Make sure you are buying items that are highly sellable, meaning that you there is a large market so you won’t have to wait years to find a buyer. And be disciplined enough only to buy items that allow you plenty of markup for resale. Specialization, or at least having most of your products fit your specialization, is highly likely to increase your chances of success.
Your goal in conducting preliminary market research is to choose a product or service that will be in demand by potential customers; and to size-up your competitors so you will know how to make your business standout from theirs. Look especially for those people whose needs are not being met by larger companies. Business experts label these “niche markets,” and fulfilling their wants are making many solo entrepreneurs rich.
1. Create a work environment you feel good in. And that includes investing in professional office equipment and furniture. “Everyone is vulnerable to repetitive stress injuries from using office equipment,” says Paul Robert Edwards, coauthor of Working From Home as well as a Small Business Development Center consultant. “So take care to get things that fit you ergonomically. Particularly important are your chair and your keyboard.”
A big one — and forgive me if it’s been mentioned — is not building your tribe before launching a product. I hear from people a LOT that they’ve created this AMAZING course that NO ONE wants to buy. It does’t mean your list, or your FB group, or whatever, has to be massive. It just means they have to be loyal and know/like/trust you, want more of what you do or who you are, and excited to take the next step with you. I launch what I consider to be crazy-successful programs that started with 10 people in a basement (whatever the online equivalent to that is). It doesn’t happen overnight. You need to build relationships. Your course isn’t going to sell itself.
20. Invest in a separate landline even if you’re trying to cut costs. “One of the first things I realized that I needed to do was get a separate landline and number for my office so that my son, who was then 5 years old, did not pick up the phone when reporters called,” says Julie Phillippi-Whitney, founder of Phillippi-Whitney Communications, a home-based PR consulting firm. Paul Robert Edwards also recommends getting a landline in addition to a cell phone. “When the electricity goes out, you want to be able to get calls,” he says.
Obviously it should be a problem for you, but be sure it’s also a problem for others. The thing is, sometimes people don’t realize they have a problem. And often just telling them they have a problem will only elicit an “Oh, that’s good enough for me.” As the old cliché goes, we’re creatures of habit. It’s really hard to persuade someone to try your thing when the status quo is good enough. But put a better solution in front of the same person and suddenly the status quo looks repugnant.
The whole “building an audience” is challenging for me. I’m not much of a blog subscriber myself, and so I’m really not quite sure what makes a blog tasty enough for someone to subscribe to. I solve more of a technical business problem… one of those things that if you need it, you REALLY need it now. And if you don’t need it, then you’re not really interested in getting weekly updates talking about it (I would imagine).
In general, a home office deduction is allowed if the home office meets at least one of three criteria: 1) the home office is the principal place of business; 2) the home office is the place where the business owner meets with clients and customers as part of the normal business day; or 3) the place of business is a separate structure on the property, but is not attached to the house or residence. The deduction is figured on the size of the home office as a percentage of the total house or residence. For example, if the total house size is 2,400 square feet and the home office is 240 square feet, 10 percent of the total house is considered used for business. That would allow the business owner to deduct 10 percent of the household's costs for electricity, real estate taxes, mortgage interest, insurance, repairs, etc. as business expenses.
As a home-based business owner, perhaps even more challenging than time management is successfully balancing your business life with your personal life. Lori Quaranta struggled with this after starting her business, Consetta Web Solutions, in 2006. “When you work from home, you are always at work,” says Quaranta, who is also a mother. “Keeping a work/life balance is harder than you think.” Here are her top five tips for maintaining that balance:
This is not an enterprise for the lazy. eBay sellers need to respond to customers quickly and politely, and ship items promptly. A seller’s success is in eBay users’ hands after all; a negative seller rating can sink an eBay business before it even gets started. Sellers also need to familiarize themselves with eBay’s return policies, which tend to focus on making the overall experience better for buyers but not necessarily for sellers.
Live in a destination where travelers frequently visit? If you love meeting new people from around the world and also love the city you live in, starting your own local tour company is arguably the best business idea that will give you both of those perks. Take a unique spin on your local tour business like Erik from Vantigo. He was starting his VW van tour business in San Francisco as just a side business idea while he was still working a full-time job, and grew it to being a sustainable source of full-time income before quitting—now he's running a multiple van tour company on the back of what originally began as a crazy side business idea.
You love dogs? You’re good at taking care of them? You want to open a dog-boarding business? Just make sure you’re prepared. Sure, it’s a great opportunity, and it’s totally doable—with some planning. Make sure you know your local zoning laws and, perhaps more importantly, make sure your neighbors would be OK with some extra noise and activity around your place.
The mistakes you have mentioned above are really common and mostly beginners made these kind of mistakes. But really appreciate your effort to elaborate these mistakes and to tell how to avoid these type of things. I have also watched many live examples for your point #7 that people spend many of there time for thinking what is good for them, what should they do know, what should be the working plan, what should be the plan of action but they did not implement these things in their business. These thinking and planning is just a time waste if you are not going to implement them.
