There are a lot of reasons why starting a home business is a good idea. For one, you have complete control over your work schedule, which can be a major plus if you have kids. Home businesses also tend to be more affordable and less risky than traditional businesses. And, depending on the type of home business you start, you may not even need a lot of startup capital. So what are some great home-based business ideas to explote?
Well, if you’re interested in online businesses, you could start an ecommerce store or a blog. If you’re more interested in working with people, you could start a daycare center or a pet sitting business.
There are literally endless possibilities when it comes to starting a home business. But be sure to do your research before you decide on a business, because not every type of home business is right for everyone.
The Home Business is different from an operational point of view because the home business allows for more flexibility when it comes to when and where to work. Home business owners can work in their home, office, in a park or in a coffee shop in the morning and in the afternoon.
Home-based business owners also save money in many ways: they don’t need to rent an office; they don’t need to buy expensive equipment; they don’t need to hire employees; and they can even write off some of their electrical and household bills as well!
What Business Can I Start At Home?
The best home business ideas are the ones that are quick and easy to start. Home-based businesses that require an upfront investment or a lot of space may not be the best fit for everyone. However, many home-based businesses can be started for just $29.
Some home-based businesses are also easy to start if you have a spare bedroom that can be turned into an office or workshop. So, if you’re looking for an easy way to start your own business, these are the 7 best home business ideas that you can get started quickly and easily:
- Sell Own Products
- T-Shirt Printing Business and other Print-on-Demand Business From Home
- Bulk Purchasing And Selling Online
- Subscription Box Business
- Service-Based Business
- Digital Marketing Services
- Teach Online
Best Home-Based Business Ideas
Sell Own Products Online
If you love creating things at home, selling your handcrafted products online is a great way to turn a passion into a work-from-home business opportunity. You can sell a wide variety of products, such as:
- Homemade food
- Knitted clothes and blankets
- Wooden furniture
Whatever you like to create, there are many online marketplaces that allow you to sell your products directly to consumers. All you need to do is create an account and start listing your products.
Here’s a quick guide to selling handmade products online: Sell through a marketplace such as Etsy, Sell via your own online store using Shopify, Sell via both channels with Shopify’s Etsy integration.
In this day and age, with the invention of modern technology, it has been possible for more people to start a T-shirt printing business from home. With an internet connection, a photo scanner, and a printer, you could be printing your own custom shirts that you designed in no time! A lot of people who have started their own T-shirt printing business from home have been very successful.
There are Print-on-demand works that you can explore as a dropshipping business. This could include things such as T-shirts, leggings, yoga pants, sneakers, boots, flip flops, jewelry, watches, phone covers, bags, face masks, notebooks, stationery, towels, bedsheets, cushions, blankets, throws, posters, wall hangings, stickers, magnets and headphones.
Purchase Products In Bulk And Sell Them Online
If you want to sell products online, you can purchase them in bulk and then sell them as individual products. When purchasing the products, you’re able to get a lower cost-per-unit than if you purchased them individually.
By buying bulk products, you’re also able to set a higher price for each individual product so that by the time it reaches an end customer, they have a profit margin.
For example: You buy 50 bars of soap for $8 per bar ($400) and realize on average an individual bar of soap will sell for $1 on sites like eBay. The total dollar amount of the soap is now $500 ($1 x 50). The cost for this transaction is now $440 ($440 – ($8 x 50)). So, if you can find a product that is selling for more than the purchase price, you have made a profit.
When selling bulk products online, it’s important to find a supplier that you can trust. You’ll want to make sure that the quality of the products is good and that you’re able to get them when you need them.
If you find a supplier with great products and good customer service, your bulk products business will likely be able to grow quickly and be stable for the future.
Search for B2B marketplaces like Alibaba, Handshake, and eCrater, which have listings of wholesale goods suppliers that give you access to tens of thousands of products under one roof.
Start A Subscription Box Business
Subscription Boxes are when you sell a bunch of different products to one person every month. Subscriptions are really good because there is always money coming in every month.
You can sell almost anything as a subscription box, too. This could include makeup, clothes, fashion accessories, indie records, books, homeware and kitchen gadgets, or information products such as up-to-date industry reports.
What’s more, you don’t necessarily have to sell products — you could also rent them.
Selling as a subscription box is not limited to products alone. Subscription services can offer anything from makeup, clothes and fashion accessories all the way up through information products such as industry reports.
Subscription box services offer a variety of options when it comes down selecting what type subscriptions will best suit your needs – whether its food related (like dehydrated meals), residential rentals such as furniture from brands like Leesa Sleep; there’s always something new waiting around every corner so make sure to check them out.
If you have a talent for teaching and you enjoy sharing your knowledge with people, then you can teach online. Teach things like math, science and languages. Teach any subject that you know well and enjoy teaching.
