Fantastic post Corbett!! I was referred to this article and it’s just what I need! I am actually working with a Mastermind group and a Mentor..I’ve wanted to do some sort or ebook or product ever since I first started my blog…but had no idea where to start. So I’ve just been blogging along (love it) throwing in sponsored ads here and there until now…2 years later :)
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.
Just about every company has a website that has the potential to collect data from its customers. Furthermore, many businesses store their customers' data, personal information – even credit card numbers – in their company computers. But, how many smaller firms can honestly say they know the data is safe from identity thieves and hackers? Most small companies can't afford to hire a full-time data security specialist. That's where your home-based security consulting business comes in. If you've got a background in IT, you could be working as a consultant helping small businesses shore up their data security.
Be genuine. Yes, your blog is supposed to make money. But you can’t make marketing pitches all the time. Focus on useful content so that your readers come to know, like, and trust you. Then they will naturally click on your advertising or buy the products you recommend. In this era of the internet and social media people are looking for authenticity.
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.
But many people put themselves in a very similar position by starting home-based businesses without considering the profit angle. Business is about profit, and without sufficient profit, you'll never have enough income to even pay the bills, let alone generate wealth. (For more on creating a business that actually produces income, see Change Your Business Model and Watch Your Profits Soar!)
Home-based businesses make great money: Many people have the misguided idea that home-based businesses aren’t “real” businesses — like you’re somehow “less” of a success if you work from home instead of having a brick and mortar storefront. But according to this survey data, business is booming for home-based entrepreneurs. Home-based companies are generating big bucks — with total annual revenue of $427 billion per year. And 20 percent of home-based businesses make $100K-$500K per year — that’s a very comfortable income for anyone working from home. You have to remember that if you do start a home-based business and build a great income, you are on your own for health care and other benefits, so that is a consideration.
During my long search for an online business, I found a network marketing company that’s just about to do its public launch. It was set up specifically to run online. In this way, you can contact only the seemingly endless supply people that have already shown interest. You don’t have to worry about those dreaded headaches of old-style network marketing. Because it’s built into the process members are freely interact, communicating and supporting each other openly online without asking whose team they are on. With the network marketing business model and the vast market on the internet, I think that a lot more people will find this option appealing.
52. Start networking. “Hibernating is fine for bears, but not for people,” says Edwards. “Identify and join social networks and local trade and business associations thatwill advance your business.” Russak of First Time Online recommends creating a Facebook page, Twitter account, and LinkedIn profile as alternatives to your website so you can “be in five places at once from the comfort of your living room.”
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.
Valentine's day. Birthdays. Weddings. The list goes on and on—throughout the course of a year, there are dozens of occasions when people need to order flowers. What's more is that once you're up to speed with this business idea, your costs can stay relatively low if you know where to source your flowers, and typical margins are in the neighborhood of 300% (or more) on cut flowers which makes this a particularly profitable side business idea in the right geographic area. Check out this amazing interview with floral designer, Sara Tedford of Ladybird Poppy to hear about how her floral design company started out as a side business idea of doing weddings and events for her friends and family.
I spent an evening playing with the host's online demonstration. After 10 minutes, I worked out how to change the website template, pictures and text. In my haste, however, 10 minutes later I had to discover how to recover a broken website by opening and reading the manual for the first time. My wife will testify that this isn't something I do often. I was amazed how easy the program was to use. It is just like using MS Publisher or Google Docs and requires no knowledge of HTML coding.
Like graphic design, Web design requires skills that can take years to acquire and perfect. But if you have them, the market is there for creating attractive, useful Web sites for all sorts of organizations. Starting a Web-design business does require some up-front investment, particularly in software, although candidates to start Web-design firms might have those applications already.
Before you get excited about starting your home based business idea, you first have to make sure you have the right tools in place. The main tool is a speedy Internet connection. Most home-based businesses will require some sort of Internet connection. With a good Internet connection, you can also take care of a phone and fax. Isn’t technology great?
Starting a business in this field will require some experience, but as long as there is anxiety, there will be a market for coaching people to create and deliver presentations. Invest in video equipment or use a smartphone to record students as part of the coaching process. If you have a background in radio or TV or specific experience in high-profile public speaking, all the better.
