Working from home has become the new normal in the current situation around the world. The entire world is facing an economic crisis as lockdown has impacted almost all the industries globally. In this scenario, if you are thinking of starting your own work from home business then this blog might help you.
A home-based business is a proper venture, so there will be pros and cons. Let’s discuss both so that you can take a firm decision.
Pros:
It’s a low investment with lesser overhead costs like warehousing, set-up costs etc.
There are potential tax deductions that you can apply for.
You can expand your business globally through the help of technology.
A flexible work-life balance (perfect for stay at home parents and retired employees)
You can create a family business with the help of your spouse.
Cons:
Working from home means you must dedicate a specific place for your business, a room or garage or basement. This might disrupt your life at home if you are not able to manage it properly.
You might need to apply for a license and other documents and comply with norms (if you are planning for catering business then commercial kitchen license or permit will be needed)
When your business grows, you might need to hire employees and need more space in your home or rent a place.
Work from home needs you to balance your personal life and work-life properly. It might be difficult for you to travel or go out frequently as you have to manage everything on your own.
While there are plenty of options to work from home business ideas, let’s talk about the following 5 that might suit you.
Online teaching / Online tuition– If you are a teacher or like to teach, go for this option. There is no set-up cost involved plus you will be able to grow your business exponentially with the help of technology.
Sell Online – You can buy products in bulk and then sell online on a various e-commerce platform or create your own website. This will need you to tie-up with a dealer and logistic provider for procurement and shipping purposes. Many websites sell women kurta, sarees and kurtis online and make a good amount every month.
Home-made Product sales – You can make homemade candles, chocolates, beauty products, food items, and anything that you can sell on e-commerce websites or your own website. These handcrafted products are quite popular nowadays and the earning is limitless.
Sell your expertise – If you are a website designer, copywriter, graphic designer, financial advisor etc. you can sell expertise and create your clientele. You will just need a laptop with an internet connection and a good network in the related industry.
Baking & Catering – If you are into cooking and baking then you can start your catering service. Take small orders like birthday parties or kitty parties where you can cook and deliver food to the event. You can also tie-up with bakeries or restaurants in your area and supply food.