It’s easy to start a business. The bigger question is “What business are you going to start?” You can go through thousands of business ideas that look good on paper but which ones have the best chances of making money? In this article, we’ll separate the wheat from the chaff and pick out the 10 best money-making ideas for a business that you can run from home.
10 Best Money-Making Ideas For a Home-Based Business
Whether you’re a fresh graduate, in between jobs, or employed full-time, it’s always a good idea to start a home-based business. After all, who doesn’t want to earn extra money, right?
But the time you spend on your business must be time well spent. You want to invest in an idea that has the best potential for growth. We’ve saved you the guesswork and did the research and came up with this shortlist of 10 business ideas that you can do from home.
With a lot of heart, drive, savvy money management skills, and of course, a bit of luck, you could be racking up the sales and ringing the cash registers.
Let’s start with the obvious first pick…
1. E-Commerce Store
Becoming a retailer has never been easier and more convenient when you have an e-commerce store. All you need is to invest in an e-commerce website that’s mobile responsive, fast, and user-friendly.
Setting up an e-commerce store can range from US$1,000 to US$10,000 depending on the agency and its features. It’s still more affordable than building a brick-and-mortar store.
In addition, the cost of managing an e-commerce store is much lower. With a brick-and-mortar store, you have to pay rent, security, salaries, and benefits of employees, electrical and water charges, store supplies, and third-party services for general cleaning and pest control.
With an e-commerce store, your recurring fees cover the following items:
- Domain name registration (annual fee)
- Web hosting services (annual fee)
- Internet charges (subscription-based)
- Software use (subscription-based)
- Payment processing (per transaction)
Of course, costs will rise if you hire content writers, social media managers, and customer support agents. But these skills can be paid on a performance or as-needed basis.
To further lower the cost of hiring, you can outsource work to regions where the cost of labor is much lower such as the Philippines or India.
The fastest way to get started is to enter into an affiliate marketing arrangement with an established retailer. You can become a local distributor or reseller of the products in your area.
Among the easiest and fastest items to sell online are:
- Fashion apparel
- Exercise/Fitness equipment
- Toys
- Hair and skincare products
- Cosmetics/Makeup
- Pet products
- Supplements and vitamins
- Video games
- Gaming accessories
- Smartphone accessories
- Baby clothes
- Coffee and tea products
Market and promote the products on social media and on your e-commerce website. The retailer will pay you a commission for every item you sell for the company.
Another option is to do dropshipping. This is an arrangement whereby you designate a third party to handle the package and shipping of products to your customers.
With drop shipping, you save money on storage and handling costs. You also reduce the risk of missing deliveries by transferring the responsibility of transportation and logistics to a more experienced and knowledgeable service provider.
If you’re thinking of setting up an online retail business, give us a call and we’ll build you a WordPress-powered e-commerce store.
We can assure you that your e-commerce website will be mobile responsive, fast, optimized for search engines, fully-functional, and of course, beautiful! We also provide website maintenance services to make sure your website is performing at optimal levels and protected against the threat of cyber-attacks.
2. Online Business Consultant
Do you have a skill or set of skills where you can confidently consider yourself an expert?
For example, you’re a Certified Public Accountant (CPA) and you’ve been handling different functions such as tax accounting, auditing financial statements, forecasting revenues, and budget management for more than 10 years. You could set up an online consultancy business offering accounting services.
Another good example of a viable online business consultancy service is for a high school teacher who can help students perform better in school. Among the services you can offer include:
- Tutoring sessions
- Pre-examination consultation
- Review of homework and projects
- Preparation for college entrance exams
- Mentoring and coaching sessions
As an online business consultant, you’ll need to invest in a standard business website that has the following pages:
- Home Page
- About Us
- Products and Services
- Contact Us
- Blog
Starting an online business consultancy service is a great way to test the waters. If your customer base grows and word of mouth spreads, you might be able to leave your 9-to-5 job and make this your full-time career.
3. Freelance Writer
A 2019 survey by online job platform Upwork revealed that 19% of freelancers on its site were writers making it the most popular online gig.
