There has never been a better time to start your home-based business. If you have been displaced due to the current pandemic, or you’re just tired of working for “the man”, there are tons of ideas to help you get things going.
What Are the Advantages of a Home-Based Business?
- Reduces your overhead costs – If you are renting office space, the stress of paying the bills can multiply quickly. Using your home space will significantly reduce your overhead costs. Besides eliminating rental fees, you can lower costs by using your current internet service and utilities, such as heat and electricity.
- Gives you tax breaks – The home office deduction is a huge tax break available only to home-based businesses. Depending on your situation, you may be able to claim a deduction for your computer and other office equipment. You may even be able to deduct a certain percentage of your utilities and mortgage. Talk to your accountant about the requirements necessary to take this deduction.
- Allows you some flexibility – One huge advantage of running your business from home is that you can work any time of day or night. Just make sure you are available when customers need to contact you.
- Eliminates the commute – All that time you used to spend driving to work can now be focused on getting work done. Not to mention, you won’t have to deal with the stress of driving in rush hour traffic, and you won’t have to spend a fortune on gas.
What Business Can You Start With Limited Capital?
You don’t need a wad of cash to start your business at home. Many successful entrepreneurs have started with limited capital. You do need ingenuity and creativity, along with a good work ethic, to get things going.
An example of a successful business model is buying products in bulk and selling them for profit online. It helps to hone in on a specific niche market that hasn’t already been tapped extensively. Conduct some market research before you invest a lot of cash.
If you have an artistic flair, consider selling your homemade goods online. Etsy has an established marketplace, or you can venture out on your own. Big sellers these days include scented candles, painted jars and homemade jewelry.
If you have a technical specialty, you can teach classes online. Everything from learning a language to car maintenance has been successful. You can conduct live or recorded training sessions online. Many specialists have found a lucrative business with YouTube videos, but you need a ton of subscribers for your idea to pay off.
Read More: Top 5 Tools for Your Home Business
What Resources Are Needed To Get Started?
The resources needed will vary depending on the type of business you start, but one smart idea is to invest in a business phone number. By setting up a separate phone line for your business will ensure that you don’t miss that important call. Using an app, you can also see your call history and keep track of all your business contacts.
It takes a leap of faith to start your home-based business, but if you plan wisely, the rewards can outweigh the risks.