Best 2020 home based business ideas
There are various ways to starting up a home based business. This article will give the readers different ideas on various types of business one can embark on. The ideas in this article can be used by anyone aiming to start up a well to do business ideas.
This article will analyze the merits and demerits if a home based business.
A home-based business is a venture whether full time or run as a side hustle that you can start and operate using your own home as your base of operations. A few home-based businesses, especially those that sell online and don’t buy and hold lots of inventory, can even be run on the go, without the need to be bound to your home.
Naturally, there are pros and cons to consider when deciding whether a home-based business is right for you.
Best 2020 home based business idea
1. Buy products in bulk and sell them online
Many businesses center on the simple concept of importing products in bulk and selling them individually for a profit.
Maybe you recently traveled abroad and came across unique products that aren’t readily available in your market, but that you sense an appetite for. Or maybe you’ve zeroed in on a niche market and know the perfect way to serve it.
Either way, if these products are relatively easy to store and ship, you may have some solid home-based business ideas on your hands.
2. Sell homemade products
If you’re a maker yourself (or know someone who is), consider turning that hobby into a business. Even if you have to create your products elsewhere in a studio, commercial kitchen, or workshop you may be able to store and sell them in your own home.
When you have the ability to control nearly every aspect of the products you sell, you can make them more cost- effective, improve their quality, or cater them to a certain audience by targeting demand in the market.
3. Start a dropshipping store
So far, we’ve covered business ideas that require you to hold inventory in your home. But there are a variety of online businesses ideas to pursue that don’t involve worrying about inventory and shipping.
These businesses employ a dropshipping model, where a third party produces, stores, and ships your products on your behalf, leaving marketing and customer service as your chief responsibilities.
Children’s brand Finer & Dandy is an example of a home-based business that uses a dropshipper. Founder Courtney White started the company in search of a way to make money from home without spending too much time providing services to customers.
4. Start a print-on-demand business
Using a similar dropshipping model, a print-on-demand business doesn’t require you to hold any inventory or ship anything yourself. Print-on-demand even offers you more flexibility to customize white label products with your own creative designs.
Rebecca Lee Funk launched The Outrage, a women’s rights activist apparel brand that sells print-on-demand t-shirt designs from her home. The business donates a portion of profits to Planned Parenthood in Donald Trump’s name. Her launch campaign went viral, and The Outrage turned into a thriving ecommerce business.
5. Offer online services
Services are even simpler than products to start selling at home, but the challenge is allocating your limited time. “Time is money” is never truer than when you’re running a service-based business.
Creative professionals, like designers or marketers, might freelance or consult with other companies, juggling multiple clients, often remotely from their own home office with occasional travel. Others might operate based on appointments and bookings to offer their services to individuals directly.
Service-based home business ideas include:
• House cleaning
• Freelance writing
• Personal training
• Virtual assistance
• Dog walking
Service-based businesses often require a lot of networking and word-of-mouth referrals to find suitable clients, but satisfied clients will likely retain your services over time.
For this reason, you don’t necessarily need a large number of customers to do well, as you would with a product-based business. Depending on the service you’re offering, a handful of high-quality clients can be enough to support yourself full time while working from home.
6. Teach online classes
Chris Carey, one of the founders of MAPerformance, started his automotive parts and services business from the comfort of home. He began by teaching car maintenance and repair tips to online users in forums. After establishing expertise and trust, people started heading over to his ecommerce site to buy parts.
If you have a teachable skill, you not only can share that knowledge in forums to get your name out there, you can also turn it into online classes. There’s an audience for just about any desirable skill, whether it’s English as a second language, advanced marketing, or everyday home maintenance hacks.
If I Made is Emily Newman’s home-based business teaching classes to creative professionals. When you teach classes online, not only do you have the flexibility to do it from home, you can also choose to offer live or pre-recorded teaching and training. For example, you might offer the live courses at a premium rate, while customers can purchase the recorded sessions at a discounted price.
