Now is the time to take advantage of starting your own business, with the rise of home businesses, more and more people are discovering ways to use remote work to pursue entrepreneurship, with their business headquartered at home and their paid job as a backup plan. Within the next few months, there will be a rise of up to 60% of home based businesses, while employers cutting jobs at a workplace in favour of a home based employment to cut cost and overheads as well as other benefits. So why not start now establishing your business and niche industry.
Technology has provided us with more flexibility in how and where we work, virtual offices or home based businesses come in a variety of forms.
In today's world and the current COVID-19 pandemic has shown a light that anything can happen without planning or warning, and that's why it is very essential to apply a side hustle working from home. Lots of businesses has gone into administration, big and small but the ones who are making it big as things stand, are those who already provide services from home, Amazon FBA and those who use a spare room as a storage for their goods as well as customer service and order fulfillment from marketplaces.
A side hustle can be a subsidy for your full time job. It relieves stress, gets you cash flow, helps you get things done when you need to and most importantly, keeps you away from Payday loans. Most wages from a full time job only covers bills for the household without extra cash as reserves or for a raining day or an emergency due to other expenses arising from commuting to work.
Some home businesses requires you to convert a spare room into a virtual office, mini-warehouse for products, while others can be run completely online. But generally, you can start these types of businesses using your existing space and lock-ups.
WHY THE TIME IS NOW TO JOIN THE TREND
A paid job is never guaranteed to be for a lifetime. It may go into administration, you may be laid off or you may be sacked. An employer cares more about their business and how much they make with all your effort, hardworking skills and ideas. So why not put such effort into your hubby to earn you that extra cash as well as build your own business, but don't get me wrong, a paid job is essential and should be a back up or fall back plan in the event your home business isn't successful due to lack of interest or personal circumstances. As we know in today's world with marketplaces, you can start a business today and you may have earned more in profits than you get in a month wage, working an 8 hour shift, but the reality with marketplaces is that, you can be banned, suspended or worst still your disbursement frozen for up to 6 months or more.
Pros and Cons of a home based business
A home based business is a venture, be it full time or run as a side hustle, which you can start and operate using your own home as your base of operations. A few home based businesses, especially those that sell online, who don’t buy and hold stock or inventory (dropshippers) and those who hold a few inventories, can even be run on the go, without the need to be bound to your home.
- Flexible work-life balance, which is ideal if, for example, you’re a stay-at-home parent or a part time worker or you've got passion working for yourself.
- You can create a family business where your relations or your spouse or friends can chip in as needed.
- The option to sell products or services locally or internationally.
- A low investment business has fewer overhead costs,such as warehousing, employees, utilities.
- Working from home offers you a lot of freedom, but may not be acceptable by your landlord.
- Your business may outgrow your home and require you to rent additional space and hire employees.
- 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).
- 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).
While there are plenty of ways to go about starting a home based business, the following are some of the most approachable paths to creating a home business for yourself:
- Buy products in bulk and sell them online (market research mandatory)
- Sell homemade products (be unique)
- Start a dropshipping store (great customer service and capital necessary)
- Start a print-on-demand business (quality materials are a must)
- Offer online services (free and paid, good content required)
- Teach online classes (great customer service and availability)
- Productize your service or expertise (good leads and clean marketing, not fake backlinks)
- Grow an audience you can monetize (informative and user retention)
- Buy an existing ecommerce business (qualified sales data, traffic and potential for improvements)
- Start a subscription box business (knowledge is essential)
- Get involved with pets (sell necessities and accessories)
- Sell unwanted items ( free up space for extra cash)
Bottom line is to consider turning whatever hobby you've got into a business, when you have the ability to control nearly every aspect of the services you provide or 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.