More and more people are moving from traditional nine to five jobs to home-based ones. According to incfile.com, at least 70% of American citizens would prefer self- employment or to start their own businesses. With home- based businesses starting every 12 seconds, there are over 70% of them operating within the American continent.
It goes without saying that home- operated businesses are extremely popular. Not only do home-based businesses offer a more flexible schedule, but they are liable business tax deductions. Moreover, you can be assured of independence, career-wise as well as financially.
That said, home based business opportunities have increased significantly due to the Internet. Now more than ever, individuals can start their own businesses with very little investment. However, it is important to keep in mind, that such businesses will require effort and persistence before growth can ever be experienced.
That said, maybe you’re thinking of starting your very own home-based business. So, how do you go about it? How can you ensure that your business is successful and profitable in the long run?
For the purposes of this article, we shall be looking at five top home business opportunities in 2018. However, let us first take a look at a few things that you should consider before jumping onto the bandwagon.
What To Consider Before Starting A Home- Based Business
According to incfile.com, at least 70% of home-based businesses start bringing in good amounts of profits within its first three years. On an annual basis, 20% of such business are said to make at least $500k annually. So, how does one make sure that they fall within the 70% of successful home-based businesses? How can one make sure that they earn a profitable income?
Well below, we take a look at a few things that you should consider before starting your own home-based business.
Analyze Your Talents, Abilities, and Skills
Before venturing into entrepreneurship, it is essential that you assess and evaluate your talents, abilities, and skills. What are you good at? Are you creative or good at planning? Answering such questions can help you determine the proper business to venture into.
By identifying your skills and talents, you’ll be able to identify what you are most passionate about. Moreover, it will allow you to start a business that you are most suitable for. This will help increase your chances of success and growth as a home-based entrepreneur.
Have A Business Plan In Place
A business is still a business, whether it is home-based or otherwise. Once you’ve selected the type of business you’d like to venture in, the next viable step is to draw up a business plan. A business plan is more like a blueprint that can help ensure the success of your business in the long run.
Writing and working on your business plan will help you find out the viability of your business. Don’t give up if you end up writing two to three different business plans. Many successful businesses went through the same process of failed business plans before their inception.
In the business plan, you should be able to identify your target audience. Ultimately, your business should solve a problem for the particular target group that you’ve identified.
Create A Suitable Working Environment
If you are going to work from home, you need to ensure that the environment is conducive. Try setting aside a room in the house that you can operate from. This will allow you to separate yourself from family activities for a while and focus on business.
The Legalities
Depending on the type of business you’re starting, especially if its an offline one, you need to sort out the legalities. After choosing a name for your company, ensure that you register it. Don’t forget to pick a form of business ownership as well before procuring a license.
Carry out some research and find out how the laws of the state will affect your business operations. This way, you’ll be able to run and operate your business within the law and avoid any unpleasant circumstances.
Location is a factor that can affect the productivity of your business. Certain businesses are hard to operate within certain areas. Maybe because your target audience is not within the region, or maybe due to lack of space.
Moreover, businesses that involve the use of heavy machinery may lead to noise pollution in the neighborhood. The last thing you want is to be dealing with complaints from neighbors, as it can hamper your growth and productivity.
Your Family
Since you’ll be working from home, you need to consider how this decision might impact your family. Sure, a home-based business offers a more flexible schedule. Yet, you have to be able to separate business with family time.
Before doing anything, have a talk with your family members about it. If they approve, you can go ahead and start your own business venture within the confines of your home. While you are at it, draw up a schedule to create a balance between your work and family life.
Your Work Style
Working from home presents its own problems. A flexible working schedule can often encourage negligence. Since you’re not working under strict work hours and rules, you need to ensure high levels of self- discipline. Entrepreneurship calls for self- discipline, persistence and constant effort.
With the above factors and tips in mind, your home- based business is likely to grow and succeed. That said, what are the top best five home business opportunities? Let us take a look.
