We live in an age where having one job and staying with a particular company for years is becoming less and less common. Everyone’s got a side hustle these days, and it’s that second source of income that can really make a difference.
Luckily, creating your own business from home is still a huge opportunity for aspiring entrepreneurs. There are so many possibilities that they are hard to quantify. From choosing your own hours to selecting a business venture that is enjoyable and plays to your strengths, a home business can be a fulfilling experience in more ways than just padding your bank account.
Owning your own business puts you in control of your own financial destiny.
Some new businesses begin with plenty of startup funding, a ton of equipment and a full staff. Others start as small home-based businesses with the entrepreneur as the only employee. This post focuses on the latter. If you’ve been looking to start a new company from your home, we have put together four ideas you might want to consider.
1.Online Dropship Retailer
Dropshipping is a means of establishing a retail business without having to invest in brick-and-mortar store space, warehousing capacity and inventory. It is a retail model that allows you to sell products without having to actually stock them. How does it work? It works by partnering with dropship wholesalers.
Let’s say you partner with the Acme Widget Company to sell their full line of widgets and accessories. You would set up a website complete with pictures, product descriptions and an online shopping cart. Then you would market your site to everybody you know.
When a customer orders from your site, you are paid directly for that order. You then turn around and place the exact same order with Acme. They ship the products to your customer’s home in packaging with your name on it. The difference between what you pay Acme and what your customer pays you represents your profit before expenses.
Dropshipping is a cost-effective way to start a company in your own home without having to deal with expensive overhead. The only trick is finding the right products to sell in partnership with dropshippers you can trust.
2. Heat Transfer Artisan
Heat transfer is an art form that allows for the application of custom artwork and designs to everything from T-shirts to coffee mugs. It is so popular that you likely have a number of products in your home created with a heat transfer process. Best of all, it’s fairly simple to do. Heat transfer doesn’t require formal training or a college education.
Heat transfer machines come in a variety of shapes and sizes. A basic machine for T-shirts and other fabric pieces can be had for a few hundred dollars. More expensive machines that can also handle non-fabric products can cost $500 or more. That’s still not much in the grand scheme of starting your own company.
The best thing about heat transfer products is that they sell very well. People love T-shirts and coffee mugs. They love shoulder bags, messenger bags and baseball caps. All of these items can be produced fairly inexpensively with an inkjet printer and a heat transfer machine.
3. Handmade Soap Company
Handmade soaps are all the rage these days. In our desire to get back to simpler days, many of our friends and neighbors are abandoning commercial products in favor of homemade alternatives. Handmade soap certainly fits the bill.
In terms of supplies and equipment, it’s possible to start a soap business for under $500. However, this doesn’t account for insurance and licenses. If your state or municipality requires a business license, plan to spend up to $100 annually on that. You’ll also want to purchase liability insurance to protect yourself in case a customer is ever inadvertently harmed by one of your products. Thankfully, liability insurance is not prohibitively expensive for soap makers.
Soapmaking is very popular as a home-based business because it’s not something that takes up too much time or eats at your investments. Statistics suggest that there are as many as 300,000 such businesses in the United States for that very reason; it’s a safe business that has a very clear return on investment. If you’ve got the marketing chops to create a unique product and advertise it effectively, you’ll never be hurting for business.
4. Professional Blogging Company
Blogging is a good way to make money as a home-based business owner with good writing skills. However, attempting to write your own blog and sell advertising on it is not the way to go. There’s too much competition there. Rather, contact local businesses and offer to write their blog posts for them.
Far too many businesses have websites they don’t keep current. That’s not good inasmuch as outdated websites don’t rank very well on search engines. On the other hand, the easiest way to improve search engine performance is with regular site updates. That’s where blogging becomes important.
If you can contract with a number of local businesses to supply regular updates to their sites by way of blog posts, you could establish a very solid company while simultaneously helping your clients improve their search engine performance. Best of all, being a professional blog writer doesn’t require any investment in overhead. All you need is your laptop computer and a quiet place to write from.
Starting your own company at home could make a real difference in your future. If you have an entrepreneurial spirit and you’re willing to take a few chances, why not consider the four ideas presented here? Or maybe you have a better idea. That’s great. Now get out there and make your dreams a reality.