The demand for freelance writers will continue to rise as businesses depend on high-quality content to drive traffic to their websites and generate more leads. Companies prefer hiring freelance writers to full-time writers so they can save up on labor costs.
This doesn’t mean that freelance writers don’t make good money.
The Bureau of Labor Statistics (BLS) estimates that freelance writers make an average annual income of US$69,510 per year.
Of course, you have to start somewhere, and for the first few months, you might be earning only a few hundred dollars per month. Don’t be discouraged and keep doing a good job. As your reputation as a writer grows, more businesses will seek out your services.
What skills do you need to become an in-demand writer?
- Knowledge of Search Engine Optimization (SEO) – Businesses prefer writers who know how to optimize content. With optimization, your content will be visible to search engine bots.
- Hardnosed Research Skills – Anything that you post online must be factually accurate and thoroughly researched. A good writer takes the time to look for the latest information from only verified and reputable sources.
- Conversational Writing – No one wants to read an article that compels them to get a dictionary. Effective writers are those who have the ability to write in a conversational manner – simple, easy-to-understand, and concise language.
- Committed to Quality – Before posting content online, you have to make sure there are no errors in spelling and grammar. Also, you have to run your copy through a plagiarism-checking software to avoid having duplicate content on the Internet.
To get started, sign up and open a freelancer account on 1 to 2 online job platforms such as Upwork, Freelancer, Guru, and People Per Hour.
4. Graphic Designer
Graphic design is another freelance skill that’s growing in demand according to UpWork. According to the BLS, on a yearly basis, graphic designers earn an average of US$50,710.
As consumers continue to gravitate toward the use of apps, businesses need to find talented graphic designers who can come up with cool-looking images that will push their products top-of-mind.
Creativity and having skills in art and painting are big pluses. But as a graphic designer in the digital age, you must have knowledge of various design software, particularly Adobe Creative Suite.
You must also be familiar with Digital Typography. Having a background in coding and marketing will definitely elevate your profile.
Fiverr, 99Designs, Dribble, Behance, Creative Market, Toptal, Canva, Guru, People Per Hour, and Upwork are among the best online job platforms to find clients for graphic design work.
5. Food Delivery Business
Do friends and family rave about your cooking? How often do they say “You should start a restaurant business!”
A better option is a food delivery business for the following reasons:
- Lower cost – No need to rent a location; you can stage operations from your kitchen.
- Lower inventory – Only buy enough ingredients that you need for the day.
- Reduced manpower – If food orders are larger than normal, you might need to hire only 1 to 2 people depending on your budget.
- Better quality food – Because overhead costs are lower, you have an opportunity for better profit margins, and focus on maintaining food quality.
You’ll have to spend on the packaging which is important for convenience and marketing purposes.
According to a study published by McKinsey, the food delivery business experienced an 8% growth since the 2020 pandemic. Prior to 2020, the food delivery business was holding steady with a 4% annual growth.
Some of the most popularly ordered food delivery items according to DoorDash are burgers, burritos, French fries, chicken nuggets, and chicken sandwiches. But you don’t have to follow everyone else. If you have a special recipe that’s unique only to your household, it’s time to share it with everyone else!
6. Online Bakeshop
If your donuts, cupcakes, cookies, apple pies, muffins, and birthday cakes are the main attraction at any party or community event, you should consider having an online bakeshop.
The great thing about running an online bakeshop is that you can make everything freshly baked. You don’t have to stock up on inventory or product items.
Put up a website that showcases your baked creations. Add a feature that allows the site user to fill out an order form. Inform the customers that their orders will be delivered in 2 days to give you enough time to plan and prepare.
It’s vital that your contact details on the website are complete and updated. Some customers might want to call you up and give more information about their orders.
Are you working full-time? Ask a friend to help you out. He can handle the baking while you’re at work.
Similar to the food delivery business, you’ll have to come up with eye-catching packaging for your baked goodies.
7. Become a Writer
Yes, you can become a writer and self-publish your books!
A website can help promote and sell your book. As an option, you can use a third-party selling platform such as Amazon. Keep in mind that you’ll be competing with other authors, expected to follow rules and regulations, and a portion of your sales will go to Amazon.
