Start a Small Business at Home: 5 Ideas to Get You Started
Today, on Redhead Mom, I’m sharing a partnered guest post about how to start a small business at home.
Starting a home business has its own perks and downsides. Let’s look at the brighter side first.
As a business owner, you can operate from your comfort zone. No renting, commuting, or staffing hassles. You can create your own work-life balance and can seek help from family members when needed. Also, a home business requires a relatively small initial investment, and you can start making profits almost immediately since the overheads are also minimal.
On the other hand, scaling a home business is a bit difficult. And one day your business will outgrow the limited space in your home.
No matter the challenge, there’s always a way around, which you will figure out on your own sooner or later.
Having said that, let’s have a look at 7 business ideas that you can start and grow from the comfort of your home.
#1 Import and Sell
That’s a classic business idea, but most individuals fail to identify opportunities lying in plain sight. Perhaps you visited a new place far from where you live and came across a unique product. Instead of buying it as a souvenir for friends and family, why not take the whole lot back home and sell each item individually for profit?
Once you have your inventory stacked up in the living room, you can sell it locally or set up an online store to expand your reach.
#2 Homemade Crafts
Making homemade crafts is a fun activity, but if you have a creative flair for it, you can certainly turn it into an income source. Homemade crafts have a charm of their own and stand out from mass-produced goods for all good reasons.
For instance, making handmade soaps is a lucrative business idea, and there’s a huge market for it – well, who doesn’t need soap? Since these are non-perishable items, you can store a batch for months and sell locally or online across the country. In order to get started with minimal investment, you can buy supplies and equipment from Elements Bath & Body at wholesale prices.
#3 Start Dropshipping
If manufacturing products and managing inventory are too much to handle, you can go with a dropshipping business model, wherein a third party will manufacture, store, and ship products directly to your customers. All you are left to do is marketing and customer service, which can be handled from your home or anywhere in the world. All you need is a laptop and Internet access.
#4 Offer Online Classes
The pandemic has accelerated the adoption of online classes across the globe. From academic lectures to guitar lessons and counseling sessions, online classes are a convenient way to share your valuable knowledge and skills with the world.
Using Zoom as a video conferencing platform, you can have as many students in your class as you want and choose a time that suits you.
#5 Print-on-demand Business
If you are hands-on with graphic design software and have an eye for design, you can start your print-on-demand business right from the comfort of your home. It is similar to dropshipping in the sense that you don’t need to manage inventory or manufacture the actual thing. All you have to do is come up with a digital design and send it over to the manufacturing unit where they will transfer your design onto the product, say a T-shirt or a mug. And as you market and sell these products online, your vendor will take care of the shipping on a pay-as-you-go basis.
Before you even lay the groundwork for your new venture, write down your plan on a piece of paper and think it through. You don’t have to think about future expansion though, but you should at least have a plan and enough capital to sustain your business until you reach an operational break-even.