Who would have guessed a study tool — Coursematch — could have evolved into a billion-dollar social and ads platform, Facebook?
Realistically speaking, the next startup to scale this quickly will be a rare find. However, with today’s advancements in technology, we are able to maximize the use of the internet, social media, and easy website building software.
Nowadays, creating another source of income by selling products and services online is so simple that people are quitting their day jobs to run their own business at home instead.
Home business startups are becoming a hot trend in 2019 for many reasons. In this article, we’ll explore why and how you can jump onto the bandwagon as well.
Trends in home business startups
Even in 2013, homes were where startups and established businesses nested and grew in. 69 per cent of startups and 59 per cent of established businesses were bred from home.
With the internet’s skyrocketing progress and the rising trend of entrepreneurship, these percentages can only increase in the days to come.
The dream to work from home does not sound as far-fetched as compared to 10 years ago.
Here are some ideas and popular choices to inspire you to take the first step into building your own home business.
1. Financial aid planner
If you like flying solo without a boss to report to and helping people with financial advice and planning, a financial aid planner could be the next home-based business for you!
Having prior experience in the industry would be a great advantage. You’d need to be knowledgeable about different financial programs, resources, and planning.
2. Selling pre-loved clothing
Love, Bonito is a huge fashion brand that started in Singapore as a humble Carousel shop. They sold beautiful clothing pieces that they used to wear.
Unlike many people, the owners understood that one man’s trash is another man’s treasure.
These ladies started as a home-based business but now, they have secured two large stores in Singapore’s central business district and popular shopping hub. Presently, they even have their own in-house designers and all pieces are brand new.
Selling pre-loved clothing is made easy with social media and e-commerce website software like Shopify Singapore.
3. Freelance writing
This is close to my heart. My agency would never have been possible if I hadn’t become a freelance writer.
Freelance writing has many varieties under it – copywriting, blogging, legal writing, academic writing, and more.
You’ll be amazed at how high the demand is for excellent writers. So if you are able to write in proper sentences, you’re actually ready to try this out.
The list goes on and it depends mainly on what your skills and interests are. Opportunities are endless – you just got to go and get it.
Is running a home business for you?
Running a business, whether is it home or not, is definitely an uphill battle with sudden plunges – unpredictable, risky, and frustrating more than often.
On the flipside, these challenges are the elements that excite an entrepreneur.
If you think you’re ready, I’ll spill the beans on what the benefits and drawbacks are of running a home business in 2019.
1. Low startup capital
Apart from cancelling out the sum of renting an office, you can save on commute as well. All you need is a laptop, phone, electricity, and wifi.
2. Time freedom and flexibility
You don’t have to reach work on time – you decide what time business opens and closes. If you’re sick, you don’t have to worry about taking an MC or applying for leave. You get to spend more time with your family or newborn child while earning an income.
3. Ability to test, test, test
For every successful business, speed is essential. Being a lean home business startup enables you to make decisions easily and quickly. You also get to test out different strategies without over investing and bleeding money.
The only risk
Failure. Sales are the lifeblood of any business. Without it, closing down of the business would stand a high chance.
Tough competition and insufficient revenue to pay off housing overheads, bills, family support, and daily necessities also have to be accounted for.
Being single, having a spouse with a stable and dependable income stream, or parents who are still working are huge advantages that can mitigate the risk of business failure.
Tips on how to start your own home business
Some practical tips on how to start from successful people from The Muse:
- “Get comfortable with the unknown” – Aaron O’Hearn, Co-Founder & CEO of Startup Institute
- “The best entrepreneurs don’t seek risk. They seek to mitigate risk.” – Rick Desai, Co-Founder of Dashfire
- “It’s your company – you decide.” – Brent Grinna, Founder of EverTrue
Besides that, having an amazing website is crucial for any home business to even begin. Good luck!
Image Credits: stockbroker
e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.