7 Practical Ideas for starting a home-based business
Anyone starting a business has a variety of different things to consider including managing employees renting real estate and perfecting the product or service that they’re providing.
As more and more people are exploring ways to work remotely home business ideas are on the rise and as entrepreneurship becomes a more attractive option people’s businesses are now headquartered in their homes
In today’s Ultra connected world where for the level of flexibility that never existed upon before we can now base a variety of businesses in our homes work where and how we like in so many different forms all due to technological advances
What’s your home-based business involves you working completely online renting a little bit of warehouse space or even just converting the spare room in your home the vast majority of people start home-based businesses working within their financial means I’m using existing space that they have.
In this article, we will examine
1. What makes a successful home-based business,
2. What are the pros and cons of working at home
3. We will introduce a number of home-based business ideas that you can kick-start today
4. How to choose a home base business idea it suits your skills and needs
What makes a successful home-based business?
Successful home-based businesses can either be run on a part-time basis as a side hustle or even on a full-time basis in theory your base of operations is your home whether you are providing a service or manufacturing your product but in the vast majority of cases, home-based businesses don’t hold or buy lots of inventory they can usually operate on the goal I don’t even need you to be based in your home the vast majority involved online businesses ideas.
What are the pros and cons of working at home?
Girl a wide variety of pros and cons that you should consider when deciding on what home-based business is best for your needs.
- You don’t need a lot of start-up capital low inventory low investment business many are very few override costs and have a series of potential deductions you can claim from your tanks
- Can choose whether to sell your services and products either internationally or locally
- You can work whatever hours you feel whether you’re a retiree and you graduate as a stay-at-home parent the flexibility of your work-life balance is up to you
- You can work with your family friends or relations and create a unique business
- You may have to dedicate some space in your home to help support your business needs for example you may need to store equipment to create a home office I even hold specific inventory this can prove challenging without disrupting your home life
- If your business becomes successful you may need to rent additional space hire more equipment and even source employees you may find yourself taking on more work than you intended
- One of the most difficult aspects of his employment is the lack of camaraderie and despite the fact you have a lot of freedom you can become lonely as you definitely find yourself time with other people
Home-based business ideas to start today
There are so many different ways to start a home-based business but here are seven of the most practical ideas that actually green can be used to start viable and profitable home-based businesses
While there are plenty of ways to go about starting a home-based business, the following are some of the most approachable paths to creating a home business for yourself:
7 Practical Ideas for starting a home-based business
- Monetize your skills or expertise
- Online audiences are happy to pay for products or services
- Purchase an already profitable e-commerce business
- Subscription boxes are a viable business
- Pet businesses are on the up and up
- There is a market for unwanted goods
- Playing video games
1. Monetize your skills or expertise
As we mentioned previously one of the biggest negatives of relying primarily on a home-based business for your income is that you purely get paid for your effort skills and time. There’s no such thing as it’s turning up and getting paid for example many people who design online digital courses find that their lessons are being repackaged and sold at lower rates by creating either digital or physical products you’re providing a package version of your expertise that can either complement or even streamline the product or service that you’re offering some can offer additional revenue streams others can cater to a completely new customer base I can be used to Target existing customer bases within the same sphere
Joe and Gabby Morrison are experts in tiny homie living when they started their home-based business by providing plans and courses on the website called strawberry.com these are specifically aimed at people who want to build non-traditional cozy homes and who are interested in the tiny home living spaces
Continue to expand their product base and provide services that include:
- digital templates
- downloadable reports
As you’re beginning to see there are a broad number of ways for you to expand your revenue streams once you set up an online or home-based business you can provide digital media products or packaging so you don’t really have to keep any of your infantry stuff in your home for example if you’re running a business based on Shopify so allow you to sell your digital products through the send owl app or just using Digital Downloads
In some cases, if you are the product you can use your expertise in a manner that allows you to monetize on us for example there is an entrepreneur named right or Carl who uses his own journey methodology that is now being launched as a home-based business you know sells physical journals online it’s called the Bullet Journal
2. Monetize an online audience
Whether you already have an extensive online audience from creating content or you’re just considering starting your own podcast Instagram account YouTube channel or blog monetizing on a growing audience can prove a lucrative home-based business.
Take the example of a blog that turned into a successful online business called wait but why. Founder Andrew fin now has over 370,000 subscribers and has logged millions of visits so he’s busy creating tailored content for an audience to he’s already built a huge level of loyalty and trust. He now provides both physical goods as well as digital on a funny function e-commerce site
Another example is the oh happy Day shop founded by Jordan Ferney she started off blogging and now has a fully-fledged profitable home-based business. She Drew on her personal life as well as her family life to build a successful Commerce business when she knows sells products to an existing loyal client base
Georgia Hardtack and Karen Kilgrass took a different approach by setting up a podcast and using existing Facebook groups to nurture and develop a loyal community of followers. The podcast is my Favorite murder and then they have a base of over 200,000 true crime fans and armchair investigators before they ever started creating their own paid community. Now my Favorite murder charges I never membership fees to access their funds based called forum they’ve launched an e-commerce site and even sell branded merchandise
Another successful approach to monetizing an existing loyal audience is to use affiliate marketing selling services and products for other businesses and taking small commissions. You could also get paid for people to use your forum to give shadows to different brands and services by setting what are known as sponsored posts
Well this approach takes time once you put the focus consistency and patience needed into building law or in space they tend to stay in place for years so if you’re looking for a quick and easy home-based business this is probably not the best approach but if you’re looking to build a strong sustainable passive income source this Avenue to monetizing on an already existing skill or service can be built enduring and fulfilling and given time it can provide you with a flexible and profitable Avenue to taking advantage of multiple revenue streams
3. Purchase an already profitable e-commerce business
If you have some capital to invest and you have no interest in starting a business from scratch it may be worth considering purchasing either in its entirety or investing in an already established and profitable e-commerce business. Depending on the numbers on a variety of other different factors prices can vary greatly for example if they have an existing inventory I’m available assets show potential profits and even have a total amount of revenue generated you can purchase it already existing and profitable online store some sellers will even spend time with you teaching you about their client base and how to run their existing business
One of the best marketplaces to purchase online from existing e-commerce stores is called exchange this is backed by Shopify and you can look through the variety of different business listings to suit your needs level of experience and most importantly budget. If you truly want to invest time and money into acquiring a proven business you see one that is struggling but has what you believe to be untapped potential that you have the skills and expertise to help build upon exchange could be the perfect avenue for you to make an approach.
