Easebuzz Payment Gateway: 7 Entrepreneurial Ideas You Can Launch From Home in 2022
The road to starting a business is often challenging. Many entrepreneurs flinch at the thought of needing to prepare an initial property to launch their business. Renting property, setting up storage or office space can all put a huge financial strain on a new business. In contrast, many small business or home based business ideas are both simple and quick. In addition, launching a business from home saves a lot of time commuting and micromanaging employees.
But which of the many business ideas should you consider? Some business ideas may require a certain amount of initial investment to get started, while others may cost as little as Rs. 2,000. Also, some businesses may require a spare bedroom to create a dedicated workspace or office, while others can be done from the dining table.
Pros and cons of home business ideas
What are the pros and cons you should consider before pursuing your first home business idea:
Leigh:
- Low initial investment removes the initial resistance to starting a business.
- Home-based businesses offer flexibility and ensure a work-life balance that is often missing in the day-to-day.
- A home-based business allows you to avoid the hassle of travelling back and forth to work every day.
Cons:
- Businesses eventually grow and can't operate in the comfort of their bedrooms forever.
- Human beings are social animals. Working at home deprives the pleasure of meeting people because most of the time is spent alone.
- Profits sound tempting, but every business must comply with statutory regulations, which is the least popular part of the process.
So, what are the best work from home business ideas for you? Let's explore the best home business ideas you can start today:
Seven Family Business Ideas
1. Handicrafts
Can you create something interesting? Whether it's a painting, poster, portrait, or wood craft. Do you think people would be willing to pay for it? Start there.
Crafts are one of the best home based business ideas for women. Crafts with a wide market include:
- candles
- Handmade jewellery such as anklets, bracelets and necklaces.
- portrait
- Customised Birthday Cards
Crafts are the perfect combination of passion and business. The best part is knowing the exact cost of producing these products as well as the profitability of selling them. Crafts can be sold through established online marketplaces or with the help of social media advertising campaigns.
2. Cross-border e-commerce
Okay, this isn't some click-bait YouTube video. Instead, cross-border e-commerce can be one of the most successful home-based businesses if you want to run an online shop where you don't have to manage inventory or deal directly with customers.
Cross-border e-commerce is a process whereby sellers take orders from customers, but do not buy or store the products they sell. Instead, sellers work with a cross-border e-commerce provider who manages the inventory and ships the products directly to the customer. With the right product selection, cross-border e-commerce can be one of the most profitable businesses.
3. Online teaching
Teaching online is particularly lucrative, with most courses now taking place online. Although teaching requires specific knowledge and skills, such attributes are rewarding enough.
Everything from academic subjects (e.g. maths, science) to business (e.g. digital marketing) to music to languages (e.g. Mandarin, Spanish) can be taught online through the camera of a laptop or mobile phone.
As a rule of thumb, teachers can earn more than enough from their day jobs.
4. Becoming a freelancer
The odd job economy is becoming the need of the hour. People are giving up full-time jobs for more rewarding odd jobs.
If you're thinking about what services you can offer as a freelancer? Here are 20 home service opportunities to consider:
- graphic designer
- web designer
- developers
- translation
- transcriber
- Marketing Writer
- Curriculum Vitae Writers
- Photo or video editing
- Social Media Manager
- Digital Advertising Manager
Some of these home business ideas have greater income potential than others. So do your research and choose the service-based home business ideas that are right for you.
5. Personal branding - engaging online audiences through content creation
Personal branding is a stepping stone to launching a business. For example, Kylie Jenner became the youngest billionaire to start a business from nothing after launching her beauty brand, Kylie. Prior to launching her products, she had a solid online presence on Instagram, which helped her build an online fan base that she turned into her beauty brand.
Similarly, if you believe you have specific knowledge on a particular topic or field and enjoy creating intercom related to it, you can build an online fan base and profit from them. If you like this home business idea, the first step is to identify the type of content you want to create and the platforms that will deliver the content to the masses, such as:
- YouTube
- TikTok
Once you have a significant number of followers, the monetisation process begins. There are three ways to monetise your online fan base:
- Brand Sponsorship: Brands will pay you to promote their products, this is also known as "influencer marketing".
- Affiliate marketing: provide links to your company's products or services and you get a commission every time someone buys that product or service.
- Sell products: just like Kylie Jenner, you can create your own company to sell physical or digital products or services to your audience.
6. Family restaurants
Have your friends ever told you that you make the best pancakes or pastries or biscuits in the world? If so, let the world be the judge.
Opening a home bakery or restaurant can be very rewarding. The initial target audience can be friends and family, and their reviews can be used to promote your products to a wider audience via social media.
7. Online sales of digital products
Digital products allow you to package and deliver your knowledge and experience to the masses. If you have a strong niche and you can turn it into a digital product and sell it in the marketplace, then you can make a lot of money.
The beauty of selling digital products is that they can be replicated and served to multiple customers at no extra cost. You create a product once and people consume it for life, which means it makes money for you even while you sleep. Here are some digital products:
- programmes
- video
- e-book
- photographs
- software
- graphs
- Audio (including podcasts)
reach a verdict
Try to utilise your skills and experience when deciding which home business idea to pursue. You should trust that people will pay for it and consider following your interest or passion.
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