Stay In Control: 4 Tips for Finding Businesses You Can Start From Home
Updated: Nov 12
Are you planning to start a home-based business?
With over 15 million home-based businesses already in operation across the United States, it’s accurate to say you’ve made a savvy business. Starting a home business has a number of powerful benefits, from lower startup and operating costs to substantial tax benefits.
Plus, now that the COVID-19 pandemic isn’t going away any time soon, starting a home business might be your only viable option.
But how do you choose the kind of businesses you can start from home? You want a business that not only suits this environment but one that will also be profitable.
In this article, we’re sharing tips you can use to zero in on the ideal business for you.
1. Your Professional Skills
When you think of entrepreneurship, you think of starting a business that sells a groundbreaking product or service. It doesn’t occur to many people that even starting a law firm or medical practice is still entrepreneurship.
As such, one of the first things you should consider when searching for an idea for a home business is your professional skills. Do you have professional training that you can in turn offer as a service?
For example, if you’re a lawyer, it’s possible to start a home-based legal practice. If you’re an accountant, nothing stops you from starting a home-based accounting firm. If you’re a consultant, you can do the same.
Now that so many professionals are out of work, there couldn’t be a better time to start a home-based company that offers a professional service.
Bear in mind, though, there are challenges involved in running such a business. As a professional, you run a risk that can see you accused of professional malpractice. In fact, it’s possible to find yourself facing criminal charges, such as operating a practice without the right licenses. If you ever find yourself in such a situation, don’t hesitate to get professional legal help.
2. Your Passion
Listen to any successful entrepreneur talking about what it takes to start a profitable business and you won’t fail to hear them saying about the importance of passion.
Well, they aren’t wrong.
Starting a business that’s aligned with your passions is one of the keys to success. So, what are you passionate about?
If you’re passionate about pets, you can start a pet business. Dog walking, for instance, is a service with a demand that’s increasing by the day.
If you’re passionate about cooking, why not start a food business? You can sell whatever you’ll be cooking out of your home and make delicious profits.
If you’re passionate about cannabis, the industry is hot right now, with the demand for CBD products soaring. The are several home-based cannabis businesses you can start.
There are a couple of business ideas for every passion. You just need to sit down, identify your passion, and write down the possible business opportunities that you could pursue.
That being said, passion alone isn’t enough to make a business successful. The resultant product or service needs to have a good market demand. If it doesn’t, it won’t matter how much passion you pour into the business. It will certainly fail because there won’t be many people buying what you’re selling.
3. Permits and Licenses
Running a home-based business doesn’t mean you’re not bound by federal, state, and local regulations. You must comply with all the relevant regulations.
Although most home-based businesses don’t require any special permits or licenses, there are others that do. For example, if you want to start a food service business at home, there’s a raft of food safety regulations you must follow, along with getting a license.
As such, when you’re starting a home-based business, it’s critical to consider how the relevant regulations will affect your plans and operations. If you want to operate in an industry that’s highly regulated, consider whether you have the ability to comply with all the relevant laws.
You already know that one of the benefits of starting a home-based business is low startup capital. However, the amount of capital you’ll need varies depending on the nature of your business.
For instance, it will cost more to start a home-based foodservice business than a pet sitting business. With foodservice, there’s plenty of equipment you’ll need to buy and the cost of safety assessments can be high. With dog walking, a big outdoor space in your home along with some marketing is enough to get you started.
How much money do you have? Or how much can you access when needed?
As long as you have access to enough capital, you can start any home-based business of your choice. But if you’re facing capital constraints, you’ll have to settle for a business idea that you can afford to fund.
In addition to startup capital, be sure to factor in other costs, such as marketing and advertising. Drawing a business plan before starting up is an ideal way to have a fairly accurate estimate of the amount of money you will need to start and operate the business till it achieves sustainable profitability.
The Best Ideas for Businesses You Can Start from Home
Starting a home-based business packs a lot of benefits and it has the potential to be just as successful as a traditional business. However, an important factor that will determine your success is the kind of business you choose to start. Having read this guide, you now know how to find ideas for businesses you can start from home.
Explore our blog for more entrepreneurship tips and advice.