Have you ever thought of starting a home-based business to augment your household income? Or perhaps you might have been toying with the idea of quitting your day job to turn a passion into a business for quite some time now. Nevertheless, starting a home-based business gives you the flexibility to scale at your own pace without the pressures of paying for office rent, infrastructures, and systems that usually take a big chunk on businesses' expenditures. Not to mention, it allows for lower risk in terms of loss, especially at the beginning where you're spending more than earning. This leads to the question – what is a good business to start from home?
To give you a fresh perspective, here are some of the trending business ideas that are causing a buzz nowadays:
1. Life Coach
Being a life coach can be great as a home-based business idea since you can work with your clients online or over the phone and earn – without having to leave the house.
A life coach usually offers advice, strategies, and methods to help people come up with action plans for their personal well-being, career or business, and other aspects of their life.
You can get started by reading published works of distinguished life coaches (maybe get a certification or two), setting up a social media page/channel, an engaging website, and advertising your services through family and friends so you can get referrals.
Being a life coach would suit someone who is very self-motivated, have an innate compassion for helping people, an interesting and/or thoughtful perspective in life, as well as a gift for connecting with different types of people.
2. Amazon FBA
Who does not know Amazon these days? It is the #1 online retailer in the US for a reason. With a total net sales of almost 70 billion US dollars during the third quarter of 2019 alone, selling on Amazon is no doubt a good business idea.
When you sign up as an Amazon FBA seller FBA (FBA stands for "fulfillment by Amazon"), you are considered a third-party seller. Basically, it has the same premise as the usual e-commerce business.
But, instead of you keeping an inventory to fulfill orders, Amazon stores your products for you, and when you receive an order, they pick, pack, and ship them out to your customers.
The best part?
Amazon also handles most of the customer service for FBA sellers, including returns.
But do not get ahead of yourself: setting up an Amazon business is not a get-rich-quick scheme. An Amazon FBA business will grow as much (or as little) as the time and effort you put into it, depending on your business goal.
3. Online Marketing
Are you creative? Do you have strong communication skills? Then online marketing might be the big break you're waiting for. I've tackled this briefly on this post, but since it is such a vast subject, it deserves a spot on this list again.
Some examples of online marketing services you can offer may include email marketing, social media marketing, and SEO.
Establish your business plan through ample research and client list building. Obtain the necessary licenses you need to hit the ground running. Starting an online marketing business obviously entails promoting your brand initially.
This is also a good way to test yourself as an internet marketer. And by using your own experience with marketing your business, then you can demonstrate what you can do for potential clients.
There are so many possibilities when it comes to online marketing. Aside from having the opportunity to work with clients from around the world, you get to hone your creativity and expertise to grow brands and businesses.
4. Stock Trading or Stock Investing
Stock trading or stock investing will heavily depend on your ability to forecast and invest smartly. One way to think of stocks is acquiring shares of profitable companies and thanks to the internet, it's all very convenient, which means that monitoring the performance of the companies in your portfolio is within a click of a button.
But the key is to get acquainted with the whole concept of stocks first – read books about it, attend training, understand financial statements, and connect with other investors or experts in the field.
A good way to tread the waters is by investing with your personal funds first. Just make sure you are not using your entire life savings as initial capital. You can also use demo accounts so you're not risking real money.
This is mainly because losses are inevitable, and declines in your investments can impact your income. To gain some more insights on some notable facts and statistics on the global stock market, read Fortunly's latest post here.
To set up a stock trading business, aside from the basics like a good computer and initial funds to invest with, you may need to secure certain licenses depending on the extent of the business that you intend to get into. You can check with your local state on licensing and tax requirements to avoid legal problems down the road.
Want to learn how stock investing works? Click here.
5. Creating Online Courses
The online education market is expected to explode to $275 billion by 2022. While being a teacher entails that you need to have a passion for sharing knowledge and education, nowadays, you don't have to become one to share some knowledge on a subject that you know well.
That's what online courses are for. You can do it all yourself by building your own website or online recording. You can also build and host it on an e-course marketplace/platform that offers an easy to build a landing page (for your course), payment integrations, and marketing functions.
Producing online courses could be a lucrative business idea when done right. It will take quite some time (it's important to offer a well-written and well-researched content in your course) and resources, but it is worth it in the end, especially if your course happens to be in-demand. Produce courses that use one of your passions or skills with the goal of solving a need (knowledge-wise), then sit back and earn passive income whenever people buy it.
To Wrap Things Up
Pro tip: Before you start executing plans for your home-based business, know that there are federal, state and local laws that may regulate the type of business established in a residential location. Do the necessary legwork and research so that you can conform to the rules before taking the big leap to entrepreneurship.
The best home-based business ideas are the ones you start from your interest and skillset.
Because you will be heavily involved in the processes involved in setting it up from scratch. And you have a strong will to see it through to the end.
The constant research and development that you do as you work your way around the business plan will help you refine your strategies and plan of action to successfully launch yourself into your chosen industry without severely impacting your finances.
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