Home Based Business Ideas You Can Start Today
The downsizing of companies has led to the increase in the number of unemployed workforce. Some former employees have set up home-based businesses, some of which have grown to become large companies.
Owning a business these days has been made much easier by the evolution of telecommunication technology. Telecommunication devices have evolved from being called “bricks” to slim smart devices, which can communicate large amounts of information. Their capacity to perform multiple functions has also expanded immensely.
This article delves into 1) the benefits of home-based businesses, 2) steps of identifying the best home-based business, and 3) business ideas you can start today.
BENEFITS OF HOME-BASED BUSINESSES
Let us start with the benefits of performing a home-based business. Below are some the benefits some of you may encounter.
- Innovative solutions: Most home-based startups often offer unique solutions to some of the most common problems that we experience daily. These innovative solutions are usually driven by one’s need to solve a current problem, which gives birth to creative ideas and concepts to solving the problem.
- Potential for professional growth: Being in charge of your own business makes you perform several roles including: business manager, strategist and planner. Being exposed to the multiple roles enables you to harness your managerial and planning skills.
- Minimized risks: Starting your business at home cuts on the cost of capital required to start up a business, compared to starting a franchise or a freestanding business. In addition, the overheads of starting your home business are minimal, unless your business requires additional insurance, the expenses of running your business are low.
- Less Stress and burnouts: Being in control of your business means that you have no other boss to answer to apart from yourself. You get to set realistic and attainable targets that you can reach with minimal stress, preventing work burnouts, which are common with many corporate and industrial employees.
- Freedom and more control of your life: A major drawback when it comes to being employed is the lack of freedom and control. You are often given weekly targets to meet, and are sometimes expected to work beyond the 40hrs/week limit. In addition to this, the workplaces are located far away from home, which means you will have to commute daily. It is estimated that an average American worker spends about 350 hours commuting to their workplace each year. If they owned a home-based business, these hours will be spent productively in the business.
- Save on recurring expenditure: Home-based businesses are more cost efficient compared to being employed. With the latter, employees spend their hard earned money daily on gas, fares, and eating out in restaurants, while in the former, the business owners get to save a higher percentage of their earnings as they only spend money on the essential needs for day to day running of the business.
- Spending quality time with family and friends: This is vital, especially for young parents with pre-school and school-aged children. With a home-based business, such parents can manage to spare more time to spend with their family and close friends, a luxury corporate employees don’t have.
4 STEPS OF IDENTIFYING THE RIGHT HOME-BASED BUSINESS FOR YOU
Step 1. Find Your Passion
It is vital before you start your home-based business to first identify your passion. It’s only when you harness your passion into your business that it has a chance to thrive and even grow. Draft a list of the things you enjoy, derive satisfaction doing and excel in. An easy way to identify what you are passionate about is to ask close friends and family for their opinion about what kind of business they see you excelling in. Drafting this list is vital as it will showcase viable options to choose from.
Step 2. Define what type of business you would like to lead: product-based, service-based or both
As a business owner, it is important to identify the nature and type of business you would like to venture into. To do this, you’ll need to establish whether your business is product- or service-based venture, or a blend of both.
If your business is service-based, the most economical option is to establish a permanent home-based business. It will be more convenient for you to travel to your clients or consumers, or meet them in a neutral place such as a coffee shop.
Depending on the nature of product-based businesses, in most cases, you can start up as a home-based business and later move-out as the demographics of your consumer list grows and the inventory space demands increases. When this happens, you can move your business location to a storefront.
Step 3. Understand the market and identify a niche
Step 4. Work Hard and Smart
For any business to be successful, you must be dedicated and committed to ensuring that your business thrives and grows. It will at times require you to sacrifice your weekends to ensure that your business runs smoothly. It is good to be prepared to put in extra hours, which will eventually pay-off when the business’ profit margins increase.
BUSINESS IDEAS YOU CAN START TODAY
Offer services online
The easiest way to start a small business is by offering online services to customers who need them. Some of these services include:
- Freelance writing – this entails offering writing services to clients who don’t have the time to actually do the writing themselves. This includes: web content writing, article writing, and cover letter and resume writing. If you have a creative writing edge, then freelance writing can be a suitable place to start.
- Grant writing – also a lucrative niche for writers who have a high skill level in strategic planning and management and can come up with a proposal to get funding for a particular research or program.
- Publish an EBook – creative ideas need to be shared, and what better way to do it than to write and publish an E-book. It is now easier than ever to write and publish a book online. You don’t have to wait for months for the book to be approved, if your content is really good you can sell it on Amazon.
- Translation – is another lucrative niche for bi- and multi-linguists who have mastered several languages. Translation work entails converting information from a particular language to another without losing the intended meaning. Most translation gigs charge hefty fines for people looking forward to making lots
- Transcription – You might have encountered such transcription jobs online. These jobs entail converting audio into text. These jobs usually entail clients sending audio files, which you keenly listen and transcribe to text, either verbatim or inference.
Create an online course
Are you a teacher or highly skilled in a particular field? Well, you can create an interactive online course for users to learn. The users can pay to access the modules of the course and even sit for exams. With the help of a web designer, you can come up with an intuitive course that gives comprehensive information for users to access and learn from.
