Anyone considering setting up a business probably starts thinking about different factors such as renting a commercial property, commuting to an office or managing employees.
However, and to the luck of many, with the current boom in home-based businesses, more and more people are managing to discover ways to use remote work for entrepreneurship, thus making the headquarters of their business their own home.
Thanks to the breadth of connection we have among us today, thanks to the world of technology and its incredible flexibility, we can rethink our workspaces to the point of creating and adapting them completely to the comfort of our home.
However, even though we know a lot about this possibility, we can’t possibly imagine what we could actually work in. That is why we have created a specific list of 13 businesses that you can take into consideration to start the adventure of entrepreneurship from your own home.
1. You can buy products for less and then sell them online
The bulk of businesses today work with the modality of buying products at a lower cost, since they buy in bulk, and then sell them at a slightly higher cost individually, or by unit. Thus everything that is extra begins to be a personal gain.
Of course, in order to start in this business you need to have a certain amount of money to invest in acquiring the products, but after the first total sale you will start to recover and earn. What you choose to sell will depend a lot on your context and in which area you would like to position your work.
If you have recently traveled abroad you may find some products that seem unique and could be of interest to people in your country. In case these are easily portable, that could be an excellent market option, because you would also be bringing something innovative that not many of the competition would be able to offer.
You can even take the business further, and not only do it via the internet, but also make your home a place to exhibit or display these products, where you can encourage the interest of people in your locality who might not come across the ad online. Many great businesses started in a garage.
2. Sell homemade products
For those who are direct manufacturers, turning that skill into a business can pay unimaginable dividends. You’ll probably need another space to create the products, but that doesn’t stop you from stocking them and then selling them from home, as well as bidding on remote internet spaces. Who knows? Maybe you’ll be able to create your own maker space in your home over time.
One of the huge advantages of opting for this type of venture is that you have total control. You can know exactly what is in the product you are selling, and that kind of confidence and security is also transmitted to the customer who will eventually buy your product.
In addition, it gives you the ability to alter formulas in order to keep up in today’s increasingly strenuous and competitive markets. Having control of your product is one of the greatest benefits of any business, so do not miss the opportunity to orient it in your favor.
Having your own brand gives you the opportunity to share that hidden passion with everyone else while making money. The only thing you have to take into account, of course, is those rules and regulations that are behind the product you want to manufacture. When it comes to clothing, there is not much to think about, but if we talk about food or skin application products, it is important to be a little more careful in their production.
Ideally, this production should not be overwhelming; on the contrary, since it is your own business, and you are technically your own and only boss, you can take your time to achieve the most optimal results. Eventually, you will be able to hire others to help you with the tasks yourself and thus grow and expand your business more and more.
3. Create a dropshipping-focused store
So far we have focused only on those businesses where you have an inventory at home, but there are other types of businesses where you don’t have to worry about dropshipping or having the inventory within reach. In this case you would have to focus only on customer service and marketing.
The dropshipping model is what this type of business uses. It is about leaving the production and storage to someone else, a third party that would be your partner in this business. This third party is even in charge of shipping the products, but of course, these are shipped in your name.
This type of business can be a bit confusing, because what does the other party gain? Well, to make it a little clearer, the products are actually from that third party, but you would be taking care of making a link and being the distributor.
To give an example, it could be that the manufacturer is a trusted friend or acquaintance who is an expert in making a product, you offer him the business opportunity where he is in charge of everything we mentioned, you are in charge of getting the customers, making the connections, and carrying everything involved in selling the product. After the purchase, you pay the manufacturer for the production costs, and you keep your share of the sales work.
Luckily, there are a few different ways to continue to compete, even when there is no shortage of your products in the market you are selling into:
Combine products from different suppliers to create a store that serves a specific niche.
Compete through quality content and customer service, creating value beyond your products.
Target an underserved region of the world (Be sure to pay particular attention to your shipping costs).
Target a new audience with the same products (e.g., LED sneakers can be marketed to music festival attendees or runners).
4. Start a specialized print-on-demand business
Using a similar dropshipping model, a print-on-demand business doesn’t require you to carry any inventory or ship anything yourself. Print on demand gives you even more flexibility to customize private label products with your own creative designs.
There are many other print-on-demand products you can sell: books, hats, backpacks, blankets, pillows, mugs, shoes, hoodies, phone cases, watches and more, depending on the supplier you choose to work with.
Many print-on-demand companies focus on serving a specific niche or, better yet, a shared identity. What are people passionate about and proud to share? What about yourself?
From pet owners to gamers to even vegans, there are plenty of passionate communities you can create products for. If you have design skills, you can create your own designs.
5. Offer online services
Services are even easier than products to start selling at home, but the challenge is allocating your limited time. The phrase “Time is money” is never truer than when you have a service-based business.
Creative professionals, such as designers or marketing specialists, may work as freelancers or be consultants to other companies, juggling multiple clients, often remotely from their own home office and with occasional travel. Others may work on an appointment and booking basis to offer their services to individuals directly.
Some service ideas might include:
House cleaning.
Freelance writing.
Personal training.
Virtual assistance.
Dog walking.
Marketing.
Design.
Service-based businesses usually require a lot of networking and word-of-mouth referrals to find suitable customers, but satisfied customers are likely to retain your services over time.
For this reason, you don’t need to have a large number of customers to do well, as you would with a product-based business. Depending on the service you are going to offer, a handful of high quality, loyal customers may be enough to keep you working from home full time.