Creating an eBook is relatively easy. Adobe Digital Editions, Scrivener, Canva, Cool Reader, Sigil, and Calibre are just a few software programs with the tools to help you create an eye-catching eBook.
The most important thing when writing an eBook is the content.
What will you write about?
If you have a blog page, find out which blog had the highest levels of engagement. You can also do some research and uncover the topics people are popularly talking about.
Before putting ideas to paper or the word processor, make sure you’re familiar with or quite knowledgeable about the topic. You don’t have to be as good as Martha Stewart but you must have some knowledge and experience in cooking before putting out a cookbook.
Lastly, become your storyteller. Write in your voice. You want readers to hear your voice when they read your words.
8. Sell Vintage or Classic Items
What was old is new again.
There’s a clear resurgence in demand for vintage or classic items. One of the hottest-selling items for the past few years is vinyl records.
According to the latest survey by the Recording Industry Association of America (RIAA), vinyl records outsold CDs in 2022 – 41 million units to 33 million units. The last time vinyl sold more units than CDs was in 1987.
Vintage fashion is also making a comeback and it’s the new generation that thinks outdated is cool.
Denimwear, Bohemian fashion, Sixties dresses, silk shawls, vintage t-shirts, overalls, and windbreakers are among the retro styles that people are rummaging through night markets, garage sales, and specialty stores.
If you’ve amassed an impressive collection of throwback items, you can potentially have a lucrative side hustle selling vintage merchandise.
For sure, you’ll have a steady market of prospective buyers and because some of these items are hard to find, they might fetch a premium price from hardcore collectors.
Don’t stop at vinyl records and clothes. Other hot-selling classics include toys, books, decor, eyewear, jewelry, handbags, games, posters, comics, video games, and pinball machines.
9. Online Personal/Fitness Training
If physical fitness is a part of your lifestyle, you can monetize it by becoming an online Personal Trainer.
The first thing you have to do is get certified as a Personal Trainer. Among the best PT accreditation programs are those offered by the American Council of Exercise (ACE), the American College of Sports Medicine (ACSM), and the National Strength and Conditioning Association (NSCA).
Next, put up a personal fitness training website that delivers your Brand Value Proposition (BVP) to your market, highlights your fitness achievements, and packages your fitness offerings to potential clients.
As an online personal trainer, you can provide health and fitness consultation/coaching services, and one-on-one instruction, sell exercise programs, and enter affiliate marketing arrangements with suppliers of supplements, workout apparel, and health food companies.
You might be dead tired by the time Sunday rolls around but it might be time well spent.
According to Salary.com, the median annual earnings of a Personal Trainer is US$66,098 with the high side trending over US$81,000.
10. Sell Homemade Goods
Are you the type who manages stress by making handmade stuff? If so, you can turn all that stress at work into extra income by selling homemade goods such as jewelry, candles, gift boxes, fashion accessories, picture frames, and other types of handicrafts.
People love buying homemade goods because you can’t find them anywhere else. When shoppers think of homemade goods they think of the amount of time it took to painstakingly create each one of them.
Set up an online shop that will showcase your homemade creations. Having a website will help nurture the entrepreneurial storyline – and shoppers love to support small businesses that are starting out.
Who knows? Maybe in a few years, your basement won’t be big enough to handle the inventory of orders for your homemade products!
Conclusion
Just a word of caution – don’t get carried away and think you’ll be able to buy a 25-foot sailboat and circumnavigate the globe same time next year. Pump the brakes – or lower the anchor – and take a deep breath.
Growing a business from startup to success story takes time and isn’t guaranteed.
You might think that your time as an employee is taking time away from your business. Try looking at the situation from another perspective:
Your 9-to-5 job assures you of a steady income while you work on your business.
If you’re currently employed, don’t quit your job. It allows you the means to bootstrap your business venture and is a fallback option if the entrepreneurial pursuit doesn’t work out.
You’ll be more confident in taking risks and making big decisions for your business.
Remember, there’s no better time to become an entrepreneur than any day of the week.
Just get started!
If you enjoyed this article and want similar content for your business, give us a call. In addition to web design, we’ve won awards and received citations for our content writing and digital marketing services.
