Home-based businesses abruptly peaked when Covid19 brought the world to a halt.
From laid-off employees to those wanting to be bosses, no doubt this once looked down industry is becoming saturated.
Can you still hop on this bandwagon? Let’s find out.
Sell your products
Turn your hobby into money. Perfect your product and sell them on Facebook, Instagram, Etsy, etc.
Buy and sell
One of the oldest business models - wholesaling and retailing. Remember: buy low in bulk volumes, then sell high.
Print On Demand
Sell your drawings to printing companies. Buyers love personalized shirts, mugs, towels, and almost anything printable.
It does not require large stock inventories, massive equipment, nor vast logistics. You can sell your designs for a commission on sites like Printful, Printify, Zazzle, etc.
Be a franchisee
No time, knowledge, or resources? Invest and franchise other known businesses. You can find marketplaces that cater to this.
Dropshipping business
Here you act as a middle man advertising the suppliers’ products to people. When a buyer orders (and pays) a product through your site, you buy the product from the seller and write the buyer’s address for shipment.
Sell pre-loved items
These are second-hand items that range from old clothes, furniture, books, stationery, vehicles, and houses.
Sell Services
Work from home freelancers sell their time, talent, and skills to other business owners. Unlike product selling, freelancing allows you to maintain a handful of quality clients to remain stable.
Some in-demand services today:
Freelance Copywriting
Designing
Editing
Online Courses
Virtual assistance
Marketing
Life coaching
Social Media Manager
Online Videos
Stream online
Spoiler alert: people profit from playing video games.
Yes, slouching on your couch playing for 12 hours is now a job. Video content creators and gamers receive donations and sponsorships from their fans.
Now, who doesn't like earning while enjoying right? Go get your gamer hats on!
Pros and Cons of Home-based Businesses
Now, you know the different types of home-based businesses, should you start right away? No. Here are some things you need to weigh first.
Advantages
Access to local and international clients
Less overhead costs (warehousing, transportation, and utilities)
Flexible hours
Opportunity for showcasing creativity and uniqueness.
Disadvantages
Difficulty in managing time for work and household chores
A bigger space for your equipment when you are starting to scale
Starting a solo enterprise can be difficult especially when dealing with legalities and processing state-related papers
Hard to manage multiple time-sensitive orders, clients, or projects all at once.
What should you do now?
While it is tempting to try everything you just learned all at once, DO NOT.
Many tried to walk that path only to fail miserably and in debt.
Start small. Assess first which is best suited for you.
What are your current skills? What equipment do you have? How much time a day can you sustain that kind of work?
Never expect an instant fortune. Most successful people built their way up.
Focus on my tips above first and excel in it. Along the way, you’ll find the business idea that gives you the most happiness and earnings.
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