Home-based businesses continue to be one of the fastest-growing sectors, with home healthcare services as one of the leading sectors with an industry growth of 511,300 jobs. In the next 10 years, it’s expected to grow by 713,700 additional jobs. This is just one example of many home-based businesses one could start. One might wonder why home-based business are on the rise. A few of the advantages of having a home-based business are:
- Personal freedom
- Tax advantages
- Opportunities for professional growth
- You get to keep the money you make
- A creative outlet
Starting a home-business will be one of the best decisions you will ever make. As more corporations continue to downsize and outsource, it’s leading employees into entrepreneurship and they are discovering the benefits of a home-based business. Three exceptional low-cost ideas you can start today are: sell your services or expertise, productize your service or expertise, and grow an audience you can monetize.
Your services and expertise are simple ways to start selling today at home. Before getting started, there are some tips you should implement to become successful. Your “why” should be very strong. Things will become tough and in order to come through, you will have to refer to your why. Second, you will need to know your potential customer (avatar). When developing your avatar, you should ask questions regarding what they like, where they visit online, or if they are male or female. If possible, get a picture of them so you will know what they potentially look like. Lastly, you should be able to explain what you do in a few sentences. It should not be complicated or a long story, as you will lose your avatar. Examples of service-based businesses you could start: be a virtual assistant, digital strategist, and coach/consultant to name a few.
Service-based businesses seem to do well through networking and gaining referrals. It is always a plus to have satisfied clients who will retain your services over time and continue to give you their business. With this reason it’s not necessarily important to have a lot of clients because you will have a handful of high-quality clients.
One of the downsides to branding yourself successful is that you become what your clients are buying and there is only one of you. Because with a service-based business you are paid strictly for your time, skills, and effort, to help mitigate this you can develop digital or physical products that compliment your expertise. You could do this through courses, digital templates, and eBooks. The plus about digital products is that you do not have to keep inventory on hand.
Growing an audience you can monetize is another potential avenue you can take as a home-based business. Building a loyal audience is not a short-term goal, but once you have built around something you love, it will be one of the most fulfilling and enduring things you can do while allowing you the freedom and flexibility to pursue multiple revenue streams at once. Some of the most popular channels to grow and monetize on are Instagram, YouTube, through podcasting, and blogging.
In today’s society, it has become remote friendly, allowing home-based businesses to thrive. We have never been closer to our suppliers, employees, and clients while being so far apart. As you start your home-based business, think about what motivates you and what you enjoy doing and you will quickly be on your way to freedom and flexibility.
