A home-based business is a great way to make some extra income without the hassle of setting up a storefront and registering a business. You will have to register at some point when your business starts pulling in a profit, but an online store is a good way to ensure that the business is viable before you have to start getting taxed for it.
Many people are turning their hobbies into a side venture or are re-training online for entirely different fields. Some have found great success in buying tools or machinery and offering services to other small businesses at better prices than established companies.
Spend some time thinking about the niches available that you could fill. If you want to focus on selling online, you could get a laser engraver and sell bespoke merchandise to anime fans, cosplayers, and collectors. If you live in a college town, you could offer tutoring or copy editing to students. A suburb with older residents would appreciate a lawn-cleaning service from someone they know for a lower price than a commercial lawn firm would charge.
It is all about knowing what you can do and then doing it to the best of your ability.
The easiest business to start if you have a little money to invest in it is to buy goods in bulk and resell for a profit. Choose products that are not easily available in your area and sell out of your garage using an online store or by making a page on a social media app like Instagram. Etsy is also good if your product is related to arts and crafts.
Handmade and Bespoke Items
People are always looking for unique items that they can give as gifts. There are so many mass-produced items available in stores, and it is pushing more people towards an appreciation for handmade and bespoke items of good quality.
Mass-produced items tend to be made of cheaper materials and do not last long., if you can produce an item that is unique and long-lasting and of very good quality, you will find that you can sell at very competitive prices.
Some of the most popular handmade items are candles, art, and clothing. People who enjoy bespoke items are generally looking for jewelry, makeup, and clothing.
This is a solution for someone who does not want to use their home as a warehouse for the products they want to sell. Dropshipping has gained a great deal of interest now that there are so many shipping and tracking options available.
Find a business that makes products of good quality and provides clear guides on maintenance and upkeep. Become a dropshipper and work with them to ensure that your marketing and advertising efforts reflect their brand identity.
Customer service is of a great importance when running such a business as you will need to be the go-between for any issues customers may face with their items or the business may face sending out a product. You may want to invest in a separate phone and phone plan so that your customers will find it easy to contact you. Once the business gains traction, you can look into getting customer relationship management software. This will help take the bulk of customer service off your shoulders to focus on growing the business.
Sell Niche Products
If you have a niche interest or hobby, you already know what people in your community would spend money on. Use this insider knowledge to start a business where you cater to these niche interests.
Start an online store where you curate products from different suppliers to offer only what would interest your niche target market. They will appreciate having a one-stop shop to go to instead of spending time doing the research themselves.
If you provide stellar customer service and ensure that all the products are of good quality, people would prefer to pay your premium prices than go to a supermarket or boutique with less variety. A dedicated niche store also shows a level of caring and dedication to the community that a large business will never compete with.
Bespoke accessories, hair products, organic food, vegan meals, and Eco-conscious products are just a few of the niches you can explore.
Do you have a cause that you feel strongly about? Turn that into a business by producing print-on-demand wearable items for other people who share the same interest in the cause. Do you enjoy cooking? Offer weekly meals to busy people who don’t have time to cook, or teach weekly classes to help people learn how to prepare a specific kind of meal.
Starting a business does not mean that you have to take a serious route that everyone else has walked before. Doing something that you know you’re good at and enjoy doing is just as viable a source for a second income as any other. Whether it’s dog walking, exercising, or writing, the income is waiting for you to find the willingness to earn it.