Are you a stay-at-home mom or dad? Hoping to kick start an entrepreneurial dream or simply looking to bring in some extra income?
Starting a home-based business is a great way to do this. But what types of businesses can grow and thrive in the home environment?
Here are some business ideas and considerations you could look at!
Freelancing
Perhaps the easiest form of business to delve into and operate is freelancing. Whatever your skill – writing, web design, marketing, tax advisor, or photography – freelancing affords an enormous amount of flexibility and freedom, and can be started with little cost or paperwork. Many freelancers get their start by approaching a former employer or customer who could benefit from their services, then branch out as their body of work and reputation grows.
Freelancing does have its challenges and requires discipline – you are running a business after all. Common mistakes freelancers make include not setting the business up properly and legally (getting the right permits, or licenses), forgetting to put money aside to pay estimated taxes, and not planning for peaks and valleys in cash flow.
Become a Virtual Assistant
Virtual assistants (VAs) provide a wide variety of “virtual” services to other businesses including administrative, marketing and technical support from a home office. My local window cleaner, for example, uses a VA to answer his calls and manage his calendar while he’s busy on-site.
VAs are growing in popularity, too, as firms look to cut costs and outsource administrative functions. If you are organized and have an administrative background, this might be for you. Start with your own connections or take advantage of the services of a VA organization or association who can help you get started and connect you with clients.
Make Money from Blogging
Yes, you can make money by blogging. If you can write and have a passion for a specific topic or hobby that you know will garner some attention, then this might be for you. Income generation opportunities can come in the form of affiliate marketing and advertising on your website or from companies who ask you to review and blog about their products.
Look for ways to get traffic to your website through social media, search engine optimization and by getting involved in the wider blogosphere (networking with and commenting on the blogs of others in your niche).
Start a Creative Business
Whether it’s making gift baskets or offering interior design consultation services, if you have a creative streak and the room to store and create, then why not consider making money out of your talents? Get to know the market and do some planning to identify an untapped niche. But before you dive in, benchmark your business against competitors, map your customers, competitors and suppliers, and locate the best places to advertise.
Start a Home-Based Bakery or Food Business
Food production from a home is heavily regulated but it’s not impossible. Take Martha Stewart, for example—she famously entered the food service business with a basement-based catering company in 1976. Before you start a home-based food business you will need to understand the rules and regulations that govern the production of food for public consumption in an at-home environment. For example do you need a separate kitchen? What about product labeling? And so on.
Child Day Care
Home childcare businesses offer a potentially lucrative and long-lasting business opportunity. A home environment is often appealing to parents and once their kids are settled (and assuming you are doing a great job), then it’s likely you’ll have that business until they are old enough not to need care.
Of course, this is another regulated business and you’ll need to ensure you comply with state and local regulations that govern issues such as the provision of meals, minimum space requirements per child, and the number of licensed care workers per child.
Start an Online Marketplace Store
If you have clutter that you want to get rid of and like the idea of selling products to an established worldwide network of consumers, consider starting a business on eBay, Etsy or Amazon. You can source products to sell from junk/yard sales or charity shops.
If you want to get a bit more sophisticated, then consider buying wholesale or adopting a drop-shipping model. The goal is to find products that are in high-demand and not readily available from other sources.
Other business ideas including a dog walking/pet care business, a travel agent, start a home-based franchise business, event planning, architectural design, or tutoring students!
Whatever your idea make sure you start, structure and operate your business according to legal and regulatory requirements.
