f you want to make some extra money to foot some bills, starting a home-based business is the most cost-effective and easy way to set the ball rolling—especially during the COVID-19 pandemic. Before making this decision, find out what business idea will be viable by considering your home set up. Also, consider your accessibility to your target audience as well as the resources available in your vicinity. It’s also a good idea to write a business plan that’ll reveal the potential risks, work-life balance, startup costs, and most importantly, your willingness to commit.
If you’re able to go through this confidently, then you’re probably good to begin. Assuming you’re undecided on the kind of business you could do from home, here are a few suggestions.
Start a small scale farming business.
If you have a garden in your backyard, you can explore this option. Farming is not only limited to planting seeds; you can consider livestock farming too—if you have a large enough piece of land. Also, if you decide to start a poultry farm, you might need to invest in cages or barns and feeders, and more equipment. If you don’t have the means, you can always evaluate your finances and acquire small business loans to help you get started.
You can get insight into how this works via Google searches like ‘how improvement loans can change your tax liabilities‘. Alternatively, you can consult an expert. You could also visit a site like Asset Bar and get all the required information regarding finance, investment, and starting a small business. Using their editorial experience and technology, Asset Bar reviews and compiles resources and the latest trends that’ll help you make smarter and informed business, financial, and investment decisions.
Start an online store selling crafts.
Being a store owner is a lot of fun. You can create an eCommerce store if you have, for instance, a handmade product you deem worthy of being commercialized or items you can retail from a supplier. Once you’ve decided which products to sell, you can then design your online store and host it on a Shopify or Amazon platform. If you do opt for Shopify, try to find the best Shopify apps for your store. Then figure out how best you can utilize those apps to maximize your service delivery as a new store owner.
If you’re not sure where to start, companies like Endertech can help you better understand how to adequately use Shopify to your competitive advantage. Or, better still, they can design and code your Shopify app store and even include a cart abandonment and live chat feature, as well as a product recommendation, feature on each product page to help your business win new customers.
On top of this, they can also add an average order value, inventory management, and a promotion or discount feature (such as a free shipping bar). And to top things off, a product review or customer reviews feature can also be included to ensure you have a fully functioning eCommerce store that’ll not only attract potential customers and increase conversion but also ease the checkout process.
It’s also worth mentioning that they also offer services in digital marketing, software development, eCommerce, cloud hosting, content management, and more.
Offer a writing service.
You can also render your services to companies looking for help in writing magazine feature articles. That is if you have knowledge and skill in writing. You might also need search engine optimization (SEO), or social media skills, which will also come in handy. While helping companies cope in this regard, you can also start a writing agency business of your own, dabbling in social media and email marketing using Mailchimp newsletters, for instance. This will certainly help you make a little extra money on the side.
Try out YouTube content creation.
Youtube content creation has also become a common home-based business option for many people around the world. Although there is no guarantee of making a significant amount of money, especially in the beginning, you’ll eventually get there if you address it with seriousness and consistency. No doubt, it’s another great way to make money.
What’s more, there’s so much you can do to get loyal customers to view your YouTube creations. You can vlog your daily activities or record tutorials, song covers, or DIY projects. The list is endless. That being said, before can make money on Youtube, you need to run ads on your videos and gain more than 1000 subscribers and views to earn money.
Also, remember that being a content creator is still a job. So, this means you’re still a taxpayer. You’ll have to keep all your gross receipts for tax purposes. What’s more, you also have to file a tax return each tax year. If you’re unsure how to go about this, an accountant or tax advisor will help you figure out what is your gross income and taxable income as well as understand the standard deduction that needs to be made.