You can also use video calls to teach people. This is a great way to share your knowledge with people all over the world.
There are a number of online teaching marketplaces that will help you find students and manage your classes, such as:
Plus, there are plenty of feature-rich online teaching platforms to help you create incredible virtual learning experiences, such as:
In this new, digital age we live in there are many professional needs for designers and developers of all sorts. From graphic designers to marketers or even doodlers; it seems like every person on earth has at least one skill that involves technology these days.
If you’re wondering what type of service you can offer, here are 20 home-based business opportunities to consider:
- Graphic designer
- Web designer
- Marketing writer
- Resume writer
- Photo or video editor
- Social media manager
- Digital advertising manager
- Data entry clerk
- Virtual assistant
- Career coach
- Life coach
- Marketing consultant
- Management consultant
- Finance consultant
Here are some tips for choosing the right service-based business:
- Research different types of services that could potentially provide more income than others;
- Find out how much time commitment is involved in running this type of company (i.e., what hours will be required each day?)
- Decide whether total fulfillment can come from doing just part-time work at home
- Ask friends and family members who have experience operating their own businesses
- Make sure there aren’t certain requirements like having extensive knowledge about a given topic before going down this path.
Sell Digital Products
There are a few reasons why selling digital products is such a fantastic home business idea. First, there’s no need to source or manage inventory, which can be a huge time-saver. Second, once you’ve created a digital product, you can replicate it.
This means you can make a healthy profit without having to worry about shipping costs or inventory storage. Finally, digital products are easy to market and sell online, so you can reach a large audience quickly and easily.
You can start by selling courses (online learning), videos (how-to guides) ebooks, written templates, résumés, scripts, marketing emails etc. There are also spreadsheets, photos, fonts, icons, logos, graphics, illustrations, animations, overlayed images, editing presets, software membership sites, audio music samples, podcasts, research reports, computer programs – all types can potentially turn into something worth selling.
What Are The Most Successful Home-based Small Businesses?
According to the U.S. Small Business Administration (SBA), approximately 550,000 new small businesses are established every month in America. This means that over half of Americans own, or are employed by a small business–and those numbers will only continue rising exponentially as time goes on.
A small business is commonly thought of as any small company that is privately owned and operated. It can also be defined as an individual small-scale industry.
Profitability is essential for small businesses – it ensures their longevity and continued success. So, if you’re looking to start a small business, it’s important to do your research and find one that has a high potential for profitability. These businesses are a great place to start.
The businesses listed below are experiencing strong demand because many corporations are outsourcing business functions to them. This trend is due to the fact that small businesses can provide these services at a lower cost than larger businesses.
This has led to many corporations outsourcing business functions to small businesses, which is causing small businesses to see a rise in demand and profitability.
There are a number of small businesses that are very profitable. The average profit margin for companies on the Standard and Poor’s (S&P) 500 was 11% in 2017.
There are a number of small businesses that are very profitable. The following is a list of 10 of the most profitable small businesses, as ranked by Sageworks, with their corresponding North American Industry Classification (NAICS) Codes.
1. Accounting, Tax Preparation, Bookkeeping, and Financial Planning
2. Real Estate Leasing
3. Legal Services
4. Outpatient Clinics
5. Property Managers and Appraisers
6. Dental Practices
7. Offices of Real Estate Agents and Brokers
8. Other Health Care Practitioners
9. Management, Scientific and Technical Consulting Services
10. Warehousing and Storage
Accounting, Tax Preparation, Bookkeeping, and Financial Planning
Accounting/bookkeeping, tax preparation and financial planning are necessary for all businesses to function properly. These activities will ensure a strong demand now but also in the future as tax preparation will be needed by almost all businesses or individuals.
The costs of starting a home-based accounting business are minimal as long as you have office space and computing equipment. Average Profit Margin: 18.4%
Real Estate Leasing
According to data from the Pew Research Center, more American household heads rented their home in 2016 than at any time in the last 50 years. This indicates that leasing agents can work from virtually anywhere, with overhead mostly limited to ongoing expenses for advertising, vehicle maintenance, phone, etc.
Education/Training and Barriers to Entry: Requirements for licensure depend on the jurisdiction, but typically involve completing a licensing exam, taking a course and training, and paying any required fees. The average profit margin is 17.9%.
Commercial law governs the relations between Government and businesses. It includes the laws that regulate things like contracts, sales, and torts (civil wrongs). Commercial law is particularly important for businesses that operate in more than one jurisdiction (state or country).
Examples of legal services for business include:
- Corporate/commercial law
- Employment law
- Technology and intellectual property law
- Bankruptcy law
Individuals need legal services related to wills and trusts, criminal as well family law, personal injury litigation etc.
Whether you are operating from home (as many solo lawyers do) or on commercial premises, you need to invest in quality office space for consulting with clients.
