Cash, or the lack of it, is one of the key indicators of a company’s success over the long run. If you have cash, you can buy and stock new products for your customers, develop innovative new services for your clients, pay for your day-to-day operations, and expand your operations. If you don’t have cash, your business will certainly suffer, and so will your customers and clients.
The number of websites and blogs operating online demand a constant stream of high-quality, beautiful photographs that can help businesses attract and convert more customers. Setting up a stock photo library is a great business idea as it targets virtually every industry regardless of a company’s size. Check out sites like SmugMug, Photoshelter and iStockPhoto for more information.
In order to be successful, you will want to establish contacts with real estate agents who can recommend your services to customers. The home inspection field is one where you will need to do constant updating of your education and knowledge. New products are constantly coming out on the market--if you only know about decks made of wood, you will not know how to inspect and assess the new materials on the market, such as composites that are made to look like real wood. Also keep apprised of all safety updates of materials and issues with things like off-gassing, carbon monoxide production, and other chemical precautions.
Someone out there is remodeling their kitchen and needs to know which shade of granite will match best with mahogany flooring. That someone will often be happy to pay you for your advice, especially if you’re the kind of person that subscribes to websites like Contemporist and you have the motivation to turn this business idea into a money-making enterprise.
Word of mouth and referrals are crucial to getting new clients. Satisfied customers “spread the good word” and are the secure foundation on which to build your business. Treat all customers with respect and demonstrate that you care by delivering top quality offerings and optimum customers service. Thank loyal customers with cards, exclusive specials, and other expressions of your appreciation. Remember it takes less effort and money to satisfy existing customers than it does to get new ones.
#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.
82. Make sure your work space is not part of your family space. Create a room specifically to use as your office, especially if you have children. This accomplishes two things: You know that when you walk in that room you are there to work until you are done, and then you shut the door and all family members know that they should respect your work space when you are in it.
If editing and advising college students on how to write compelling 500 word essays on topics such as "You were just invited to speak at the White House. Write your speech," seems like a compelling business idea to allocate your free time towards, trust me—tons of parents will pay you to edit admissions essays and offer constructive feedback for their children. Be careful not to blur the ethical line of actually writing their essays, but serving as an editor to help them convey their message can become a great side business idea that has the potential to spread by word-of-mouth referral in your community.
Working with other companies is one of the easiest ways to market your products. Sell baked goods? Ask local coffee shops if they’ll carry them. Are you a graphic designer? Offer to do low-cost graphic design for other businesses in exchange for referrals to their clients. There’s always someone you can partner with in a way that will benefit you both.
The German Economist Schumpeter once said that there are “no original ideas”, only new combinations of old ones. Curation of curiosity-fueling content is an intriguing and little-known business model. One of the best success stories out there is Brainpickings – a platform that describes itself as “an inventory of cross-disciplinary interestingness, spanning art, science, design, history, philosophy, and more”. The subscription-based model and successful utilisation of affiliate links have turned the blog into a self-sustaining business.
Getting the best web hosting package is key for your website to work smoothly and problem free, says James Blackman, founder of website design and digital marketing agency Cocoonfxmedia. ‘When we set up our business, there weren’t many hosting options out there; however, the golden rule we stuck to was rock-solid customer support and UK-based servers,’ he says.
3) Earnings potential – With an online, home-based business, your income potential is unlimited. You can reach a very large market, directly, quickly and affordably, no matter the size or location of your business. For example, Kelly Lester, a stay-at-home mom, built a very successful million dollar online business that came straight from her kitchen table. She’s built her brand by working closely with bento bloggers and other diehard fans of her product, EasyLunchboxes.
2) Lower overhead. All home businesses, however, share the advantage of not having the expense of buying or renting business premises elsewhere which cuts down their overhead considerably. Because there is no separate office to rent or maintain, they may also save money on expenses such as utilities, and, depending upon local regulations, the cost of business licenses and taxes.
There are more and more third-party ecommerce marketplaces available, like eBay, Etsy, Amazon, and even Airbnb or Fiverr, depending on your product or service. Building a business through one of those ecommerce marketplaces can simpler, since you’ll have to make fewer decisions, and you won’t have to build your website yourself—you’ll use an existing template.
Without realizing it, I skipped over doing the good work of pinpointing my target market and ideal clients, defining my brand and my offer, figuring out my Why, etc. I studied audience-building and content marketing tactics and put a lot of work into growing a community from the start, but because I wasn’t clear myself on the purpose of my brand, I didn’t have a consistent message to share with that community to build trust and gain their interest in any kind of offers.
