factors by using machines will help to improve
the quality of work.
Not only will this lead to fewer people working in dangerous physical jobs, such as mining, but automation will
help home-based businesses use machines to do the long drawn,
repetitive and monotonous work. For example, you won't need to pay to
manufacture a product from each angle to know how it will work. It will
be easier to create a virtual model first and manufacture only when you
are satisfied.
Automation will also guarantee that the work gets done at a faster pace, and home businesses will be able to capitalize on that.
Businesses are no longer confined to
physical boundaries. A working laptop and internet connection can
connect you to the rest of the world in an instant. Location-independent entrepreneurs are examples of digital nomads who provide valued services to people from across the world. Anything from accounting, legal transcription, writing and marketing can be done with their help.
Being a digital nomad yourself is a great
way to pay your bills and at the same time use your spare time to good
use. You can travel, put time into your hobby and spend quality time
with your family as you work remotely.
3. E-Commerce
E-commerce started with books and has now
expanded to almost everything. From clothes to groceries, electronics
to baby care, everything is available to buy through verified e-commerce
platforms. As per Business News Daily, by 2022, 17% of retail sales in the US are expected to happen through e-commerce. Social media platforms such as Facebook, Instagram and Pinterest are driving a good chunk of sales on e-commerce platforms.
We get to save time by having things
delivered to our doorsteps. Instead of wasting time standing in long
lines, we get to use it for better purposes.
4. Business Intelligence
Business intelligence software collects
scattered data and puts it together to form information that can help
improve businesses. The technique was earlier used only by corporate
enterprises due to the issue of affordability. However, small,
home-based businesses are able to access this software through the
technological advancement of the internet. BI delivers real-time
business data, monitoring and tracking ability and advanced analytics.
This might be the trend that can help
home-based businesses stand apart in the long run. The data collected
through business intelligence lets home-based businesses study the
market in a better way. It will help them find ways to promote and get
products and services to their demographic with ease.
5. Network Marketing
Network marketing business models are
expected to grow in popularity in the coming years. Next year,
especially, will see a boost in this trend as major companies such as
Avon and Amway have been reaping benefits through its use. The
commission-based business strategy relies on distributors to market the
products and services. This would prove ideal for home businesses as
they can outsource the marketing works to the distributors.
Network marketing gives you a chance to
concentrate only on producing and delivering great products and
services. The process of promotion can be outsourced to professionals.
6. Online Training
Online training is a concept that was
frowned upon a few years ago but has gained momentum over the years,
with the glory of sites such as Skillshare.com and Lynda.com. It has
revolutionized the way we look at education, making it simple to produce
and deliver expertise from one person to another and deliver courses to
people from all over the world at any given time. All of this can be
done from the comfort of your home. It is a win-win situation, for you
and those who take your course.
With each passing day, the concept of an
office at home is gaining momentum. And it will be no different in 2018,
as you can expect these trends to work wonders. More businesses are
starting to originate from homes and grow to become successful in their
respective fields. Remote work is preferred over the conventional way of
doing work, and employers and employees have ample time to spend with
their families.
The ability to connect with anyone,
anywhere at anytime is the cornerstone towards establishing a home-based
business. The above trends will change, as there is a never-ending need
for advancement in the current world of business. New trends let
businesses stand out among the rest, leading to a competitive nature in
advancing and gaining more productivity.
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