You also need to invest on computing equipment, malpractice insurance and software.
Becoming a lawyer generally requires you to complete four years of undergraduate study and three to four more in law school, after which you must pass the bar exam for licensing purposes.
Outpatient clinics provide a variety of services, including surgical procedures, diagnostic testing, treatments, counseling, etc.
The cost of establishing a private medical practice can be expensive. For example, it may exceed $100K and require additional investment in equipment or facilities for diagnosis purposes.
It typically takes at least 10 years of education and training to become a doctor. This includes an undergraduate degree, medical school, and a residency program. Specialization requires more education and training. Average Profit Margin: 15.9%
Property Managers and Appraisers
As the real estate market booms, more and more people are looking to lease property. This is great news for property managers and appraisers, who can provide these services and make a killing in the process! If you’re thinking of starting up one of these businesses, now is definitely the time to do it.
A unique service offered by some property management services is the provision of relocation assistance. These professionals have a vast knowledge of places in any given region and can help with the move-in process. In addition, some property management services offer a concierge service or on site staff to assist with maintenance or repairs.
In some jurisdictions, a property manager must also hold the proper licence. Appraisers can become licensed by completing 100-150 hours of coursework followed by 1000+ additional hours as part of their work experience under an established appraiser before taking an exam that tests on these skills. Average Profit Margin: 14.9%
Dentists are in high demand, with the U.S. Bureau of Labor Statistics projecting that the field will grow by 19% through 2026.
Opening a dental practice can be an expensive endeavor. The initial startup cost is $400,000 if you’re starting from scratch and building out everything yourself as well as hiring staff for receptionists/dentists etc.; but advanced equipment like X-rays or CT scans could easily double your budget.
Dental schools are distinct from other universities in that they require more than just a four-year bachelor’s degree. Average Profit Margin: 14.8%
Real Estate Agents and Brokers
The real estate market is booming, and with it comes an increased demand for agents who can help you find your dream home.
The real estate market has been on a steady rise since the 2008 recession, with over 5.5 million homes sold in America as of 2017 (Statista). This is expected to grow by 6% through 2026, according to the U.S. Bureau of Labor Statistics.
Rewrite the above paragraph explaining why realtors must take a real estate course.To be a real estate agent, you must take a course and pass an exam. You must also become a member of the local real estate association. To be a broker, you need 1 year of experience as well as an exam and license. Average Profit Margin: 14.3%
Other Health Care Practitioners
The “Other Health Care Practitioners” category includes service providers such as: Optometrists, Chiropractors, Physical, Occupational Therapists, Speech Therapists, Audiologists, Podiatrists, Mental Health Practitioner.
The cost of a practice can vary widely depending on the type. For instance, an optometrist will need to invest in excess of $300,000 for office space and equipment whereas mental health professionals like psychologists or psychiatrists may do well working from home with little capital investment required at all.
In the United States, all healthcare providers require a bachelor’s degree and then some additional training to become licensed practitioners. Average Profit Margin: 13.3%
Management Consulting Firms
- Management consulting firms and other specialized services providers have been a mainstay in the business world for decades. These include:
- Scientific/Technical Consulting – providing assistance with scientific research projects, developing new technologies or improving existing processes;
- Human Resources Consultants who provide advice on personnel issues such as compensation packages (e.g., salary surveys);
- Marketing Services assist companies in managing their branding efforts across communication channels while also analyzing target market trends through competitor tracking;
- Finance Advisors whose expertise ranges from accounting analysis to merger & acquisition transactions;
Corporate Strategy Practitioners focus primarily upon strategy formulation often coordinating among different functional groups involved within an organization at board level);
- Environmental Compliance Consultants who help businesses identify ways they can become more sustainable
The cost of starting a business is minimal and most can be operated as home-based businesses. A bachelor’s degree at minimum, typically followed by specialized training and/or related work experience. Average Profit Margin: 12.1%
Warehousing And Storage
Warehousing and storage facilities are always in high demand due to the fact that they offer a space to store equipment or inventory for businesses and homeowners. This is especially helpful for businesses that do not have on-site space for storing their items, and homeowners who have more inventories than what could be kept in their home.
Warehousing and storage facilities provide an easy and convenient way to store items, which makes them a valuable resource for many people.
Warehousing and storage requires huge capital investment. Warehousing and storage space can be an expensive asset to purchase or construct, especially in urban areas with high real estate demand.
Warehousing and storage facilities do not require any educational qualification; however, prior experience in the industry is helpful. Warehouses provide space for people to store their things. Warehouses often require strong security and need to be maintained properly too. Average Profit Margin: 11.6%
The Team Compare BizTech is made up of people from marketing backgrounds, digital marketing & content marketing backgrounds, each with unique experiences and nuggets of wisdom to share with you. The team is passionate about creating unique, accurate, and engaging content.