They say home is where the heart is, but if you are more creative and organized, it can also be where your money is. Generally, when starting a new business venture, especially if you have not done it before and you don’t have the expertise or money to compete with big brands, it is always not a good idea to dive in head first. Fortunately, there are many business opportunities you can run from your home.
While starting a home-based business can seem challenging especially if you are accustomed to the office setting, it has several benefits. Apart from providing a perfect launch pad, working from home can also boost productivity and allow you to work according to your schedule since you are your own boss. You will also save a lot on transportation cost. Moreover, you enjoy a lot of tax benefits. Expenses such as heating and cooling, or equipment cost are all tax deductible. To get you on track here are three business ideas you can start from home.
Start Service-based business
One of the simplest ways to launch your home business is offering your skills for other businesses or individuals. If you are skilled in web design, you can launch a service to help small business create easy to use websites. There are several business owners who would wish to expand their business online. The most cost effective way is to build a portfolio by working with smaller freelance jobs then create your own website to showcase your work. And, if you have internet marketing or social media marketing skills then it is even a plus since you can charge the same customers to promote their businesses online. Actually, there are several other skills and talents you can commercialize. Some of the in-demand services are bookkeeping, virtual assistance, and babysitting among others.
The best thing about home based service business is that has minimal space, start-up capital, and overhead cost. If working with a tight marketing budget, you can leverage on your network or market to businesses within your locality. Moreover, you can source clients online and use independent contractors to expand your capacity or service offerings.
Start an e-commerce warehouse/Order Fulfillment
If you have a spare space in your home, you can start an e-commerce warehouse business. If you have ever run a retail based business, then you know that product storage can be a big problem. The best way for most e-commerce businesses is to outsource this service to third party business who will handle the storage and shipping products to customers. So you can offer storage solution to this retail businesses right from your home. This is a huge business since there are few companies who offer this service to small retailers yet there so many small businesses who can’t afford to rent space in bigger warehouses. The only hassle will be packing and shipping items to customers. You can start this business right from your garage or basement then move to a bigger space when business expands.
Start a home based networking business
Gone are the days when networking based businesses used to be a questionable home business. You can reap a lot if you are confident about your business and know the pitfall to avoid. While there are many companies today who have adopted this model, you want to select the best few companies such as Kyani which have demonstrated longevity and have attractive compensation plan. It is a plus if the company deals in consumables such as health products because people use them month after month. With Kyani, business owners or distributors are compensated on products they sell directly plus those from their down-line.
The above is business ideas are by no means exhaustive, but they are the ones that have huge potential and you can easily start with a minimal capital. However, don’t censor yourself when coming up with ideas to start a home business. While preparing to launch your online business please put a lot of emphasis on working on a simple business plan and determining the profit angle.