More and more people are rethinking their work-life balance and considering setting up a home business. Thanks to technological developments, we can work remotely and be flexible in how and where we choose to work.
There are plenty of tech tools to assist with running a small business, from using social media for market research or advertising, to managing your accounts with online software, or even using a simple invoicing tool… there are many platforms to aid your business growth.
Starting a home business is an exciting prospect, but of course, there are pros and cons to starting your own venture. On the positive side, a home-run business has fewer overheads, you can claim tax deductions, build a flexible work-life balance, save time on commuting, and be your own boss. The negatives are that you will ideally need to have space in your home dedicated to work, you’ll need to follow laws and legislation depending on your business and what you choose to sell. You’ll also need to be organized and stay on top of your finances.
Working from home does offer flexibility and freedom but it can be isolating so it’s important to have a reliable support network around you, whether that be physical or virtual. Below are some ideas for what you could do for your business.
Buy products in bulk
It’s a simple idea but many businesses do it: buy-in items in bulk and then sell individually for a profit. If you can purchase and store the items at home, and they are easy to ship to customers when ordered, you may have a potential moneymaker on your hands. To add value to your product, you could consider bulk buying something to which you can personalize or add a creative touch. Then you can sell the items to customers with an added bespoke detailing for a higher price.
Sell homemade products
If you’re crafty or a skilled maker, you could turn your hobby into a business. Whether you’re a passionate baker, artist, textile designer, potter, candle maker, or something else, you could sell your crafts for a good profit. When you can control all aspects of the production line, you can make the process as cost-effective and profitable as possible. Producing your own products doesn’t need to be overwhelming, you can scale up as and when you’re ready to.
Offer services
A serviced based business is even easier to run at home, although your time is incredibly precious. How your work will depend on the service you offer. If you provide a service such as personal training, dog walking, cleaning, or gardening, you’ll need to manage booking and appointments. You’ll also need to travel to and from jobs. If you’re a creative freelancer, such as a designer or a writer who will be able to work remotely or at home then you will have to carefully manage your time and juggle multiple clients, deadlines, and briefs.
Teach classes online
You could start a YouTube channel teaching a skill you already have, such as home repairs or gardening. Once you establish a following you could then develop an eCommerce site with a blog and sell products. You could also offer online tutoring classes such as another language or marketing. You can choose how you teach, from one-to-one or larger groups. However, you look at it, teaching online is a profitable home business concept.
