Top 10 Tips for Starting a Home Business
The state of today’s economy has many people saying goodbye to corporate life for good. Perhaps they were let go because of COVID, or maybe they voluntarily decided that they wanted a new challenge or change of pace. Does this sound familiar?
You need a new way to pay the bills, but you also want to enjoy the fruits of your labor. So, what’s the alternative? There are so many “make money quick schemes” hosted by fake internet gurus that navigating your next move can be daunting. But it doesn’t have to be.
Our partner AMZ Scout compiled the 10 best (and legitimate) ways you can start a successful home business. Read on to learn more…
But first, check out the three pillars for building any business:
A business model: Before you can put your plan to paper, you must first select your business model.
A budget: Knowing how much you can invest can help you narrow down which business options make the most sense for your financial situation.
A plan: You need a plan of what you want to accomplish within the business model you chose. Write down your short, moderate, and long-term goals. It’s ok if they change as you develop your ideas, but it’s important to put pen to paper so you keep yourself accountable.
10 Types of Home Businesses
1) E-commerce Store
This can be an excellent option for people who find the right niche and can offer outstanding, differentiated products. You can sell with your own online store or through Amazon (more below). When you start your own online store, the upfront costs can be higher than others. Unless you take the time to learn web development, marketing, advertising, etc., you will have to pay someone else to do these tasks.
The great thing about having your own store is that you have 100% of your customers’ information and an email list for remarketing, whereas in other making online money methods, you do not.
Amazon is the largest online marketplace and is trusted by millions. If you are new and want to get started from home, Amazon could be a good route.
Amazon has millions of sellers and buyers, and that number is only going to continue to grow. Depending on the size and cost of your products, Amazon could be perfect for you.
We recommend Fulfillment by Amazon (FBA) because this method can save you time. As an FBA seller, Amazon handles packing, shipping, and customer complaints. This is a wonderful option for any new entrepreneur. Before diving in, be sure to factor in all of the costs associated with this option to ensure you are maximizing profitability.
Is there a specific thing that you can make from home and sell online? Over 2.5 million sellers use Etsy to sell goods like soap, jewelry, and other crafts, while not having the added responsibility of creating their own web store.
If Etsy sounds like it might be for you, consider the following points:
- Sell Products that will Make You a Profit: Whatever you decide to sell, ensure that you come out in the black. Price out any materials, shipping, and storage costs, and of course, remember to monetize your time spent making the product.
- Make Your Product Descriptions Appealing: Entice your audience to act by describing how your product solves a problem or desire. Highlight solving your customers’ pain points first, then show how your product can help.
- Make Your Shop a Brand: Brainstorm and create the right name for your Etsy shop. Be creative and unique in your decision making.
- Promote Your Shop: Use social media and Search Engine Marketing (SEM) and Search Engine Optimization (SEO) if you have the budget to diversity traffic sources to your store.
- Use High-Quality Product Images: If you and a competitor are selling the same item, but their pictures are better, you’ll lose out on customers. Invest in a photography session highlighting your products in a variety of settings, like stand-alone, close up, and action shots.
4) Start a Blog
Starting a blog is probably the most inexpensive home business to start, but there are some costs associated. You will need to hire content creators and web developers or educate yourself on writing and creating content online. If you’re designing the blog yourself, there are many web hosts that involve no coding at all and are easy to use.
Growing your blog may take a while. Focus on increasing traffic to your site through your social media channels, SEM, and SEO.
You will have the option to turn your blog into your own store or become an affiliate marketer with your blog.
5) Become an Affiliate Marketer
An affiliate marketer is someone who promotes other businesses’ products or services. They receive a commission for every sale that they bring to the company.
As an affiliate, you should only promote specific products or services that have a good online reputation. Not vetting the business first before you agree to promote them can hurt your own brand in the long term.
Multiple programs teach affiliate marketing. From our experience, Wealthy Affiliate has a lot to offer.
6) Become a Freelancer
There are multiple online sites where you can sign up as a freelancer to showcase your skills. Upwork, Freelance.com, Fivver.com, Golance.com are just a few examples. From our research, Upwork seems to offer multiple career options and might be worth checking out.
Since you are just starting out, you’ll need to ensure that your profile information is as appealing as possible, so consider taking some lower-paying gigs to boost your exposure and experience.
Clients on freelancer sites often get bombarded with requests, so every proposal must stand out. Having clear, concise, and grammatically correct proposals are key to landing your first client. Remember, you are likely to get 10 or more “no’s” before you get that first gig.
When you get that first job, over-deliver for your client, and be sure to ask for a written testimonial. The feedback is the social proof you need to attract quality clients. Once you have credibility and are known for high-quality work, you can raise your rates.
7) Sell Your Skills (Create a course)
If you mastered a specific skillset, you can make money teaching others. This option requires a lot of upfront work, including all of the research, content, and web hosting for your online classes. Sites like Udemy and SkillShare are great options to explore if you go this route.
8) Start a YouTube Channel
If you’re not camera-shy, making money from YouTube channel advertising is another idea. This option comes with a decent amount of upfront work, too. You’ll need to invest the right amount of time creating quality content that will encourage viewers to subscribe to your channel and continually come back for more.
9) Write and Sell Your Own E-Book
If you have knowledge in a specific field, then this is a perfect opportunity for you. There are ways you can even publish your book yourself. In order to be successful, getting your book in front of the right people is a must. Selling your e-book through affiliate marketers on platforms like Clickbank is worth researching.
10) Create Your Own Business Using Your Previous Experiences
If you previously worked in a professional setting like a law or accounting firm, you could start your own business from the comfort of your home. Tapping into previous clients is the best way to build your network with the warmest leads.
So What Now?
Since you now have 10 different ways to start an online business, it is time for you to figure out what online business plan works best for you and act. Half the battle is starting. The rest is focus and perseverance.
If you want to sell on Amazon, then AMZ Scout has the tools to help you succeed faster.
About the Author
Kevin Vallieres started his online journey four years ago, specializing in copywriting, social media management, digital advertising, web development and writes for AMZ Scout.