Starting a new business is a daunting task at any time. Words such as portfolios, funding, capital, permits – all of these can put you off. But what if there was a way to bypass all of these scary words and get right to the start your own business from home part? There are so many benefits waiting for you!
Thanks to the internet, it is now possible. You don’t need anything, except what you already have. First, your expertise in your preferred industry. Second, a working mobile phone with an internet connection. And third – eagerness to explore new opportunities!
In this article, we will talk about some of the exciting ways to turn your expertise into profits. Hopefully, you will be left with some interesting ideas on how to start your own business from home and earn money!
Tap in to Social Media
Anyone working in any industry understands the power of social media. Influencers – that is, anyone with a large following on the popular social media platforms – can make a lot of money from advertising and marketing. The key is to identify your expertise, produce good content and attract the right audience.
The insights from your customer service experience can help you connect with your audience. You can easily produce quality content using your expertise and the existing products in your home.
Depending on your skill set, schedule restrictions and interest level, there are many different pathways to internet fame for you. Assess yourself and figure out the option that works!
This involves putting up videos on YouTube on a specific topic that are your forte. If you are camera-ready, well-spoken and well-informed about topics in your segment, this is the right choice. All you need is a mobile phone with a good camera and some good ideas for videos.
For example, beauty experts can start a how-to series with make-up, skincare, haircare or fashion tips. Fitness experts can create workout tutorials, dance videos and so on. Whatever you can imagine within your area of expertise, you can create and put out there. Eventually, once you have enough followers, you can monetize your channel and start making money.
For those more comfortable with words than videos, blogging is the way to go. It takes up less time than vlogging and you can even be anonymous if you want. Blogging also allows you to tell stories and build a deeper emotional connect with your audience.
Beauty and fitness blogs on platforms like Blogger or WordPress usually include how-to guides, product reviews, “best of” lists and do’s and don’ts for beginners. Some beauty bloggers have even become best-selling novelists. So, you never know where this path will lead you!
Although technically Instagram can involve both blogging and vlogging, at the end of the day, it’s a totally unique platform. Instagram influencers captivate their audiences (and advertisers) by telling beautiful stories with pictures.
A series of how-to videos, look books with the right quotes or just photos from your daily life full of interesting tips. If you find the right audience, Instagram fame and money can come to you almost overnight. No wonder this is a popular choice for those wondering how to earn money from social media.
With the hectic lifestyle of today, online classes are a boon for customers. This is a good option if you’re more comfortable with one-on-one interactions with individuals or smaller groups. You can sign up with various online coaching platforms to offer online classes in your area of expertise.
There are so many options – from weekly physical training classes and one-on-one diet counselling to one-time sessions on how-to wear a saree or do a complicated up-do.
Sign up to sell through E-Commerce Platforms
If you’re really short on time but still wondering how to start your own business from home without investment, consider signing up for online e-commerce platforms as a seller. These platforms, such as Shop101, have an existing online catalogue of products.
Based on your knowledge of what would suit your customers, you can recommend products to them via links on WhatsApp, Facebook Messenger etc. You’ll make money for every purchase that goes through via margins. No bothering with production, storage and shipping – Shop101 takes care of all that. All you do is share links, sit back and earn money online.
10 Factors to Consider Before Starting Your Own Business From Home
Here are some key factors to consider before starting a small business:
It makes most sense to use your existing strengths to start a new business rather than venturing into a new area. So, the first step is to analyse your skillset and identify if you have any key skills which can be easily monetised. Many women have turned their flair for cooking, baking, painting, arts and crafts, writing, coding, designing etc. into highly profitable businesses.
However, it’s not just your amazing skills that can generate your business idea. Sometimes, you may not have a specific skill but rather have a high expertise in certain fields. For at-home mothers, this is often in the area of childcare, cooking, cleaning, home décor and other domestic arts. It doesn’t necessarily have to be domestic – it can also be your expertise based on a hobby, your previous work experience or higher education. Offering expert training or services can be just as lucrative as selling unique products.
Based on your skills and expertise, you can identify a few good business ideas. Next, figure out how much time you can commit to your business. For example, if you are short on time, then businesses that involve manufacturing and shipping are not an ideal match.
There two types of costs to consider – initial and operating. Do you need any raw materials or technology to get your business started? This will give you your initial cost. What will be the monthly or per product cost of operating the business? This will give you your operating costs.
Remember that you may not be profitable immediately. In fact, many businesses (including Amazon!) operate at a loss for the first few years of their existence. This isn’t necessarily a bad thing, but you need to be prepared to face the costs involved in order to reap the long-term rewards.
However some businesses that you start from home won’t require any investment. You can also look into these.
Generally, an ideal business for ladies sitting at home should involve minimal investment. Businesses operating from home automatically save on rent, and if your business is entirely online or based on services provided, you may not need any investment in premises, machinery and so on. Figure out the requirements of your business before you get started with it.
