Home based businesses operate from the owner’s home solely or with a team of few people normally close friends or family of the owner. Over the years home based businesses have gained creditability because of the flexibility they offer and also partly because of tough economic times that have forced people previously employed to seek alternative means of employment.
A home based business eliminates costs like rent for office space and office equipment, but only the need for starting a home based business is discipline, determination, and hard work. Over the recent years, home based business has grown exponentially. There is no exception for some large and well known companies that we all know also started as a home based business in their very start.
To bring a home based business into a success, the first step to do may be to choose a business niche based on the passion, interest, and knowledge one has.
We are going to dive into the list: 5 Home based business ideas with decent earning potential
5 Home based business ideas You Can Start Without Huge Upfront Costs
Personal coaching as a home based business involves providing one-on-one support and encouragement to individuals with a wide range of problems. As a personal coach (AKA a life coach), the work would involve helping his/her clients to gain confidence in areas such as social skills, healthy diet, time management, and public speaking, etc.
A personal coach helps clients achieve tasks that they have struggled with. No certain requirements to become a personal coach, all it needs is to possess good listening skills, the ability to inspire someone, and compassion.
The pricing for fees would depend on the discretion of the business owner, a basic fee could be charged for the first session with the prices increasing after a number of consultations. Skilled personal coaches can earn about $30,000 – $260,000 for a year.
Caring for someone else’s pet AKA pet sitting is another booming home based business. A recent study shows that the global pet sitting market size was valued at USD 2.6 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 8.7% from 2020 to 2027. Currently, Over 8 million homeowners are using a pet sitting or related service which contributes to the rapid market growth.
Most people love their pets but do not always have time to spend with them; this is where a pet sitting service comes in. Basically, a pet sitter’s job is to spend time caring for the owner’s pet(s) while they are not around.
To launch a pet sitting business, startup capital would be about $500 to $2000, including the cost for insurance in case of bodily injury, property damage, etc. A pet sitter could charge from $8 to $20 for an hour depending on the type of pet and services. (Also, regionally varying depending on the cost of living in your region) Pet sitting business can work better in urban areas because people in cities tend to be busier and out of their home for a dozen hours a day, usually.
Garbage Cleaning and Hauling
A hauling service is a highly profitable business if you don’t mind getting your hands dirty and dealing with garbage.
The potential prospects are those who need help in cleaning old garbage in their backyard or those who need cleaning all around the home for a lease with the need of hauling home furniture or appliances.
Startup costs can be not overwhelming if one has a means of transportation (such as a pickup truck). The average cost for garbage removing $210 per service based on the US market average.
If you are good at arranging or organizing things like kitchens, closets, and cabinets, then a personal organizing business can be the right way to start your home based business.
As a home organizer, one would be involved in re-arranging the client’s home from areas like the kitchen to the attic. In addition, clients are guided on how to keep their homes or offices tidy. Personal organization work can expand to the job scope like document management, or record management.
A personal organizer could expect revenues of from $30,000 to $100,000 a year in this business depending on the size of the clientele. Clients can be charged from $30 to $50 for an hour depending on the amount of work or a flat rate for routine work.
Online Shop Or eBay/Amazon
It hasn’t been this easy to start an online shop. It doesn’t cost a lot to have gotten a domain and eCommerce website nowadays with the help of easy drag & drop online shop builders and related platforms. (Such as Shopify or WordPress with WooCommerce)
What only needs is your clear idea of what to sell and how to source; it’s usually recommended to start something you really love and know a lot about. Because your genuine passion and love for the niche will make your job much easier and enjoyable – and this means: your potential for success can be maximized.
The start-up capital could be varying, depending on what eCommerce platform, domain, and hosting type you will use, but mostly all can be set as small as within $100 for all the online settings if you want to go small in the beginning. (And gradually grow.)
The other thing to consider for your business budget is the start capital for sourcing goods. It can highly depend on what merchandise you will handle in your business niche. But dropshipping might be a way to consider if you want to extremely cut down the starting business budget since you don’t have to pre-purchase goods nor prepare your inventory for sale. (Of course, the dropshipping business model has its own cons such as lack of control over quality assurance, package, and shipping procedure of products)