Ready to work for yourself and test out a new profitable business idea? Home-based businesses are extremely common these days and the way to go if you want to enjoy a flexible schedule working from home and have fewer start-up costs.
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Brick and mortar businesses can cost a ton of money to get up and running which can lead you to take out a business loan. With a home-based business, you're less likely to take out a loan because all you need is a computer, internet connection, a few office materials, and a solid business plan to get you started. Then, you can start making money quickly.
Here are 5 of the most profitable home-based business ideas.
Home-Based Business Ideas
1. Virtual Assistant Business
Reliable virtual assistants or VAs are a growing need for busy online entrepreneurs. Bloggers and business owners need help with secretarial tasks to keep their operations running smoothly, and that's where your business can come in handy.
First, you need to determine your skills and what type of services you can offer. Generally, you'll need a computer and internet connection to get started. For a complete guide, go here.
2. Freelance Writing Business
If you like to write, starting a freelance writing business requires hardly any start-up costs and can allow you to start earning money fast. You need just about the same equipment as you would with a VA business, but you get started with even less.
Personally, when I started my freelance writing side business, all I had was a Microsoft tablet. I used my husband's laptop to write articles and went to the library to print and scan contracts out for new clients until I could afford to invest more into my business.
It's best to choose a specific niche to specialize in along with whether you want to create articles and blog posts, how-to guides, or technical content. That way, you'll know which clients you need to pitch.
3. Childcare Home-Based Business
Childcare businesses are a popular way to work from home doing something you love while providing quality care for children in your community. If you have space in your home and like kids, you just need to obtain the proper certifications to turn your home into a daycare.
You can set your own hours and rates that will appeal to parents and even partner up with someone else who can work with you so you can watch more kids. You can also offer additional services to increase your profit like before and after school care and pick up and drop up to and from a local school.
4. Transcription Business
Fast typers will love this business idea. A transcriptionist basically takes audio and video content and turns it into text. Sometimes this involves typing video or audio files word-for-word. Sometimes a transcriptionist may be asked to summarize instead.
There are many legitimate companies that will hire transcriptionists to work from home. But you can always branch off and start your own business. Then, you can set your own hours and have more control of what you earn and who your clients are.
You may want to start getting work from an online company in order to build your experience. Generally, you'll need a computer and a high-speed internet connection. You'll also need some good-quality headphones and a foot pedal so you can pause and rewind the audio when needed.
5. Reseller Business
Reselling is when you buy something at a discount (new or used) and sell it for a profit. Many thrifters are resellers and some even do it full time. You can sell your items online on websites like Amazon and eBay. You can even use a service called Fulfillment by Amazon. They will professionally package and ship your items for you when they sell.
Final Thoughts on Home Businesses
Switching from employee to business owner is not for everyone, but it can be a lucrative career pivot. It may be helpful to start by considering these five ideas, then asking friends and family if anyone else has done that before. Start with your network and move forward.
Have you ever thought of starting a home-based business? Which one of these ideas would you be most likely to try?