This paper reports the findings of an inaugural investigation into the ethical outlook of home-based business operators in Australia. Although generally overlooked in academic research, home-based businesses are internationally recognizable and economically significant. Their operators exercise a high level of control over the values that they enact. The study suggests that ethical considerations are important to Australian home-based business operators. While no one ethical perspective was dominant, non-religious beliefs and principles were found to be the most important determinant of their ethical values. Some variation was discovered in operators' attitudes based on their age, sex, and whether or not they were employers.