Ghostwriting pays pretty well, and if you're talented at researching and creating great content within a certain subject domain, you can quickly build a roster of high-paying clientele with this business idea. Ghostwriters like Jeff Haden have created very lucrative careers for themselves by writing for business executives and CEO's—and Jeff also started his ghostwriting career as a side business idea outside of his full-time job as a factory manager. Listen to his interview with me on The Side Hustle Project (podcast) right here.
Another idea someone could do from home is to start a service or write a software program that scours local ad listings (like craigslist) for a particular used item a person wants to buy. They have services like this for new items, but not used. I know others like me who are keeping their eye out for something used (like a canopy king bed!) but don’t have the time or inclination to search for it every day.
Suppose that you, being a creative person, are able to make beautiful quilts. However, because of the time involved, you're only able to make two quilts per month. You discover that people are willing to pay $200 for each quilt you produce. The math says that you would have, therefore, an income of $400 per month. (Actually less, as there will be expenses related to quilt production, such as cloth and thread, to deduct from this amount.)
Maintenance work from the comfort of your garage or basement is challenging on two fronts: overall set-up (equipment, ventilation) and finding clients. Take shoe repair. Ben Roush, a cobbler in Omaha, Neb., says that used finishing machines (with the proper buffering and sanding devices) go for $10,000; stitchers, $1200; and hydraulic presses for adding glue, $300. Some repair work requires more electrical power, too: 220 volts versus the typical 110 volt capacity in most houses.
A lot of people with middle-class income would like to create a robust investment portfolio to secure a financially stable future but simply have no clue where to start. If you have professional experience as an investment analyst or do a lot of investment yourself, then offering investment advice for middle-class investors is a natural move for you.
“The massage therapy business has been growing by leaps and bounds in the last decade, tripling in volume. According to the Bureau of Labor Statistics’ Occupational Outlook Handbook, it should grow by an additional 20% through 2016, meaning this home business has strong potential for growth. And, because all in-home massage services are necessarily local in nature, it’s work that can’t be outsourced to another country.”
11. Don’t underestimate the importance of branding. “Branding is the most important thing when building an identity for your company,” says Michael Di Pippo, founder of Penfishingrods.com. “The objectives that a good brand will achieve include delivering the message clearly, confirming your credibility, connecting your target prospects emotionally, motivating the buyer, and [securing] user loyalty.”
Turning your favorite craft or hobby into a revenue-generating business idea easily counts among the most fulfilling experiences anyone can have. Just take a look at what Jacob Huss of Soteria Designs is doing wit his hobby of hand-building furniture and wood jewelry. With more and more people demanding a higher degree of personalization in just about anything they own or use, count yourself lucky if your craft happens to be the creation of custom furniture. Not only is the real estate sector regaining its footing, the number of style-conscious customers is also on the rise, creating plenty of room for growth into this business idea.
45. Smartphones: Just because your business is based from home, doesn’t mean you need to be stuck at home. A smartphone can help you run your business from anywhere. “Smartphones can create flexibility and accessibility while attending to the children’s needs,” says Monica Harris Mondolovich, who has been running a home-based business, MHM Editorial Services, for 10 years while raising two young children.
No one likes doing taxes, and they need to be paid whether the economy is booming or tanking. This is why at-home tax preparation can be a great business for anyone with a tax background, or anyone willing to take training courses. Since there are annual changes to the tax code, you will need to refresh your training each year, and you will also need to register with the IRS as a tax preparer. This is more of a seasonal business than a year-round endeavor, but it can be a great way to earn some extra income each winter/spring. Median salary: $30,900.
Nothing beats teaching more novice learners about your passion, hobby, or craft as a business idea (that's a common theme here). Explore dozens of DIY portals (such as DIY.org, DIY Network, Instructables and Mahalo) to get business ideas on how to earn a healthy side income just by showing others how to do the things you love. You can also sift through the countless ad-supported YouTube channels that teach just about anything from guitar strumming to 3D printing.
Driving for one of the two globally expanding app-centric taxi alternative services, Uber or Lyft can still be a fairly lucrative way to earn money as a side business idea on nights and weekends—working only when you want. But before you dive head first into this side business idea, do your homework and calculate the costs of extra gas, mileage, tires, wear & tear and usage on your vehicle—it's not a guaranteed business idea that'll turn a huge profit every weekend.