Freelance bookkeeping and Accounting
Are you a certified accountant or bookkeeper with advanced skills in bookkeeping and accounting? Well, you can offer accounting and bookkeeping services. Many people don’t like the tedious work that comes with tax preparation, which offers an ideal niche to leverage upon. If you are meticulous and really good in tax preparation, then this opportunity is for you.
Are you a good organizer, planner, and scheduler and have advanced skills in office applications? If the answer is yes, then a position as a virtual assistant may be best suited for you. As a virtual assistant you get to schedule meetings, plan the calendar and even organize important events and email campaigns on behalf of the client. The position also involves managing the client’s personal files including but not limited to data entry, updating company information and filing.
Are you a top notch graphic designer and enjoy using graphic design applications such as Scribus, Adobe illustrator and Adobe Photoshop? Can you come up with unique, mind-boggling designs? If the answer is yes, then a position as a graphic designer suits you best. As a graphic designer you get to design captivating designs for your clients, ranging from company logo, abstract art, enhancing existing product designs and creating flyers for upcoming events.
Just as the name suggests, Affiliate marketing involves connecting other online users to new websites/social sites in order to create traction for the website and get paid while doing it. Affiliate marketing can be tedious as it involves constantly reaching out to people. If you enjoy affiliate marketing and got time to spare, you can connect friends and acquaintances to the affiliate website and get paid for every successful signup you connect.
Web content marketing
Web content marketing involves promoting products or services on offer through social media, including Facebook, Twitter, Pinterest, and Instagram. It also entails writing comprehensive reviews on trending products and services in the market, usually highlighting the pros and cons.
Freelance App Development
Are you a guru in developing efficient and user-friendly applications? If yes, you can become a freelance Application Developer. Software engineers and enthusiasts who can make user friendly applications on Android and iOS have unlimited opportunities as the demand for applications is increasing rapidly. Software engineers can collaborate remotely and come up with revolutionary applications.
Are you an academic or professional expert with vast knowledge in any field of specialization? Guess what, you can become a consultant in that specific field of specialization. You can offer consulting services to clients who need professional advice and clarifications at a fee.
Essential Services you can offer in your neighborhood
Home-based elder care workers usually make house calls to the homes of the elderly to help in taking care of basic chores such as house repairs, routine cleaning, preparing meals and self-health-care. If you love helping people and enjoy being around the elderly then elder care is the ideal job for you.
With so many young parents having job commitments and out-of-the-house errands to take care of, there is an increasing need for nannies or babysitters to take care of their children. You can expand the service by using a website to get leads to find families in need of babysitters.
This is a growing niche and more and more pet owners are looking for people to help them take care of their pets. Your passion and adoration for pets can be applied several business opportunities such as pet sitting and walking, pet grooming, and pet fashion.
If you have an advanced skill, ability or talent, you can set up a small tutoring or teaching corner in your own home. Most skills and abilities can be taught, including languages, music, choreography, dancing, riding a bike, skating and even swimming.
Do you love helping other people out? Well, you can start a local errand service to help people near you by collecting and delivering items on their behalf for a fee. You can use a website to get leads on people in need of such services in your locality.
Are you an expert event organizer and planner? If so, you can establish an event planning service to help people near you, organize and plan for their birthday parties, graduation parties, anniversaries and weddings. You will need to create a website to enable you to get as many leads on people in need of event planning services.
Monetize Your Hobbies
Do you have an idea or opinion that needs to be shared with the rest of the world? Well, you can express your opinion and viewpoints on particular pertinent issues by creating and writing a blog. You can invite your friends to like and share what you post on your blog through social media platforms. This generates leads as more and more users log on to your blog and comment on your posts. You can afterwards monetize the blogs by using advertising agencies to advertise on your site.
People love products that enhance beauty and redefines the very essence of something or place. If you’re a handy person and can make attractive products by hand, then you should turn your hobby into a business. For instance, handbag making, jewelry making and furniture crafting are some of the lucrative businesses one can start at home.
Landscaping and Gardening Services
Do you enjoy gardening and keeping the environment around you clean and tidy? Well, maintaining the lawns and landscapes near and around the neighborhood can also be a lucrative business opportunity. If you have mowing equipment in your home, you can use it to start up this new venture.
Home Interior Designer
Through decoration and home staging, you can help people enhance the beauty of their homes’ interior without necessarily spending large amounts of money. You don’t need to have a background in interior design to help people improve the interior décor using a small budget.
Cooking & Baking toothsome cuisines
Do you love whipping out tasty meals and enjoy experimenting with numerous cuisines? Well, you can provide cooking services to those people close to you. This will entail either being a personal chef who makes house calls to prepare and cook appetizing cuisines for your clients.
Tour Guide Services
Are you out-going and enjoy hiking, nature walking and other outdoor activities around your neighbourhood? Well, you can monetize your hobby by being a tour guide for hire to help people sample and experience the amazing sceneries your area has to offer. You can leverage on a website and social media to gain leads on upcoming events that will most likely draw foreigners to areas near you.
Opportunities are everywhere, and it only takes an eagle’s eye to find one and make it a business. As a potential entrepreneur, it is vital to keep in mind that the only thing that holds many people back is the fear of failure. In business, you will experience the highs and lows, which are normal aspects of any business, the only difference is how quickly you pull yourself up and shake off the dust by changing and adapting to the demands of your target market.