Starting a business is one of the most exciting times in our lives. But the road to entrepreneurship is not an easy one. Not only do one in four new businesses fail, but very few also make it past the first year. So you’re already up against the wall.
Debating why new businesses fail will help you uncover potential obstacles to avoid. However, one of the most important factors is the idea behind the business. Without a good business idea, your entrepreneurial venture will most likely fail.
As such, you must start the right business with the right idea. And once you read this guide, you’ll know exactly the top five business ideas to start from home. So, allow us to explain how you can become a business owner.
Top 5 Business Ideas To Start From Home
Technological advancements and strides made in entrepreneurship make it possible for everyone one of us to be the boss. Moreover, you can start a business right from the comfort of your own home.
One of the reasons why people choose to start an online business from home is the low cost. In today’s time, you can start a business with a few bucks.
So that begs the question, what are the most viable business ideas to start from home? We’ve prepared a list so let’s get into it.
Launch an eCommerce Store
We live in a capitalist world where anyone who decides to be their own boss can be one. As such, one of the easiest businesses to launch from home is an eCommerce store.
The global eCommerce industry accounts for 22% of all sales. Between 2019 and 2021, the industry has seen a 21% rise. These numbers tell us that there is a massive demand for online goods. And there aren’t any limitations regarding goods to sell. For example, you could resell goods or sell handmade crafts. Simply put, the sky is the limit.
An eCommerce store is a viable business idea for everyone with a particular skill in creating goods. Regarding handmade goods and crafts, here are a few examples you might choose to explore:
- Design and sell clothes
- Create furniture
- Create art
- Craft jewelry, candles, and similar items
- Provide a unique service
The list of potential niches doesn’t stop there. As mentioned earlier, you can sell any good or service if you’re particularly skilled at creating or providing it.
And modern services provide a platform to sell and means to monetize your work. Some popular platforms to launch your eCommerce store include Etsy, Shopify, and even WordPress.
But before you launch an eCommerce store, do your due diligence to ensure you won’t be closing the store any time soon.
Launch An Affiliate Business
Affiliate marketing is another venue worth exploring. But unlike the previous idea, an affiliate business has several prerequisites. For starters, you need a platform to publish your work in order to monetize it. Secondly, you need to find a niche you’re good at and grow it to a level where you can become an affiliate to an already-existing and established brand.
The whole point of an affiliate business is to leverage your audience and reap the rewards for every new visitor you bring to the business in question. As one can imagine, the best platform for an affiliate business is a website or blog.
The most profitable affiliate business ideas include a clothing blog, travel blog, influencer marketing business, online surveys business, Amazon book promotion blog, email marketing business, etc. You can even launch an online casino affiliate, where you make a percentage every time you bring a new user to an online casino.
Affiliate marketing is an extremely viable business idea you can start from home. However, it does take more time to grow the business so you can make a regular income from being an affiliate.
Launch A Service-Based Business
With the increasing digitization of our world and the demand for digital goods being higher than ever, launching a service-based business is probably the route most stay-at-home entrepreneurs go for.
A service-based business can mean a lot of things. But for clarity purposes, here are the most profitable and popular service-based businesses to consider:
- Freelance writer
- Graphics designer
- Web designer/web developer
- Software Developer
- Email marketer
- Video editor/photo editor/photographer
- Virtual Assistant
- Social media manager
These are all viable service ideas to consider launching as a business from home. To help you succeed, consider signing up to freelance marketplace platforms such as Fiver, UpWork, 99designs, People Per Hour, etc.
If you have a knack for some of these skills, you can easily start a service-based business from home.
Launch an Online Tutoring Business
For those of you with a knack for teaching, launching an online tutor business is the idea to go for. Online tutoring is expected to grow at a CAGR of 14.7% from 2022 to 2030.
You can launch an online tutoring business if you have talent or knowledge about a particular skill. Nowadays, you can tutor on any topic through video conferencing software.
As with all business ideas from home, you can monetize your talent with popular online tutoring platforms. Popular platforms include Tutor Me, Tutor.com, Yup, etc.
Launch A Subscription Box Business
The subscription-based business model has become very popular in recent years. The model involves selling bundles of products monthly to people who choose to renew their subscriptions.
If you have an eye for picking a cool niche, the subscription box model could turn into a highly profitable venture.
Fortunately, you can sell all kinds of products through a subscription box. Popular ideas include selling makeup, clothes, books, video game memorabilia, sunglasses, food, gadgets, etc.
There is no shortage of ideas to launch a business from home in 2022. However, that doesn’t mean you can launch any business and expect a meteoric rise. The golden rule of entrepreneurship is to do your due diligence. As such, the very first step to launching a business from home is to explore the idea before committing.
We hope this article will help you uncover potential business ideas to consider from home. If you know any other ideas, let us know in the comments below.