Majority of micro businesses are home based

More than 8 out of 10 micro businesses are based in the home, according to research by Lloyds Bank Insurance.

The report found that 84% of micro business owners have decided to base their business at their house, while more than half (53%) were started in the home.

The main reasons for working from home were:

  • working from home provides more flexibility (84%)
  • home-based businesses are cheaper to run (64%)
  • working at home improves productivity (57%).

However, survey respondents admitted that working from home had drawbacks:

  • 37% said they work more than they would like
  • 36% said it makes their house messier
  • 35% admitted to missing being around other work colleagues.

Damien McGarrigle, head of business insurance at Lloyds Bank Insurance, said that technology was driving changes to the traditional work-life balance:

"With the help of technology, the way we live and work is evolving with more and more people choosing to combine home and work where possible."

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