Just browsing through the exchange I stumbled across an online store called standing health despite the fact it seems to have a limited income of just $1200 a month it is making a 15% profit or at least if you believe it has the potential
Obviously, there’s some risk to this approach and you need to make sure that you care that each listing and consider every factor involved before committing to purchasing. Thankfully Shopify will be able to verify any of the data and revenue provided so they will stand over the numbers to ensure their accuracy
4. Subscription boxes are a viable business
It over the last 5 years the online subscription box industry has shown a growth of over 100% despite the fact that it appears to be a small niche this is some explosive growth and has led the likes of Walmart and Sephora as well as other major brands to start looking into the sphere and providing direct consumer products that are our targeting the popularity of this niche.
If you read you’re interested in starting a home-based business subscription boxes could be the way to go on setting up an e-commerce store based on a subscription-based management system is not difficult for example Mission box founded by Sylvia song was set up on the basis of providing high-quality Korean beauty products and packaging them in a manner to attract a global customer base. Picture of business out in the comfort of her home in Virginia now she has a huge eCommerce brand based out of New York
Miss song saw a gap in the market and quickly found a way to Phillips this is one of the secrets to the subscription box service, for example, my company called Birchbox people like to test multiple beauty products before they settle on a purchase but they don’t want to spend vast amounts of money Birchbox provided a subscription box service that provided curated boxes to customers who wanted to sample smaller size products
Another subscription box service that has grown out of any e-commerce website it’s called cloth and paper it’s run by Ashley Reynolds who had access to products she wanted to offload having already set up and successfully Commerce Business Center home she just took advantage of the existing stock to start a subscription box service.
Subscription boxes may not necessarily involve setting physical products there’s a company called Haverdash that provides clothes rental services effectively a subscription box service so all you do is rent
5. Pet-based businesses are on the up and up
There’s no denying that the pet industry and the influence of that owner especially on social media is inspiring thousands of other friends as BarkBox is inspiring others to turn to promote different products or brands online using different social media platforms
For example, possibly the most famous and stylish dog in the world is called Bodhi. Much of his fame comes from Instagram you can see how we collaborate with friends such as Spotify Italian Park and booking.com just by browsing shoe’s Instagram feed. No pets at home that’s okay why not provide a sitting service are a pet walking service
6. There is a market for unwanted goods
As people get more and more environmentally conscious they’re looking to find ways to change their shopping habits to make them more sustainable for example there is a website called colon Terry that sells vintage clothing and they’re not part of a wildly successful for billion-dollar industry based in us alone money is ever building loyal customer bases and even celebrity fans
7. Playing video games
You would be amazed at the amount of money that’s being spent on what most people eater consider to be a nice hobby or others consider just to be a waste of time. But you can talk to thousands of parents around the world do teenagers already monetizing on the fact that they’re good at playing computer games. For example, look at one twitch streamer who has over 100,000 viewers whenever he’s playing games and he’s now just part of the emerging $1.5 billion Sports industry. So you’re wondering how you monetize on this very simply by advertising by getting sponsors
It’s also important to understand that twitch is no longer just limited to monetizing gaming. One reason examples showed how entrepreneurs use the platform where they launched a video game art competition. The purpose was to provide content for likes of YouTube and Instagram and use their ability to monetize on their already loyal customer base and audience
How to choose the best home-based business idea?
So the question most people have at this point is I’ve seen all the different home-based business ideas how do I choose one of the best suits for my needs? The answer to this question largely depends on your goals whether you’re looking for a successful side hustle at the top of your already successful career or you’re a stay-at-home mom who’s looking to create a profitable e-commerce business but at the same time maintain her strong work life. Other factors such as how much time you can spend on your existing skillset and what capital you have to invest else would it be deciding factors in which home-based business you set up.
If you’re looking to set up remote-friendly business access to technology can help you bring customers employees and suppliers close together our advice is that you start small set realistic expectations and grow nimbly keep your investments conservative until you can be absolutely sure that you can afford the costs.
That’s why any successful home-based business slow and steady usually wins the race care reassess your goals and look at what motivates you this will help you choose the type of home-based business that will work for you like a little bit more sustainable in the long run.
“Life is what happens when you’re busy making other plans.” -John Lennon
“Spread love everywhere you go. Let no one ever come to you without leaving happier.” -Mother Teresa
“Always remember that you are absolutely unique. Just like everyone else.” -Margaret Mead
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