#4 is killer important. So, so very. In fact, until I got into Fizzle at the beginning of this year, I hadn’t done the hard work of figuring out the “different” and the “better” as it applied to my business, even though I knew I really, really needed to, and even though I fully knew it was hurting my business not to get this sh*t figured out — in the form of price-shoppers and less than ideal projects and so on.
Choosing the path of entrepreneurship, and working on your side business idea, is without a doubt riskier than being content with holding a 9-5 job. It requires way more sacrifice. However, once you’re reaping the lifestyle benefits of being your own boss and hustling your way into making significantly more money with your business idea than you ever could at your day job, the hard work will have all been worth it. So, let’s talk business ideas.
Hi Corbett, your post is spot on and I admire how easy and simple you explained things. I’m sure that budding online entrepreneurs will learn a great deal here. Just to share, when I was starting out, i encountered a couple of these mistakes and boy, they really held me back…months even. The thing is, starting onlin entreprenuers want to always be sure and safe but what they don’t realize is that making sure of every single details just takes time. Simpy put, if you know what you can offer, what makes your product unique then launch it already. Think clearly at first and then focus on doing more.
Strictly speaking, this isn’t really an at-home business, as most of the work takes place outside the home. But for dog lovers who don’t want other people’s pets staying overnight, dog walking is a viable business idea with a low barrier to entry. Still, there are considerations including researching the state of your local dog-walking market and addressing licensing and insurance concerns.
To do what you love, you first have to know what kind of work you really want to do. This requires intense introspection and an understanding of which kinds of work get your creative juices flowing and which kinds dry them up. Doing what you love also sometimes requires that you ignore what other people want you to do for a living. You may decide, for example, that you’d really like to start a recording studio in your home, but your spouse or best friend may think something more practical, such as buying into a fast-food franchise, makes more sense. Ultimately, you must decide what you’re going to do for a living — even if it means you can’t work at home.
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Whether it's a child's birthday party or a wedding reception, behind every good celebration there is a great planner. People will pay big bucks to quality planners to create experiences they'll never forget. Armed with little more than a budget and a knowledge for what makes a party really "pop," party planning can become a lucrative home-based business for any party animal.
Packaging your skills and knowledge into a downloadable eBook that delivers value to those seeking to learn a skill, advance in their careers, or start their own businesses, makes for a strong value proposition if you target the right audience. Check out Leslie Samuel's great guide to selling eBooks online and start building your strategy around this side business idea. This class with Tara Gentile on CreativeLive will also show you how to use your existing body of work to write an eBook within the next week. Put in some serious work with your eBook, build an audience and you'll have a platform to pitch traditional publishers on landing a book deal—then you can write one of the best business books and really build your personal brand.
A friend in Boston made a living doing this. He had lived in the Netherlands and was fluent in Dutch. He contacted companies who sent people to the Netherlands to work and live, and offered to provide not just his language expertise but important information on Dutch culture and living in the country. It worked. If you’re from or have lived in another country, consider channeling not just your language but your cultural expertise into a new career.
Like other forms of self-employment, home-based businesses face a number of challenges relating to financial management and tax compliance. Part of the business plan that is prepared prior to forming a home-based business is a financial plan detailing how much it will cost to begin the new venture and keep it running. After the business has been established, it is vital that the entrepreneur set up a good bookkeeping system to manage cash flow and ensure compliance with tax laws. Bookkeeping systems can be manual or computer based. Experts also recommend that entrepreneurs set up a separate checking account for their home-based businesses in order to better document business expenses. Canceled checks, paid bills, invoices, sales slips, receipts, and other financial documentation should be kept on file in case of an audit. Another important aspect of financial planning for a home-based business is tracking working capital—the difference between current assets (cash, accounts receivable, and inventory) and current liabilities (operating expenses, debts, and taxes)—in order to maintain a realistic picture of where the business stands financially.
Sure, there are a lot of graphic designers out there, but there are far more Websites, companies and organizations in need of design work than there are designers. That’s the good news. The more difficult news is that graphic design does require a certain level of expertise and possibly some pricey software, although designers can often get by without necessarily having the most expensive applications on the market.
Schmechel charges $50 an hour to spruce up brochures, business cards, catalogs, case studies and occasionally Web sites. Her tools of the trade include a computer and basic printer. (For high-end printing, she heads to Kinko's.) Additional overhead: a mere $10 per month for a Web site hosting service. Initial marketing amounted to posting an ad on Craigslist. Darling Design's first-year profits: about $50,000, she says.
Another big suggestion is finding small and easy ways to test business ideas and assumptions. I think this is implicit in your post. For example, if you have an idea for a digital course, you may do a free webinar on the same topic first. If you can’t get enough people to show up for a free webinar, then there probably isn’t enough interest for a paid product on the topic.
Pay-per-click advertising is the easiest way to get traffic to a brand-new site. It has two advantages over waiting for the traffic to come to you organically. First, PPC ads show up on the search pages immediately, and second, PPC ads allow you to test different keywords, as well as headlines, prices and selling approaches. Not only do you get immediate traffic, but you can also use PPC ads to discover your best, highest-converting keywords. Then you can distribute the keywords throughout your site in your copy and code, which will help your rankings in the organic search results.
Though certainly not for everyone, recycling the containers from products left strewn around on the ground can become a surprisingly decent side business idea if you put in the time. Attending events like street fairs and outdoor concerts can be a great starting place. Put on a clean shirt, jeans, apply your sunscreen, grab a cheap pick-up tool like this one, sturdy plastic bags, and you can sell them for upwards of $4.00/pound on eBay.