There's a huge growing market for mobile phone accessories, and plenty of handmade sellers are raking in 6 and sometimes 7 figures from their phone case businesses. You can get your own phone case business up and running as a side business idea in a matter of days with turnkey solutions from Case Escape, my previous company, and you can now get ready-to-go kits that'll give you everything you need to start a phone case business. Once you're up and running, you can sell cases on Etsy, Amazon Handmade, and Fancy. During our first year of selling phone cases as a side business idea on our Etsy store, we made around $60,000 in revenue from that selling channel alone—not to mention additional sales from fairs, trade shows, promotional products vendors, parties, events and other online marketplaces. From there, the sales only continued growing and we graduated from side business idea to full-time company that I ran with my best friend for multiple years.
But if you choose to bring employees into your home, you may want to set some ground rules to keep lines from blurring. Richard Rabinowitz runs a national, multimillion-dollar photo workshop series, Digital Photo Academy, right from his home. A staff of six works around the dining room table in his New York City apartment keeping track of teachers, students, and workshop spaces. Chaotic though it may seem, the business brings in over $2 million per year. Rabinowitz maintains order by enforcing the following seven rules.
The process of gathering information and writing a business plan helps the entrepreneur take an objective, critical look at the business idea and its chances for success. A home-based business may be related to an individual's previous occupation, but may also be based upon a hobby or the discovery of a unique business opportunity. In any case, the idea should be evaluated with an eye toward market potential and competition. Once the business is up and running, the business plan sets forth goals and standards for management and serves as an operational tool to measure progress. Although there are many ways to start a home-based business—including "moonlighting" while employed full-time, working part-time for an employer and part-time at home, and just taking the plunge—planning is important to all of them.
I will send you an email with some thoughts on how we could work with you in fish farming. In the meantime I have also registered you for our Ecolonomic Action Team Community and you should start to attend our live webinars and watch replays when you cannot attend live. You will learn a lot for FREE and meet many other people who can help you in your business.
Many families with kids, including single-parents, have very limited time resources, creating a demand for part-time child care providers (and a business idea opportunity for you). If you love kids and have some spare time, you can earn plenty of side income by looking after children while their parents are away. Just be sure to identify the particular age group you're comfortable caring for and you’re all set after any necessary certifications. Establishing a home-based daycare center capable of servicing six or more kids is also a lucrative way to really expand upon this business idea if you have the right environment for it.
A real estate appraisal business can be operated from home, on a part-time basis, making for a fun side business idea if you have the credentials to back it up. A perfect option if you want to keep your day job while earning a little extra on the side. You won’t need a college degree to start in on this business idea, but you’ll need bankable appraiser credentials (including relevant training and professional licenses), strong knowledge of the sector, and a growing network of industry players including mortgage brokers, real estate agents, banks, and fellow appraisers that'll want to utilize your services.
What a timely post, Corbett, especially since I’m on day 3 of the creation process of my 30 Day Online Business Success training. I remember talking to you last year, in a desperate email, asking you HOW I could possibly hit the next level of success online. I just couldn’t see it. You, of course, probably thought I was crazy for NOT noticing the millions of opportunities out there to teach, to offer needed services, products, and more.
I have owned several Internet business’ and the one thing that I have learned that I tell people is start out small and work to big. Give yourself time to grow, see what works, and build some cash flow. I was so excited and had so many “big” ideas when I started my last business that I flew out the gates with guns blazing. This cost me time and money that I didn’t really have yet.
To be a consultant, you need to have an expertise in something so you can market yourself as an advisor to others looking to work in that area. Perhaps you managed several large warehouses in your career with a drugstore company, you did all the marketing for many years for a large shoe manufacturer or you set up a chain of beauty supply shops or take-out restaurants. You can use this experience to help others do similar things without making the same mistakes that you made along the way.
Counted amongst the most valuable tech giants, Amazon is also a massive global market where virtually anyone can cash in on the rising tide of eCommerce if you have the right business idea. But, like everything else that involves money, you have to do quite a bit of work to earn it. In this case, you need to do tons of research (looking for generic products such as clocks, key chains and mugs to attach your brand to) as well as developing a sensible inside sales strategy that'll help you generate profits from your private label side business idea. For an incredible deep dive on how to launch this kind of business idea, check out how digital marketer Neil Patel recently did this as a public experiment right here on his blog.