When people think about opening a business, they usually envision developing products, opening a store or office, hiring employees, and everything in between. But you don’t have to do all of that to become an entrepreneur. Sometimes, all you need is a good idea and lots of hard work. You can even open your own business in the comfort of your home.
Technological advances, cheaper and faster Internet connectivity, and fast-changing market conditions have transformed the way people work. It’s now more common and acceptable for people to telecommute today. According to a New Jersey Institute of Technology report, almost half of all U.S. employees work remotely, and over 2 million people across the country work as freelance business owners.
Home-based businesses are becoming more popular by the day, and most people now have the chance to take control of their destiny. You can buy tools such as laser-etching machines and make a living off your hard work.
1. Online selling
E-commerce has enjoyed explosive growth since its advent over twenty years ago, and it’s only going to get bigger. In 2019, worldwide e-commerce sales reached over 3.5 trillion U.S. dollars and were projected to nearly double to 6.5 trillion U.S. dollars by 2022. Many people have enjoyed wealth and success from selling their products and services online.
This business isn’t for the faint of heart, however. Online shoppers are notoriously fickle, and online sellers are expected to provide high-quality service and fast shipping. Your online store’s success hinges on customer feedback: too many negative reviews and your enterprise is dead in the water. You also have to deal with fierce competition in a saturated market.
2. Food service
If you have the culinary chops and a few years of commercial kitchen experience under your belt, you might want to consider opening a home-based food business. Food businesses are a popular choice for home entrepreneurs, and you don’t have to deal with costly overhead. And you probably already have all the tools and equipment you need in your home kitchen.
Selling food isn’t as simple as baking a few treats and delivering it to customers, however. You will need to comply with food safety regulations and purchase insurance. Keep your menu small at the beginning. It’s better to sell two or three useful items than a long list of mediocre ones.
If you have a computer and a decent Internet connection, you’re all set to become a freelance writer. It’s cheap, quick to set up, and you don’t have to register for anything (yet).
However, not everyone is cut out to be a writer. For starters, you’ll need to know how to write well. There are also many writing niches, from resumes and social media copy to long-form articles and technical journals. And if you know your way around the language, you can even become a freelance editor.
With hard work and the right set of skills, anyone can start a home-based business today. Just like a brick-and-mortar business, you’ll also need to have a plan in place if you want your business to grow.