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Home-Based Business Ideas

Classic brick-and-mortar establishments were the old way of doing business. With freedom and flexibility, home-based businesses are quickly becoming the preferred choice.


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Published by 3E Accounting
on 11 May 2020

Home-Based Business Ideas

The Benefits of Working From Home

Forget high rent and overhead costs and tiring commutes back and forth to the office. Especially when there is a more cost-effective, convenient way to still make a profit from home. By starting your own home-based business.

Full-time or a part-time hustle, there are several benefits to working from the comfort of your home:

  • More cost-effective and no overhead costs
  • No high rental fees
  • No maintenance and operational costs
  • Selling products locally and internationally is possible with the internet.
  • Work-life balance as you set your own work hours
  • You can work on your own or with your family or spouse who lives with you

Of course, there are certain downsides that come with working from home too. If you’re a social person, for example, who loves interacting with people, working solo might not make you as happy. There is also the fact that you might need to convert a room or make some space in your home to support your business. If your home is not big enough, that could pose a potential challenge. As your business grows, keep in mind that the space you need to run it might expand too. You will also need to check if your home complies with certain regulations that some business types need to meet. For example, needing a commercial kitchen if you intend to run a food-based business.

Home-based Business Ideas You Can Start Today

Ready to launch your very own business? Here are some business ideas to help you get the ball rolling:

  • Your Services – Are you a freelance writer? Graphic designer? Social media marketer? Businesses need your expertise and services and they’ll be willing to pay for it.
  • Your Expertise – Think you know enough about a subject matter to be considered an expert? Why not take your knowledge and create eBooks, courses, merchandise, designs and downloaded templates?
  • Content Creator – Having years of experience is also going to come in handy as a content creator. Start a blog or a social media account and start creating an audience that you can monetise one day.
  • Dropshipping – The dropshipping business has surged in popularity in recent years. It’s easy enough to get started the capital to start is not going to put a hole in your budget.
  • Bulk Buying – Buy certain items in bulk to save cost and then start selling them individually for profit. This idea works best for fast-moving consumer goods that need to be bought frequently.
  • Homemade Products – If you’ve gifted with creativity and blessed with hands and fingers that work magic, consider homemade products. Clothing, jewellery, candles, soap, and art are just some of the many examples of what you can sell right from your living room.
  • Printing On-Demand – No upfront inventory, just your creativity and the ability to customise designs as and when the customer needs them.
  • Buying a Business – If starting something from scratch doesn’t do it for you, how about buying an existing business and taking over?

Working remotely is one of the best benefits we have reaped as part of the digital age. With a laptop and working internet connection, we can work from anywhere in the world with people from across the globe. Pursuing your entrepreneurship dreams has never been more within reach. There’s no limit to what you can start right from the comfort of your home.

 

This article was first published on 3E Accounting, on 6 April 2020. Information is correct at the time of publication.

Last Modified Date: 06 May 2020