6. Teach online or recorded classes
If you have a teaching skill, not only can you share that knowledge on forums to get your name out there, but you can also turn it into online classes. There’s an audience for almost any desirable skill, whether it’s English as a second language, advanced marketing, or everyday home maintenance tricks.
Teaching online not only gives you the flexibility to do it from home, but also provides live or pre-recorded lessons and tutorials. For example, you can offer live lessons at a higher price, while customers can purchase recorded lessons at a lower price.
You can also choose the size and duration of the class. If you like small groups or even one-on-one, consider private lessons, tutoring or masterminds. If you like slightly larger groups, do training sessions and courses that are larger.
Not interested in human interaction?
Create a fully downloadable course for purchase. All you need is to have the content, whether it’s a demo video, in templates, articles or instructions. Use a screen recording tool like ScreenFlow to capture your screen and your voice as you guide learners through the material.
Either way, online teaching is a profitable home business idea because it requires little overhead, only an investment in time.
7. Produce your service or expertise
As we just discussed, one of the biggest disadvantages of having a service-based business is that you get paid strictly for your time, skills and effort. Emily Newman, of If I Made, decided to turn her classes into digital version courses, thus packaging the recordings of her live sessions and eventually selling them at a lower price.
“productizing” your service-creating physical or digital products that package your expertise and streamline or complement the service you offer-can add additional revenue streams to your business. You can cater to your current customer base, but you can also even find a new target customer within the same space.
Here are some ideas for adding products to your service-based business:
Courses.
Designs.
Online photo sales.
Downloadable reports.
Digital templates.
Merchandise.
E-books.
As you can see, most of these ideas involve digital media packaged as products, which means there’s no inventory to keep in-house. In some cases, producing your experience is more literal. That’s how Bullet Journal came about. Ryder Carroll came up with his own methodology that works particularly well for keeping a journal, which morphed into a home-based business idea. He now sells actual physical journals from his website.
8. Build an audience that you can monetize.
If you’re a content creator, already have a sizeable online audience or have always thought about creating your own blog, YouTube channel, Instagram account or podcast, then you can grow and monetize your audience using any of the above ideas on this list.
You can also explore becoming an affiliate – selling other products or services in exchange for a commission – or accepting payments for sponsored posts to give brands the opportunity to connect with your audience.
Building a loyal audience requires patience, consistency and focus. It’s not the easiest way to start a home-based business, especially in the short term, but if you’re able to build a following around something you love, it can be one of the most satisfying and long-lasting, as it gives you the flexibility to pursue multiple revenue streams at once.
The potential to monetize your audience often depends on the niche you choose to serve.
9. Buy an existing e-commerce business
If you’re more interested in investing in an income stream that you can maintain while at home or on the road, consider buying an established e-commerce business.
Prices vary widely depending on a number of factors, such as total revenue generated, profit potential, available assets (such as an email list or social media followers), inventory, etc. Some sellers will even onboard you and teach you how to manage their store.
You can look for businesses that fit your particular budget, your level of experience and of course your needs. You may prefer to buy a proven business and therefore be willing to invest more money to acquire it than to start from scratch. Or maybe you’re attracted to one with untapped potential that you’d like to tap.
10. Start a business with subscription box model
The online subscription box industry grew 100% in the course of just five years. That explosive growth led to the emergence of new direct-to-consumer brands in the market that are consumed and sold in this niche, as well as adoption by major brands such as Sephora and Walmart.
Subscription boxes can vary; they don’t have to be exclusively for selling. Haverdash, for example, is a subscription box company that focuses on renting clothing. When customers have finished wearing the items, they return them, and so Haverdash rents them out to other clientele to generate even more revenue.
11. Involve beloved pets in the business.
Currently, the most popular influencers are pet influencers. The cute and funny animals are all over social media, promoting brands like BarkBox and gaining thousands of likes with their cuteness. If you have a pet, you can turn it into a social media influencer and work with brands to promote their products online.
Bodhi the Menswear Dog -the most stylish dog in the world- has made a name for himself on Instagram. In his feed you’ll see collaborations with various brands like Booking.com, Spotify and Poly & Bark.
Don’t have pets at home? Take care of other people’s pets. Apps like Rover opened up the collaborative economy to pet sitting and dog walking. Dog hotels in 2016 were a $6 billion industry. If you want to make good money from home, you can offer pet owners a place where they can leave their pets while they go out of town.
12. Sell items you no longer need or want
As consumers become more environmentally conscious, they are also looking for ways to adjust their buying habits to support sustainability. The clothing resale sector is a $4 billion industry in the United States alone.
Unwanted items aren’t just limited to those used clothes you don’t care about. Think of all those things around you that could serve a purpose that you don’t exploit. There will always be someone who gives it much more value than you are giving it now.
13. Play video games
Although many think that video games are a waste of time, it is a hobby that can be profitable. And nothing can be more homey than sitting on the couch in front of the TV in the evening.
E-sports and also video game streaming platforms like Twitch have decided to open the door for gamers to gain notoriety – and of course eventually money – with their talent. The e-sports industry is valued at over $1.5 billion, and a Twitch streamer can have up to 100,000 viewers at a time.
So how can this be monetized? Sponsorship is one of the best ways to start a competitive gaming business from home. Companies will be able to pay you to play their games and stream them to your audience.Video games are even known to be a great resume booster. However, keep in mind that all of the above require a certain level of skill to play.