Check your local authority’s zoning and permit regulations pertaining to home-based businesses. These can vary widely from area to area. Most are concerned how your business will impact your neighborhood such as customer parking or shipping traffic. Check, too, with state or federal agencies for required licenses or requirements your business may need.
The prospect of working from home has gained credibility over the years. Home offices can now compete with small commercial businesses and save on rent in the process. It may also be possible to tax deduct some of your home expenses while running a home based business. Faxes, high speed internet connections, dedicated home telephone lines, and cell phones help to make a home-based business a reality. Earlier home businesses had been where families lived on the second floor of their house while converting the first floor into a store, where upon close of business they would secure the first floor and retire to the upper floors. This type of home business is still done in some rural areas. Many home businesses are started off in a much smaller capacity whilst the owner is still employed elsewhere, and then expanded once they are proven to be profitable.
From $0 to $120,000 in monthly sales, Beardbrand.com is as incredible a story as they come. This is a company that lives and breathes the brand they’ve created, selling beard care products, beard grooming kits and other beard related propaganda. The owner of Beardbrand.com says it’s his growth of such a unique, strong brand that’s made him so successful.
22. Isolation can be a negative side effect of working from home, so if you face feelings of isolation, be ready to fight back. “Isolation can lead to poor business decisions and depression, which leads to horrible business decisions,” says Benjamin John Coleman, founder of a Web-based craft business. “Because my business is so small and because I operate out of my home, I tend to become isolated. I have few interactions with other people during my day. To combat this isolation, I’ve joined various community groups. I find that interacting with other people in a volunteer setting helps keep me sane when I’m at home working,” he says. “It also affords me an opportunity to network and gives me a group of people to bounce ideas off [of] before I implement them. I’ve found that these activities enhance my business and increase my quality of life significantly.”
5. Work on your business, not in your business. “There’s a big difference between working in your business and working on your business,” says Jeannel King, a visual facilitator and coach, and founder of her own home-based business, Big Picture Solutions. “A home-based business typically translates into being a small operation of one: you! In that situation, it’s easy to focus only on product or service delivery. However, it’s essential to make time to work on our business, and that means focusing on the finances, the marketing plans, the vision and strategy, the systems and processes that provide the infrastructure for our businesses to be not just successful, but thriving and sustainable.”
Some firms outsource their customer service operations and many of these companies accept home-based contractors. You can start by signing up on freelancing sites such as Upwork to test the waters with this business idea first. If you’re already a CSR specialist with management skills, then you can form and lead a virtual team online and engage clients as a bona fide customer service company or, provide customer service training to such teams as well as individuals.
And a last tip — Most of the home-based business opportunities in this article call for specialized training or skills. If you don't have the specialized training or skills needed to start a business you want to start, you can still "be a part of it". Find a person with the appropriate training or skills and invest in his or her business. Being an angel investor can be rewarding in so many ways.
To improve your chances of success in business, it’s essential that you do your homework and research your business idea. Identify your target market and analyze the competition. To find a profitable niche for your home-based internet business, you have to find the crossroads between what people want and what you’re passionate about. John Jantsch, author of Duct Tape Marketing said it best: “Bring the best of your authentic self to every opportunity.”
Who needs a nasty commute when you can make a decent buck but a few feet from your kitchen? Over half of all U.S. businesses are now based out of an owner's home, according to the U.S. Census Bureau. With the economy shedding jobs, the ranks of the self-employed may well keep swelling. Plenty more entrepreneurs may look to eliminate rent and fuel costs to pinch pennies.
With the rise of online craft marketplaces like Etsy, people with decent artisanal skills like sewing and woodworking have an always-open market to sell their products as a side business idea. If you’ve always wanted to design and make clothes by hand, then you can start turning those fashion ideas into real, hand-sewn garments and earn a little bit with this side business idea while you sleep and customers from around the world browse your Etsy & Amazon stores.
If keeping your home organized comes naturally and you enjoy helping other people, consider becoming a professional organizer as a side business idea. As the need for baby boomers to start downsizing grows, you can use your organizing and decluttering skills to start making an industry standard $50-125 an hour with very little startup costs and some free expert advice from Jen Kilbourne. Believe it or not, pro organizers don't just work with hoarders. More and more people are hiring professional organizers in order stop wasting time and money due to the stress of everyday disorganization. What's even better, is that you can take this on as a side business idea during the nights and weekends when your clients will be at home.
If you've developed valuable skill sets or certifications within your industry over the years, consider putting your skills to use in your free time by offering your consulting services to local business owners as a potentially lucrative side business idea. Whether you're an expert marketer, business strategist, or manufacturing aficionado, there's likely a local business owner who's willing to pay you to help them solve an issue with their company—if you can craft an effective cold email that convinces them to hire you. Start with this 18-step checklist to becoming a local business consultant as a side business idea, from Karyn Greenstreet. When you're ready to get serious about becoming a consultant, check out all of my picks for the best online business courses to keep building your skills and learning how to land your first consulting clients. Personally, I think this is one of the best business ideas you can get started with today.
It’s a well-known fact that America’s small business owners are movers and shakers. They come up with innovative products and services; they employ about 50% of all private sector workers; and they persist even during tough economic times. But what might not be such a well-known fact is that most of them do all of this without even leaving their homes.
Be a Jack-of-all-trades. There are a lot of roles you play as a homebased business owner: You're the CEO, president, secretary, office manager and tech support. Learn the basic skills of running an office, including how to troubleshoot some rudimentary technical problems. You don't need to become an expert, but make sure you have a basic understanding of tech support issues, bookkeeping, etc. Otherwise it will become too expensive to have to pay someone to do everything for you.