There are several reasons people choose to start their own businesses from the comfort of their homes. Some do it to save time and money. Some do it so they can pursue their dreams. Some do it just so they can be their own boss. Whatever your reason is for thinking about starting your home-based business, know that you’re part of a huge market. According to the Small Business Administration, around 50 percent of small businesses in the US are home-based.
But don’t quit your day job just yet. If you’re still deciding what exactly you should do, here are the four kinds of home-based businesses to help you narrow down your ideas.
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If you have a marketable digital skill like data science, web design, or blog writing, you can work as a freelancer. According to Upwork, 35% of the US workforce freelanced in 2019. This trend will continue to grow as innovations in communications technology increase. If you think about it, these are the same types of work that people do in offices. However, working for yourself, from your own home, has a certain appeal that would have been unthinkable just a couple of decades ago.
Although creative skills are the leaders in terms of numbers, freelance opportunities from many other industries like construction and healthcare are also popular. If you’re interested, check out the myriad of websites designed to connect freelancers to potential clients.
Not to be confused with freelancing, content creation casts a wider net compared to the former. Think YouTube, Twitch, and SoundCloud. Content creators make consumer content then upload them to different platforms on the internet. Content creators usually begin with little or no following. They mostly make their revenue from advertisements, sponsorship deals, and even merchandise. Over time, they become celebrities in their own right.
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If you think you have something valuable to share with the rest of the world, you can start your own channel. Don’t lose heart when you don’t see returns immediately. Most of the content creation success stories had humble beginnings and took a long time before taking off.
Selling or reselling products from the home is another popular business path. It’s cheap to start and there’s less pressure to maintain high quotas, particularly if you don’t have other people in your employ yet. Networking is arguably more impactful for this type of business because better deals from your suppliers translate directly to your bottom line.
If you’re trying to decide what exactly to sell, starting your home-based food business is a common choice. Just make sure you have the best suppliers, like industrial food containers in Utah, to maximize your sales.
Much like freelancing, if you have an in-demand skill, you can open your own business from home. The difference is that these skills can’t be practiced online. If computer science belongs in the digital freelancing sphere, computer repair belongs here. This also includes blue-collar work like plumbing, exterminating, gardening, etc. Remember that just because the service you provide isn’t online, doesn’t mean you can’t use the internet to market. Maximize social media and other online tools to get the word out. Just make sure you specify the areas you can service.
Whichever business you end up starting, your home-based enterprise will need a lot of work and patience. Figure out what products or skills you want to sell. Study your target market well. Good luck!