Sunday, May 2, 2021
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With the rise of shifting dynamics, more people are choosing to run home businesses, more people are discovering ways to use remote work to pursue entrepreneurship, with their business firmly based at home. Globalization and technology now afford us more flexibility in how interact with clients and how we view work. This has given home-based businesses the ability to thrive in a variety of forms. Many people are turning their passions into employment and are finding it fulfilling.

1. Buy products in bulk and sell them online

Buying products in bulk, either from whole sellers or importing in bulk then selling them individually is a proven concept that works. With the right product and pricing structure, a profit can be made. You might have recently traveled abroad and come across a unique product range that isn’t readily available in your market and since there might be an appetite for it. Provided these products are relatively easy to store and ship, you may have stumbled on a solid home-based business idea on your hands. If you have ample space, you can initially use your home as a showroom to sell locally, giving you the option to expand with additional storage space and employees as you evaluate whether the business is viable and sales start to ramp up. You can utilize social media and online auction sites to market and sell your wares.

2. Start a dropshipping store

Some business ideas do not require you to hold inventory in your home. There is a wide variety of online business ideas that don’t involve worrying about inventory and shipping. These businesses make use of a drop shipping model, this is where a third party produces, stores, and ships your products on your behalf. You are not involved in the manufacturing or production process, leaving you to focus on marketing and customer service as your primary responsibilities. Your drop shipping supplier can be either local or overseas, but you must ensure you find a supplier you can trust to deliver products of great quality consistently and on prescribed time. Providing a great customer experience after the sale will also further improve your chances of scaling up the business. Always do your due diligence so that you don’t put your business’ reputation at risk

3. Offer online services

There are numerous services you can sell, these tend to be even simpler to sell than products. Having said that, the challenge is allocating your limited time. The aphorism ‘Time is money’ is extremely accurate when you’re running a service-based business. If you are creative, for instance, designer or marketer, a freelance consultant with other companies, you will be juggling multiple clients, remotely from the comfort of your home office with occasional travel Service-based home business ideas include Freelance writing, online personal training, virtual assistance, marketing graphic designing. Service-based businesses require a lot of networking and word-of-mouth referrals to build a client list, and satisfied clients are likely to retain your services over time. Because of this, it’s not necessary to have a large number of customers to do well, as is needed with a product-based business. A handful of high-quality clients should be sufficient to support yourself full time while working from home.

4. Teach online classes

With the COVID-19 pandemic keeping the majority of the global population locked in, more people are turning to online lessons to either keep busy or for further enlightenment. If you are fortunate enough to have a teachable skill, why not get paid for it?  You can share that knowledge in forums to get your name out there or turn it into online classes. There’s pretty much an audience for just about any desirable skill, whether it’s English as a second language, to advance marketing, and everyday vehicle maintenance hacks. By teaching classes online, you have the flexibility to do it from home and can also choose to offer live or pre-recorded teaching lessons. For example, live courses can be offered at a premium rate, while students can purchase the recorded sessions at a discounted price.

5. Grow an audience you can monetize

For those who have a large online following and have flair for creating content, why don’t you monetize your audience like an influencer as a home business?  This is ideal if you have a sizable online audience already, or have been pondering starting your blog, YouTube channel, Instagram account, or podcast. You can scale this up and potentially grow and monetize your following using different channels. Brands are always on the lookout for authentic influencers with organic followers. You get paid for mentioning the respective brands or using images featuring the brands

6. Play video games

Whilst there are people who many may think video games are a waste of time, this is a hobby that can make a lot of money, provided you are good at them. Of all the ideas on this list, there’s nothing more home-based than sitting on a couch in front of your TV. E-sports and video game streaming platforms such as Twitch have given gamers a platform to gain fame and eventually money from their talents. The e-sports industry is worth $1.5 billion annually, this is big money. Getting sponsorships and endorsements’ are the best ways to monetize your home-based competitive gaming business. Companies are willing to pay you to play their games and stream it to your audience.

7. Sell homemade products

If you have the talent to make certain products and are considering turning that hobby into a business, you could even create your products elsewhere, in a commercial kitchen, or workshop, for example, take them home for storage and sell them in your own home.  In so doing you can control nearly every aspect of production, essentially meaning you can make them cost-effective, whilst improving their quality.

Before starting your home-based business, think carefully about your goals, what motivates you, and what do you enjoy working on to create a home business that thrives whilst meeting your expectations. The best home business suited to you ultimately comes down to your goals. Are you looking for a low pressure laid back home life or you want to hustle to achieve success promptly? How much capital do you have to start this endeavor? What skillset do you already possess that you can tap into? A home-based business that conforms to today’s world is essentially a remote oriented business where you use technology to close the gap between you, your suppliers, and your customers.

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