Software Engineering and Development
There has been an increase in demand for software engineers and developers. According to a study conducted by Forrester, there’s a shortage of quality software developers and engineers. This has led to a high demand for this particular skill set, but very limited talent.
Organizations, both offline and online are willing to pay premium prices for such talent. You can either opt for contract employment or operate as a self- employed contractor. This way, you can render your services to companies from home. Be sure to invest in cloud computing and you are connected to the internet constantly.
Bike Sales, Service, and Rentals
The world is becoming more health conscious with the Millenials at the forefront of this movement. From eating habits to extensive workout routines, people are increasingly investing in their health.
However, this is not the only movement and change that the world is currently embracing. Environmentally friendly activities are also highly promoted by the American government, and widely popularized on social media. This has led to an explosion in bicycling as a way to commute.
According to peopleforbikes.com, this trend has grown to over 45% with more and more people embracing the idea nationwide. Additionally, individuals spend over 80 billion American dollars yearly on biking.
Technology and the internet have also disrupted this industry leading to the rise of E-bikes. If you are a health or gym enthusiast, this could be a great home business opportunity for you. Among the numerous home business opportunities available today, investing in bike sales and rentals is a guaranteed success.
Pet Services and Products
The fact that Americans love and are willing to spend on their pets remains an undeniable fact. According to the American Pet Products Association, Americans spend over 65 billion dollars on their pets in the year 2016. The following year, their statistics revealed a 4.1%, amounting to over 69 billion American dollars.
The amount of expenditure on pet care and health maintenance often includes food, veterinary care and other animal care related services and supplies. From all the pet services and products mentioned, food is said to take up most of the cost and expenditure.
If you can come up with pet products that are safe, you’re good to go. Of course, this will require extensive research and advice from other entrepreneurs in the same business. Also, ensure that you comply with health regulations as well.
Nevertheless, you can consider focusing your energy and time on offering pet services. Numerous individuals rarely have time to watch their pets or even take them out for a little bit of exercise. You’d be surprised by how much people are willing to spend on such services.
Home Renovations
If you’re talented and skilled in construction work and renovations, this would be a great home business opportunity. Recent research confirms that there numerous home renovation opportunities across the country. Moreover, this type of business is rarely affected during periods of economic recession.
Clearly, it’s an area that people are willing to invest in, especially since renovating a home has long-term benefits. Statistics revealed by Statista.com testify to the above fact. According to them, American homeowners often spend over 3, 000 dollars annually on home renovations.
If you think home renovations is the perfect home business opportunity, then below are a few things to consider.
- Stay informed on safety and building regulations and rules that are applicable within your state
- Ensure that your business has a license and is certified before you can start operating
- Try getting in touch with home- renovation professionals
- Consider a niche that is profitable and is on demand within your area
- When starting off, offer your services at a low cost. This is will help increase the chances of getting a job opportunity. It’s also advantageous for marketing purposes.
- Work on your people and organizational skills
E-commerce
The internet often considered a worldwide phenomenon, brought about the evolution of the world. Businesses no longer operate the same way they did a few decades ago. Now, in order to grow and reach their audiences, they need to exploit social media platforms.
The internet also opened up numerous home business opportunities. From freelance writing and editing to blogging, there are numerous options to choose from. However, e-commerce has been found to be a booming industry.
Thanks to online platforms like Shopify, people can now set up their own online stores. Furthermore, with the ability to drop ship products from other suppliers, you don’t have to worry about losses or stocking up inventory. You can always start an eBay business as well.
Please note, that before getting into e-commerce as a home-based business, ensure that you carry out the necessary research. Be patient, persistent and only offer high- quality products.
In conclusion, there are numerous home business opportunities available to us both offline and online. From e-commerce to offering pet products and services, there are several options to choose from. By carrying out a bit of research on home business opportunities, you can choose one that is perfectly suited for you.
Whilst choosing a home-based business, consider your skills and abilities. Ensure that you choose one that will require your skills, instead of stretch you. Also, come up with a business plan to help you in selecting a suitable home business opportunity. Consider legal implications and how they can affect your business as well.