What Home Business Can I Start?
There is no better time to start your own business than right now. The internet gives us lots of opportunities to earn money alongside our day to day jobs or as a full-time venture. In this post, I am going to answer the question of “what home business can I start?” by highlighting proven business models that people make money from all over the world.
Why Start A Home Business?
Everyone will have their own reasons for starting a home business, depending on their circumstances. For example, you may be unemployed, hate your job, want more flexibility or just want a second income. But, here are the main benefits of starting a n online home business.
For me, the flexibility of a home business is the biggest advantage. This is because I have a passion for the outdoors, especially snowboarding, mountain biking and hiking. I live in the French Alps, and all these things are dependent on the weather conditions. So rather than waiting for my day off, the flexibility of my online business allows me to take advantage of the best conditions.
Flexibility also means that I can work anywhere. I don’t want to leave my home in the mountains, but as we all know, the world is an unpredictable place. If I had to leave, my business would carry on as usual. Later on this year I plan on going to the South West of France for a couple of weeks. I will be taking my laptop, so I can keep an eye on things and work in-between visits to the beach.
You don’t need to be an outdoor enthusiast to take advantage of the flexibility. Anyone with other commitments can benefit from earning money at home, as in many cases, you don’t have any specific ‘opening times’.
When you have a regular job as your only source of income, you are only one step away from not earring any money at all. With an online business, you can create multiple income streams, with different websites or using different business models. If one element of your business starts to fail, you can have money coming in from another one while you fix it. All this is related to the flexibility I have just mentioned, as you can divert your effort to where it is needed.
Great Earning Potential
An online business has the potential to reach millions of people all over the world, at any time. This means that if you get it right, you can earn money 24/7. The sky is the limit when it comes to making money online and waking up in the morning to see that people have spent money while you were asleep is a great feeling.
Cheap To Set Up
Your startup costs depend on what business you decide to start. But, typically an online business is much cheaper to start than a traditional business like a shop. This is because in most cases, all you need is a computer connected to the internet and a hosted website. There will be other things to pay for later on, but online businesses are accessible to more people.
It Is Fun
The thing about starting your own business, is that you can build it exactly how you want it to be. There is no point starting a business that you won’t enjoy, so you can base it around your skills, passions and interests.
How To Determine What Business Is Right For You
I will give you some great business models later, but you need to make sure that you choose the best one for you. When I was trying to decide what business to start, I wanted to make sure I was going to get out of it what I wanted. So I made a list of things I wanted from my new venture:
- It had to give me flexibility
- It had to be worth the effort with regards to earning money
- It had to be legitimate
- There had to be good training resources
- It had to be something I would enjoy
After lots of research, this led me to start my first affiliate marketing website. I recommend that you come up with a list that will suit your needs too. By writing a list like this, you will be able to eliminate unsuitable business models, helping you arrive at the right decision.
Proven Business Models That Work For Online Home Businesses
I am starting with affiliate marketing, as I believe that it is one of, if not the best business model for a home business.
Affiliate marketing is the process of promoting other people’s products and services in exchange for sales commissions. You don’t spend your time phoning people up and giving them the hard sell with affiliate marketing. You do it by creating helpful content on your own niche website. Examples of content are:
- Buyer’s guides
- Personal experiences
By building a website that targets a particular audience or niche, you can become an authority in that niche. Niches are typically interests, sports, hobbies or aspects of life.
These niche websites are monetised with affiliate programs for the products and services they promote. Affiliate programs give you the ability to drop affiliate links into your content. For example, if you wrote a review on a product, and you recommend that your readers should buy it, the affiliate link will seamlessly take them to the online store where they can buy it. When they do buy it, the affiliate program will reward you with the commission.
You attract visitors to your website by creating you content in a way that is helpful. Helpful content is found by people looking for answers online. The most relevant content for their needs will appear high up in Google searches.
Learn more in my post how can I make money with affiliate marketing?
Drop shipping is a gust business model that gives you the ability to sell products without having to buy and store them first. Also, you don’t even need to ship them yourself.
To start a drop shipping website, you build an online store, typically through Shopify. You place several products on it, but you don’t pay for a product until a customer places an order. When an order is placed, you send the order to your supplier, who packs it up and sends it to your customer.
The price you list on your website is usually 300% more than what you buy it for from your supplier. The tricky part is getting people to visit your store, but this is done through paid targeted adverts on social media.
There is more of an initial outlay with drop shipping than affiliate marketing, as you need to pay for your store and your advertising. However, once you have your adverts dialled in, you can earn a ridiculous amount of money.
If this interests you, check out my post on how to start a drop shipping business fo all the information.
Start A Social Media Agency
Businesses find it challenging to find the time to post quality content on their social media channels. But, this is a vital part of getting new customers and informing current ones. Therefore, businesses pay social media agencies to look after their social media efforts for them.
If you have a knack for social media or are willing to learn how to do it properly, you can make a decent amount of money by offering your services. A social media agency can charge up to $1,000 per month, depending on what the customer wants. You only need a handful of customers to live comfortably. Managing multiple social media accounts can be made much easier by using scheduling tools. So, you don’t have to spend all of your time posting everything manually.
Learn more in my post how to start a social media marketing business.
Affiliate marketing is what I spend the majority of my time on, but I also do quite a lot of blog writing for other businesses. A few of these businesses are local, but some of my customers are abroad, which is why the internet is so great when it comes to earning money.
Blogs attract traffic to a business’s website and are used to inform customers, much like social media. If you like to write blogs, you can approach local businesses and offer your services. I recommend telling them why they need a blog page on their website while you are doing this.
To start off with, you will probably have to undercharge to build up a portfolio until you have proven yourself to be a quality service provider. Another way to get blog writing work is to join a freelancing website such as Fiverr. This is something I have recently got into, and it is proving to be a great way to earn money. All you have to do is create a profile and set up some ‘gigs’. Gigs are your way of showing visitors to Fiverr what you are offering. For example, one of my gigs is titled “I will write quality blogs for your website”. There is a lot of competition on Fiverr, so you need to make sure that your profile sticks out from the crowd.
It is a slow process, to begin with, but once you have some jobs and 5-star ratings under your belt, you will find it easier to get work.
Check out my guide on different ways to make money blogging in my post how can I make money blogging?
What Home Business Can I Start? - Answered
These are proven business models that work. You have to do them in the right way to be successful though, so don’t just jump into it. Make sure you choice suits your needs and wants. If you have any questions, please leave them in the comments section below.