There are now more than 11,150 home business owners operating in Milton Keynes as the city’s workforce changes.
According to a recent Real Business Report called The UK’s top 25 businesses run from home, a large majority operate across a range of sectors including e-commerce, travel, marketing, recruitment and legal.
Insurance specialists Direct Line for Business (DL4B), which has crunched Office for National Satistics information, adds there has been an increase in home businesses operating in other trades such as catering, photography, hairdressing and arts and crafts.
Jazz Gakhal, head of Direct Line for Business said: “Self-employment has been on the rise for several years and our research now shows that a great number of these people work for themselves from home.
“Once an individual has taken the decision to set up a home business, it is crucial that he or she fully appreciates their responsibilities as a business owner and ensures that adequate protection is in place should anything happen to threaten what he or she has worked so hard to achieve.”
The figures show men are more than twice as likely as women to run their own business from home, with 1.7 million male home business owners across the country, compared to 818,000 female home business owners.
Something like 9 per cent of the Milton Keynes workforce now works in a home based business, says the research. But that is pretty paltry alongside some parts of the UK. In Herefordshire more than a quarter (27 per cent) of its 92,000 total workforce operates as a home business owner. Pembrokeshire was second with 23 per cent, or over 10,000 people, and Eastbourne was third with 20 per cent, or 8,074.
Across the UK there are now 2.5 million home business owners, representing 52 per cent of the total number of UK small businesses and eight per cent of the UK’s total workforce.
The research showed that when asked about how these home business owners prioritised key actions when they first became operational, sorting tax arrangements and organising insurance ranked 6th and 8th. This was particularly concerning given that three in four (74 per cent) home businesses kept all their stock at home, worth £4,388 on average.