According to the U.S. Small Business Administration Office of Advocacy, there are 30.7 million small businesses and 59.9 million small business employees in 2019. The rise accounts for a significant figure in the U.S. economic growth in the said year. Starting a small business carries several financial benefits and potential for growth. In view of this, your business will be an asset that can generate significant returns, and you can manage it in the comfort of your own home.
Three Home-based Businesses That You Can Manage
1. Drop Shipping
If you want to run an online store while avoiding the hassle of stocking up merchandise and shipping goods, you can opt for drop shipping. This is a form of order fulfillment wherein the seller doesn’t need to purchase or store the products that they sell. They partner up with drop shipping suppliers who manage the orders and ship the products directly to the customers.
Drop shipping is a great business model for aspiring entrepreneurs since it allows them to execute all the transactions online. It is much easier to operate and maintain compared to standard businesses. It has low start-up costs since you don’t have to buy a product unless you have already made the sale and the customer has already paid. You can start this without significant upfront inventory costs since you neither need to rent a warehouse for storage nor hire workers. Running a drop shipping business from home has been made possible since you can conveniently send remittance online.
2. Teach online
Although some schools have closed down due to the pandemic, several online schools and private courses have emerged. If you have expertise in a subject matter and a passion for teaching, you should consider teaching online.
First, determine the subject that you will teach. You can either apply to an online school or create your own course. Next, define your target market. If you want to pursue independent teaching, you need to set up your equipment and decide which platform to use. You should also explain how students can enroll and how you will process the payment.
The best thing about this business is that you can start it with the things that you already have: expertise, a laptop or a desktop, internet access, and a passion to teach. Also, you can set your terms and rates. To grow your online following, you should develop a pleasing personality.
Online learners are university students, young professionals, or job seekers, so aside from gaining profit, you will also help people reach their goals through this service.
3. Start a blog
Many people think that landing a job in the government or a reputable corporation is the only way to be successful. Little did they know that blogging is a profitable source of income, too.
A blogger can earn up to $1,000,000 a month. That’s a ton of money with a low startup cost. To get started, you have to determine your niche, target audience, and what you can offer to your readers. Begin by writing down the kind of stories that will pique your readers’ interest. When you create your blog, remember to choose a blog name and domain that you can stick with. This must represent what you offer. Next, pick a hosting site and customize your blog. Finally, you can write and publish your first post! Driving traffic is the nitty-gritty part of blogging since you have to increase your online readership. You can drive more traffic to your website through paid search or social media advertising, but organic traffic is more cost-effective and stable. The first thing that you can do is to implement an effective search engine optimization (SEO) strategy. Since Google’s algorithm constantly changes, always stay updated and adjust your strategies accordingly.
You can start your blog using WordPress and earn through the following:
- Affiliate links: With this, you have to promote the products or services of another company or person in exchange for a commission. You can join affiliate programs and search for well-known affiliate products to promote and share with their audiences.
- Google AdSense: You can use this program to display ads on your blog. Running engaging and customized ads on your blog is the easiest way to monetize it.
- Sponsorship: You can write a sponsored post since this is a highly effective way for businesses to reach their audience. Remember to disclose the sponsorship. You’ll make a ton of money through this method.
Although you can start these businesses by yourself, this endeavor requires a lot of research and planning. If you sustain a consistent effort, you can keep your remote business stable and increase your profits.