Starting a home business has become pretty commonplace. More people are trading in the daily grind to follow their professional passions, as well as starting a home business for passive income. In fact, nearly 50 percent of Millennials have a home business, whether their own or working remotely as a freelancer.
According to an UpWork and Freelancers Union study, “The U.S. freelance workforce is growing faster than the overall U.S. workforce, outpacing overall U.S. workforce growth at a rate 3x faster since 2014.”
Those types of statistics are painting a pretty clear picture — home businesses are on the rise. Whether you want to consult businesses from home, or run a marketing agency from your kitchen table, there is certainly opportunity abound.
If you’re considering starting a home business, the following home businesses to launch in 2019 may be helpful. Let’s take a closer look.
1. Start an Ecommerce Home Business — But Do It Right
If you want to start a home business for passive income that could grow into something much bigger in 2019, ecommerce is certainly the way to go. This is definitely not news to most of you. But how you build your ecommerce business strategy is often an afterthought that needs to be addressed if you want to have any uptick in ecommerce success.
First, you need to ensure you are not cutting corners when it comes to your website and content. There is a lot of competition for ecommerce websites, but having a strong optimization and content strategy can keep your inventory moving. Having a shipping plan is also important. For instance, if you need to receive or ship products to and from the US, you need an international shipping partner like BluePostal.
Lastly, you need to identify a target audience of at least 1,000 people that will be your die hard customers. Why 1,000 people? This is based on the 1,000 true fans principle and book by Kevin Kelly. If you have 1,000 die-hard customers, growth and success is hard to not achieve.
2. Start a Consulting Firm from Your Kitchen Table
Millennials are not the only generation cashing in on starting a home business. There are a lot of aging employees either getting forced out, or looking to put their skills to use for their own bank account. This makes starting a consulting firm a potentially very profitable home business.
The good news is that a consulting home business is one of the easiest businesses to start. Why? Businesses that are needing expertise of a seasoned professional are paying for your mind and nothing else. This makes your kitchen table the perfect office, which has no overhead. After all, the second reason startups fail is lack of money.
If you have decades of experience in an industry, begin writing about it, launch a simple website, build your LinkedIn profile, make business cards, and start networking with your already robust list of connections you’ve made throughout the years. You may be pretty surprised how fast you’ll land your first consulting client.
3. Create Your Own Information Product and Let People Buy It
No overhead, no drop shipping, no inventory, no dealing with overseas manufacturers and wholesalers. These are the benefits of launching an information product online as a home business. This one is sort of aligned with the consulting business idea, but without the long-term client contract. Instead of selling your knowledge in the boardroom, sell it as a video, course, or ebook.
Information products, or self improvement products is a $9 billion industry, according to MarketResearch.com. And this industry is not going anywhere anytime soon. To start your information product home business, all you need is a video series, ebook, course about something you are an expert in, or pretty close.
Make the product, set up a website, market, and convert. It is actually pretty easy. The most important aspect, however, is marketing. You can use YouTube videos and a blog on your website to promote and increase the online visibility for your information product. You can also take out print ads in magazines your target audience reads. Marketing, marketing, and more marketing.
In Conclusion . . .
There are plenty of home businesses you can launch and grow in 2019. The above are a few of the easiest and potentially most profitable to give a try. However, dedication to your home business is important. You need to approach it as a business, because if it is a hobby, your chances of success decrease significantly. What home business are you considering?
