Business ideas

Home Business Ideas | Personal finance

The COVID-19 pandemic has caused millions of people to be sent home to work remotely. As companies begin to recall workers to the office, some may not be in a rush to return. If you don’t want to give up the flexibility and convenience that comes with working remotely, maybe it’s time to consider a home business.

“The pandemic has sparked an entrepreneurship boom as the country experiences a microenterprise renaissance,” said Ross Buhrdorf, CEO of ZenBusiness, a platform that has helped nearly 200,000 new businesses form since. the start of the pandemic.

While some businesses require opening a storefront and selling physical goods, many business owners sell their services or expertise, either as a business entity or as a sole proprietor. “These types of jobs include consultants, freelancers and a growing segment of e-commerce professionals,” says Buhrdorf.

In many cases, successful business owners start their jobs by running their business as a side activity while still retaining their full-time job. This helps ensure that a business is a good fit and will earn enough money to pay the bills. Whether you’re in the moonlight at first or diving straight into it, do your research to improve your chances of success.

Here is an overview of seven home business ideas to get you started.

  • E-commerce.
  • Direct delivery.
  • Affiliate marketing.
  • Real estate sales.
  • Childcare provider.
  • Writing.
  • Sell ​​your skills.

E-commerce

Electronic commerce is an umbrella term for buying and selling online. Home business owners can create a product – like jewelry or candles – and sell items through a website or business platform like Etsy or Amazon.

Another e-commerce option is what is called retail arbitrage. This usually involves buying items at a discount from local retailers and then selling them online for a profit. For example, merchandise can be found at overstock stores, thrift stores, and yard sales, then sold on eBay, Facebook Marketplace, or Amazon. Apps like the Amazon Seller app and Profit Bandit simplify the process of determining if a particular item is a money maker.

Direct delivery

For those who love the idea of ​​ecommerce but don’t want to worry about maintaining inventory, dropshipping can be an attractive alternative. This involves a third party sending products to customers. “Once someone buys a product from your ecommerce site, you buy it from the seller and have it delivered directly to the buyer,” says Jared Goetz, founder of Zendrop, a platform designed to help people to run successful dropshipping businesses.

Dropshipping is not without risk, however. Since the products are sent directly from suppliers to customers, there is little scope for quality control. Goetz also notes that he has already lost $ 450,000 to a Chinese procurement agent. Risks can be mitigated, however, by carefully monitoring vendors, and Goetz says connecting business owners with legitimate vendors is one of the main reasons he created Zendrop.

Once suppliers are found, the only upfront costs for a dropshipping business are a website domain and an ecommerce platform like Shopify, which can cost less than $ 30 per month. Then it’s about effectively marketing your site and products to encourage sales.

Affiliate Marketing

Another e-commerce option to consider is affiliate marketing. This business model eliminates both inventory and the need to manage payments. “Affiliate marketing is simply exposing your audience to valuable products that you believe in,” says Francis Wolff, CEO of Digistore24, a full-service online shopping marketplace that connects affiliates with product providers.

Many companies, including Amazon, run affiliate programs where they provide personalized links that will result in a commission if someone uses one to make a purchase. It’s a common way for bloggers and websites to earn income, and an Internet search for “affiliate programs” will reveal dozens of options.

“Find a niche industry with a variety of products,” suggests Wolff. He recommends focusing on an area that particularly interests you. Then promote the affiliate links on social media, a business website, or through email newsletters. However, make sure you don’t break government rules that require people to post a disclosure if they receive a commission for sales made through an affiliate link.

Real estate sales

Starting a home business in real estate may take more effort than the options listed above. Real estate agents do not need a college degree, but they generally must take the required courses to become licensed.

It’s also not a business that will keep you home in your pajamas all day. This involves meeting with clients, showing homes, and helping to finalize documents. However, it can be a good choice for those who enjoy social interactions but also want the flexibility to set their own schedules.

Daycare provider

Finding affordable child care has long been a challenge for working parents, even before the onset of the pandemic, and the situation appears to have only worsened over the past year. This can mean that there could be a high demand for child care providers in your area, and it is a business that you can run from your home.

However, just like real estate, starting a home daycare involves extra work. Although requirements vary from state to state, you may need to hold a license as well as local zoning and business permits. Your home may also need to meet certain space and equipment requirements, depending on the number and ages of children you plan to look after.

Caring for children at home means there is no commute to work, but this home-based business does not have the same flexibility as other options since parents expect care depending on the circumstances. a regular schedule. Yet many people find this work rewarding.

Writing

Anyone with a computer and a good command of the language could potentially run a home writing business. Amy Suto started six years ago by creating a profile on the freelance website Upwork and taking on all the jobs she could for $ 20 an hour. “I finally found ghostwriting from memoirs, and it ended up being my favorite niche,” Suto says. Now she travels the world meeting clients and charges $ 250 an hour for her work.

While people often think of writers as novelists, there is a demand for talented word makers to write everything from blog posts to professional biographies, and people can hone their skills by reading as much as possible. “The best way to become a copywriter is to read good copy,” says Suto.

Today, Suto is the CEO and Co-Founder of Kingdom of Ink, a website that connects the top 1% of the top Negroes and Freelance Writers with quality clients. While new writers may not meet her site’s criteria, other websites such as Upwork, Guru, and Freelancer.com are options for finding writing work.

Sell ​​your skills

Writing isn’t the only business endeavor that involves sell a skill. A talent for photography, art, tutoring, web design, or just about anything else can be turned into a successful home business.

“The most successful home businesses I’ve seen are service-based, primarily because overheads are relatively low,” says Baruch Labunski, CEO of Rank Secure, a Toronto-based company offering optimization services. for search engines.

As with writing, there are a number of websites and online platforms that allow people to market their services to potential clients. However, Labunski advises people not to stop there. Successful businesses should also have a website and a social media presence. “You have to find ways to interact with your ideal customers and spend time where they are, whether it’s virtually or in person,” he says.


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