Turn Your Home Into a Lucrative Side Hustle
Ever considered starting your own business, but don’t have the capital for significant investments? If this is your situation, don’t despair, you can start with a small business from home.
In 2020, 15,5% of retail sales worldwide comes from the World Wide Web. And this number is expected to grow further over the next few years. It is anticipated that by 2021, e-commerce sales will reach a total of 17,5%.
Why Having a Side Hustle Is Important
Ever experienced losing your job and having to rely on your savings for your daily expenses? Without an alternative stream of income, this situation can be stressful. A side hustle can serve as your spare tire in times like these.
An online business can be your side hustle. And with the right approach, your internet business can grow into your primary source of income. It can provide you with the buffer you need financially, or you can use it to improve your assets. You should also check out onlineacademyscam.com if you’re planning to buy any programs to learn how to be successful at this side hustle thing. You gotta make sure that whatever program you’re buying is not a scam. That’s important.
Pros of Having a Home Based Business
There are a lot of advantages when it comes to having a home business. We’ve listed them for you below.
Variety of options
There are a lot of online businesses to choose from. You can sell items online or offer your services. Home-based businesses lend themselves perfectly for doing something that you’re passionate about or knowledgeable in. You have the option to manufacture products yourself or open a dropshipping enterprise.
Less complicated than having a physical store
Compared to having a physical store, an online business is more accessible to setup. For example, to start a Shopify store, you only need 15 minutes. Plus, a physical store entails renovations, permits, and hiring employees, which takes a lot of time and capital to get things running.
Online businesses are easier to maintain compared to running a physical store. There are tools online that assist with inventory and payments, leaving you worry-free.
It has the potential to become your primary source of income
If done correctly, an online startup can become your primary source of income. With the right knowledge of the market and proper timing, an online business can double (or even triple) your income.
Availability of free marketing tools
There are a lot of free marketing tools available online. Social Media Marketing or SEO, for example, can be implemented to give your business it’s cutting edge and helps to stand out from your competition. And you can use all these tools for free, unlike with offline marketing efforts.
Read also…
15 Easy Ways To Make Money On Social Media
How To Make Money Online For Beginners
Cons of having a home-based business
But it’s not all sunshine and blue sky. You do have to be aware of some disadvantages of running a home-based business.
Not every online business becomes successful
Even though it’s not something you want to think about. It is important to remember that some business adventures fail, even online. Dealing with a saturated market or perhaps not being able to catch the attention of your target audience, are some of the most common reasons online businesses fail.
Security and technical issues on your website
Next, you will be dealing with malware, hackers, and an array of technical problems. You’ll have to be hands-on and always able to address timely issues that affect the user experience of your store.
Fast-changing trends
If you look at e-commerce trends from a few years back and compare them with today, you’ll notice that there’s a big difference. Technology and internet user behavior are some of the things that influence e-commerce trends.
For example, there weren’t a lot of websites that are mobile responsive ten years ago. Today, a mobile-responsive website is the standard considering the rise in mobile internet use in the last decade. If you plan on opening an online business, you have to be able to adapt to the market trends quickly.
Finding a Need to Fulfill
You must find out what the demand for your product or service is. Your business will only succeed if you fulfill a need or solve a solution for your target audience. But how exactly do you figure out what’s the most profitable product or service that you can offer?
Figuring out what your business will offer
To figure out what sells, you need to do some research. Take a closer look at your customer’s behaviors. Is there a pain point that you can address? You can take a closer look at some of the most successful companies and see what they try to offer to their market. Look at their products, innovations, and how they approach the market.
Next, listen to your market. Be part of the community to get a good grasp of the problems that accrue the most. Subreddits, Facebook groups, and online forums can help give you a concrete idea of what’s in demand. Furthermore, you can use online tools such as Google Adwords to find the keywords that work best for your product or service.
Writing copy that sells
You may have heard of the adage Content is King; this is especially true online. Google and other search engines rank websites based on the quality of their content. Therefore, you need to come up with compelling content, preferably, right from the start of your business. Prepare monthly or seasonal web content, blogs, and social media posts related to your product, services, important dates, and problems your customers have.
What makes effective content? It should be:
- Informative
- Timely
- Engaging
- Use the right voice
Building a website
All online businesses need to have an aesthetically pleasing and functional website. What makes a functional website? Your e-commerce website should load fast on both desktop and mobile and should be search engine optimized. Next, you also want to ensure the privacy of your customers. This way, customers can shop at your online store without any worries.
Five home-based businesses you can start right now
If you are still looking for a business idea, here are some of the most popular home-based businesses that you should explore.
Selling bulk products
Selling bulk items online is becoming popular. Instead of dealing with consumers, you deal with retailers. With websites such as Alibaba, retailers can get in touch with a factory and order items in bulk. However, if you plan on selling bulk items, you will need to have a more significant stock. It also means covering the costs of the required workforce and maybe even manufacturing costs.
Homemade products
Do you love crafts and art projects? You can use your talent to start an online business! Handmade products are in demand, ranging from digital products to actual crafts like soap and scarves. A popular platform for selling products like this is Etsy.
Sell your service or expertise
Some skills are in demand online. If you have a background in accounting, graphic design, copywriting, and web design/development, you can start your agency or work as a freelancer. Utilizing a platform such as Upwork or an agency can also be very useful.
Start a dropshipping store
Dropshipping is an alternative business model for those who want a low-risk investment. A great thing about this business model is that you don’t need to store or manufacture any products. Instead, you work directly with a manufacturer that will ship the products customers buy from your website. Keep in mind that dropshipping yields fewer profits per sale than having full control of the production. The good news is that you don’t need to spend a lot on production to get started.
Grow a community
Are you interested in network marketing? And do you have the skills to manage Social Media accounts, keep conversations flowing on online forums, and help maintain a brand’s reputation? If the answer is yes, you might be perfect for an online community business.
Community building is an essential skill to help brands become successful. It works on the premise that its followers will promote the company’s products and services. Moreover, you can utilize your skills by working as a consultant for multiple startups and medium-sized entrepreneurs growing their influence over their market.
Time to get started
Starting an online business can be an excellent alternative for those who aren’t willing to risk a substantial capital for a business idea. An online company has the potential to become successful, especially now that people are relying on the internet for their goods and services. It can be your side hustle or your primary source of bread and butter.
But before you start, you need to weigh your pros and cons. Try to evaluate your risks and see if it is really for you. You will also need to determine a pain-point in your market to come up with the right product or service.
Once you already have a product or service, you’ll need to have a functional and aesthetically appealing website complete with useful content.
Among popular online businesses that you can try include selling bulk items, selling homemade products, offering your expertise, dropshipping, and growing a community.
Are you ready to get started?