“Location” doesn’t necessarily mean geographical location. In the case of a small business, the geographical location will obviously be your immediate surroundings (to start with). However, you can also consider the internet as a means to reach out to a larger customer base across India or even the world. This is especially true of reselling, tutoring and marketing businesses.
It’s very important to identify your potential customers and find a way to reach them. When it comes to small businesses, friends and family are often the first customers. Then, through word-of-mouth, your customer base will expand with time.
Consider if you need any help with running your business. Think of all the aspects of running a business – accounting, marketing, logistics and production. Taking on a partner can reduce some of the pressure on you. And of course, as your business expands and you start making more money, you can take on more employees.
It’s important to identify your key competitors. For example, if you want to start a candle-making business, find out if there are any such businesses already in your area. If yes, how can you differentiate from them? What more can you offer? These are some key considerations.
Legal demands exist even with respect to a small business operating out of homes! If you’re signing up with an existing platform or app like Shop101, there will be no legal matters for you to deal with. But if you’re starting your own completely new business, ensure you complete all the registration formalities and have all the necessary permits.
7 Things You Need To Have To Start Your Own Business From Home
Simple Business Concept
Most of the successful small-scale businesses are based upon simple solutions for everyday problems. If you come up with something too complicated, chances are the business would require a substantial amount of working capital. In simpler terms, the day-to-day operations would become expensive.
Hence, simplifying your business concept can help you cut costs. Think of a simple solution for a common problem, attain proof of concept for that solution and develop a high-quality product. Following these three simple steps would help you in simplifying your business concept.
Follow a Market-oriented Approach
The most common mistake made by small business owners is that they follow a product-oriented approach instead of a market-oriented approach. Don’t get confused by these technical jargons. Let us explain!
When you follow a market-oriented approach, you develop your product based on market needs. However, when you follow a product-oriented approach you focus only on your product and the market is not a part of decision-making.
The problem with product-orientation is that it gives no guarantee that your product would be a success, no matter how much time and investment you put into developing your product/service. There are chances that your concept can fail.
However, with market-orientation, you’ll develop a product/service based on market needs. Though it does not give a guarantee, it assures you that your concept would be accepted by the market.
Plus, a product-oriented approach can be more expensive. Hence, it is always better to follow a market-oriented approach.
Always anticipate an over-expenditure of funds
Anticipating an over-expenditure of funds makes you prepared for meeting financial emergencies. There would be a lot of ups and downs during the course of your operations. Sometimes, the finances would be in the green and suddenly, everything would be red. This is how dynamic the market can be.
Thus, by anticipating over-expenditure of funds, you’ll always be prepared for any situation the market throws at you.
Build a strong support team
The number one fail of most entrepreneurs is that they think they can manage every aspect of their business. Did you know, 25% of small businesses fail, just because they don’t have the right team in place?
Having a strong support team means you can focus on the core activities of your business. The other activities related to your business can be taken care of by your team. This would improve the overall efficiency of your business.
Run market research
Running market research would reveal certain things that you can use to your advantage. For instance, finding out what your competition is doing, what are their shortcomings and what are consumers yearning for is important. The answers to such questions can be incorporated into your business as a USP.
Running into any business without conducting a proper market research would be like running a race without any direction. Do your research and launch a stable and successful business!
Be prepared to commit yourself
“Without commitment, you cannot have depth in anything, whether it’s a relationship, a business or a hobby.”Neil Strauss
To make your small venture successful in the first go, you must commit yourself entirely to the business. Unless you’re 100% invested, your business wouldn’t yield fruitful results.
Therefore, emotional investment is as important as a financial investment.
Bring about a stable cash flow
To run the day-to-day operation of your business, you need to generate stable cash flow from your business. This can only be done by getting your product/service available on the market as soon as possible.
Other means to generate stable cash flow are by getting pre-orders and deposits.
Keep these 7 things in mind to run a successful small-scale business. While there are many small-scale businesses for ladies, there is one business that does not require any investment. Yes, you read it right. There is a small-scale business which asks for zero-investment & can yield a substantial amount of monthly income. Keep reading to know more!
Shop101: Try your hand at entrepreneurship without any risks!
Shop101 is an online reselling platform which allows anyone and everyone to become an entrepreneur. Completely free to use, Shop101 is amongst the most popular start your own business from home. Here is how it works!
After you register yourself on the Shop101 app, it creates an online store. In this online store, you’ll select a list of unique products from the existing product list of Shop101. Once done, you have to forward the links of these products to your friends and family.
You can forward these links through Facebook and WhatsApp. Now, when someone purchases any product through your links, you’ll also make money. In simpler terms, the more you sell, the more you earn!
Through Shop101 anyone can become an entrepreneur. This is the reason why it is also listed as one of the best small-scale business ideas.
“It’s not about ideas. It’s about making ideas happen.”Scott Belsky
Here are a few things that you should definitely consider when you start thinking about starting your own business from home.
If you have any questions, reach out or drop a comment below and we’ll be happy to help!
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