Is it possible to start a lucrative business without stepping outside your home? It may have sounded preposterous a few years ago, but the digital age is offering enough evidence to support this. Earlier, becoming an entrepreneur meant renting an office space and equipments, hiring and managing workers, paying for overhead expenses, and commuting to a workplace. Now, more and more people are looking for business ideas that they can start from their homes, involving minimal expenses.
7 Home-based Business Ideas:
- Become an Influencer: This involves growing an audience that you could monetize. So, if you create content and already have a sizeable fan-following, you can always go ahead and start a blog or a YouTube channel. Your audience keeps growing and you can soon start earning revenues from them. But building such an audience demands a lot of hard work, consistency, and patience
- Buy bulk products for online selling: This is a rather simple way of making money by buying items in bulk and then selling these for profits. For instance, you could have bought some products from your recent trip abroad that are not readily available in your country. Yet, you are aware of a section of the population that may have an interest in these products. You can always arrange for these products to be showcased on your site, provided they are easy to ship and store.
- Sell handcrafted goods: Homemade products never lose their appeal and if you are creative, you can always find a market for such products. This is where a hobby can become an excellent business proposition for someone who is passionate about it. Even if you were to make your products elsewhere, like a workshop or studio, you can store these easily and then sell them from your home. Since you have complete control over these handcrafted products you can make these more cost-effective and take measures to enhance their quality. Examples of such products are scented candles, art pieces, jewelry, organic cosmetics, etc.
- Sell services: This is even easier to do when you wish to set up shop at home. So, professionals like content developers, marketers, designers, etc can start freelancing or consulting with other businesses from their homes for a reasonable charge. But this business needs extensive networking in order to get a large customer base; depending on your services, you can even enjoy a satisfying life with only a handful of clients.
- Productize your skills: If you can produce physical or digital products that reflect your skills along with the services you offer, you can add extra income to your business revenues. This helps you cater better to your existing clients and find new ones. For instance, if you are on online tutor offering your services, you can add courses to your package to bring in additional revenues.
- Dropshipping: You can partner with a third party supplier to start your own dropshipping business. Here, the third party will manufacture and ship the product while you only handle sales and customer services. You simply have to get a trustworthy supplier, either international or local, and must deliver round-the-clock customer support. For instance, you could curate products from multiple suppliers, curate quality content, target a niche audience, etc.
- Buy an existing online business: This is a safe option and prices will vary according to factors like profit potential, total revenues generated, available assets, inventory etc. For instance, Exchange is one such marketplace where you can buy or sell stores; you get to look at the listings which suit your skills and budget.