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.
Have read through the earlier comments and like others seeking advise on how to start Fish farming. I am a retired Army Colonel with an additional 10 years experience as part of Corporate leadership. I now plan to start an animal farm (fish being part of it). Need advise on how to begin, capex-opex requirements, challenges , suggestions etc etc 🙂 . Im based out of India and connecting with experts like you would certainly help.
For example, if you are an affiliate marketer for Musician's Friend, an online musical instrument retailer, you can advertise their products on your site. If a person visits your site, and clicks on the link that takes them to the Musician's Friend website, and they purchase an instrument within a certain amount of time (24 hours or more, typically), you get a commission on the sale.
If you can create a regular audience for your podcast on a specific topic, this is a great way to get sponsors and fund this side business idea. My podcast, The Side Hustle Project is actually my current side business idea, and because I had an existing audience here on my blog at the time I launched the show, I was able to broker a $5,000 sponsorship from Freshbooks to place ads on the first ten episodes before I even got started.
If you have experience with marketing, SEO or a knack for getting people excited about the products and services you use on a regular basis, think about refining your skills and putting them to work as a small business marketing consultant in your region—especially if you can become a local SEO expert and can help local clients rank higher in their search results as your side business idea. Businesses of all sizes are in constant need of bringing in more customers, which is where you come in with your business idea. Start by pitching some of these small business marketing ideas by Brian Downard and you'll be sure to impress the first set of clients you begin working with in your area.
One thing is clear – clothes and accessories will always be one of the super-profitable online business ideas for an ecommerce site. However, with so many boutiques and brands already online, rising above the noise is extremely difficult. Yet, one promising idea that savvy entrepreneurs have probably already noticed is the booming trend of “ethical fashion”. Brands, such as Pachacuti, People Tree, Sea Salt and Matt&Nat have successfully crafted their brands around the concept of organic, ethical production of fashion items and are riding the trend to the top of the strongest brands list.
Gardening can be very relaxing, and potentially very lucrative. With both the increased interest in alternative therapies and the demand for locally grown and organic foods, an herb farmer can find plenty of customers, particularly if you’re in an urban area. While this does require some space for growing, herbs are fairly small and nearly any home can be slightly modified to allow for an extensive herb garden.
If you keep your money hidden in the attic or earning close to nothing in a savings account, you might want to consider putting it to better use through smarter investing as your side business idea. Sure, there are plenty dangers to look out for, but most personal finance experts will advise you to start learning about the stock market if you want to grow your wealth, and to avoid jumping too heavily into trends like Bitcoin and other cryptocurrencies without proper understanding.
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.
Do you need to build from scratch? Also keep in mind that depending on your particular business, it may or may not be necessary to build (or pay someone to build) a site from scratch. Especially when you’re in the early stages, options like Squarespace and Shopify simplify the process of setting up an ecommerce site by providing templates that don’t require much if any knowledge of HTML or coding.
Other steps in the process of forming a home-based business include selecting a legal structure, filing a fictitious name or "doing business as" statement, and obtaining any needed permits or licenses. The entrepreneur should also evaluate the risks associated with the business venture and make any necessary arrangements for health, life, liability, property, or business interruption insurance. Since it is sometimes difficult for a home-based business to be taken seriously by customers or creditors, it may be helpful to communicate a professional image through stationery and business cards, a separate phone line answered with a formal greeting, and distinct working hours.
Whether you work for yourself or a company that allows telecommuting, working from home can totally revamp the way you look at your professional life. The benefits are even likely to spill over into your personal life as well, with more time and energy for the things that matter to you. Here are 15 great work from home jobs and businesses that allow you to make your home into your office.
In most states in the U.S., a notary public is a state officer who is authorized to witness and attest to the legalities of certain documents by signature and stamping a seal. Most states require that you pass an exam and a background check. It costs very little to become a notary and your income from notary work is negligible. A justice of the peace typically performs wedding ceremonies. States have varying rules and procedures for becoming a JP and performing services. Becoming a JP and/or notary public does not cost much money. And it is not a big moneymaking venture! Many states set the fees you can charge for JP services. JPs can add additional fees, and often do, including travel and hourly rates for additional meetings such as rehearsals, other prep time and any special requests.
You want to stick to the instrument(s) you know, but you may be a skilled enough musician to offer lessons on several different instruments, or those in a particular class, e.g., stringed or woodwind.You can decide to take on individuals or classes, depending on space and availability of instruments. Public schools are continually reducing their commitment to art and music classes for students, so you can try to work with the public school system to supplement their efforts in those areas.
You can choose either to do the organizing work or to come in to a home and consult on the things the homeowner could do to better organize. Have a portfolio of different organizational scenarios in different rooms in the home and talk with the homeowner about the style he or she likes. Create checklists and questionnaires to understand how the family uses the home. Are the kids wildly busy with after-school activities? Or are they usually home after school and want access to their toys? Do they share rooms? All of these things will help you tailor an organizing plan and become the family hero.