7. Productize your service or expertise
As we just discussed, one of the biggest downsides of running a service-based business is that you’re paid strictly for your time, skills, and effort. Emily Newman of If I Made productized her classes into digital courses, packaging the recordings from her live sessions and selling them at a lower rate.
“Productizing” your service creating physical or digital products that package up your expertise and streamline or complement the service you offer—can add additional revenue streams to your business.
You can cater to your current customer base or even find a new target customer in the same space.
And here are some ideas for adding products to your service-based business:
• Licensable assets (stock footage, photos, music, etc.)
• Downloadable reports
• Digital templates
As you can see, most of these ideas involve digital media packaged as products, which means no inventory to keep around the house.
8. Grow an audience you can monetize
If you’re a content creator, have a sizable online audience already, or have always thought about starting your own blog, YouTube channel, Instagram account, or podcast, then you can potentially grow and monetize your following using any of the previous ideas on this list.
The potential to monetize your audience often depends on the niche you choose to serve. If you’re starting from scratch or are in the midst of growing your own audience, be sure to check out the following guides to learn how to best grow and monetize the most popular channels.
9. Buy an existing ecommerce business
If you’re more interested in investing in a source of income you can maintain while at home or on the go, consider buying an established ecommerce business.
Prices vary greatly based on a variety of factors, including total revenue generated, profit potential, available assets (like an email list or social following), inventory, and more. Some sellers will even onboard you and teach you the ropes of running their store.
Exchange is a marketplace powered by Shopify for buying and selling ecommerce stores. You can browse the listings for businesses that suit your budget, level of experience, and needs. Maybe you want to buy a proven business and are willing to invest more money to acquire it. Or perhaps one catches your eye with untapped potential that you’d like to build on.
10. Start a subscription box business
You can start a subscription business from home. Sylvia Song, co-founder of MISHIBOX, did exactly that. She started importing popular Korean beauty products and selling them to a global customer base all from the comfort of her home in Virginia.
Now, the thriving ecommerce brand is moving headquarters to New York.
Subscription boxes don’t have to necessarily be about selling. Haverdash is a subscription box company that rents clothes. When customers are finished using the items, they send them back and Haverdash rents them out to another customer to generate even more revenue.
11. Get involved with pets
Pet influencers are all over social media, promoting brands like BarkBox and inspiring thousands of likes with their cuteness. If you’ve got a pet of your own, you could turn them into a social media influencer and work with brands to promote their products online.
Bodhi the Menswear Dog a.k.a. the most stylish dog in the world hasmade a name for himself on Instagram in particular.
12. Sell unwanted items
As consumers become more environmentally conscious, they’re also looking for ways to adjust their shopping habits to support sustainability.
You can start small with your own home-based business sites like Poshmark and Mercari are great places to sell your unwanted clothing. You can even use Craigslist or Facebook Marketplace.
Unwanted items aren’t limited to previously used clothing. Food waste is an unwanted item that also presents a viable home-based business opportunity.
Let’s discuss the demerits and merits of home based business idea
• A low-investment business has fewer overhead costs (such as warehousing fees), plus potential tax deductions you can claim.
• The option to sell products or services locally or internationally.
• Flexible work-life balance, which is ideal if, for example, you’re a stay-at-home parent or a retiree.
• You can create a family business where your relations or your spouse can chip in as needed.
• You may need to convert space in your home to support the needs of your business (e.g., holding inventory, creating a home office, or storing equipment). The challenge can be doing this without disrupting your life at home.
• You still have to comply with any regulations that pertain to the business you want to start (e.g., you may need to rent a commercial kitchen if you plan to sell food products or a license/permit to hold inventory).
• Your business may outgrow your home and require you to rent additional space and hire employees.
• Working from home offers you a lot of freedom, but it can also be lonely. This might be difficult if you enjoy being around other people.
Starting a home based business, is a great one, this article will aid the readers on the ideas to venture into.