When you are looking to start a home business, you can break up the options into two types of business: Sales or service.
There are many options within these groups and you can even combine some to create a unique home business.
Read this entire list and then add your own ideas.
If you give yourself a few days to mull over your options, you find one thing that keeps pointing to the right business model for you.
Here are two types of business:
The Sales Business Model:
Sales are what makes a business profitable.
Every kind of business involves a sale of some kind. Therefore, these businesses are mainly sales oriented.:
Create Your Own Product
You can be an inventor, a writer, or you can build widgets in your garage. Regardless, you are in the sales business with your own product.
You have many avenues to sell your products like attend trade shows, advertise in magazines, or advertise online. You can sell the products yourself in person or hire others to sell it for you.
Sell Other People’s Product
Also, know as Network Marketing or MLM, you are the salesperson taking a ready-made product to sell directly to the consumers.
When you sell products from a big company, you have a great start. You know the products are tested and trusted so all you need to do is find people who need what you are selling.
Being a people person is necessary, and know a lot of them will be an asset in this business.
The Service Business Model:
You can do many services for others for money. Deciding what you want to do comes first, and then finding your customers comes next.
If you hate the service, you will not do well with this model. You will be doing this service many times over, so pick something you really like to do.
Some of these, in the art particular, will require a portfolio of work already done to show clients.
Start getting your portfolio together as you are getting your business up and running so you will have samples to show.
Some, like music, will require that you already know what you are doing, so make sure you have something recorded as a portfolio of sorts as well as being able to perform in front of your prospective client.
Types of Services You Offer:
- Graphics creation
- Video making and editing
- Voice overs
- Telephone-telemarketing – appt setting, sales, follow up
- Bookkeeping & Taxes
- Data Storage Service
- Transcriptionist or medical coder – some training is required
- Consultant – take what you know and help others
- Ebay-Etsy – listing services and/or boxing up and mailing out the packages
- Tutoring – any topic really
- House and office cleaning
- Personal trainer
The good part about many of this business is that they can be run online. For example, if you take the method of selling someone else’s product, you can become an affiliate marketer.
This is where you promote products online and receive a commission each time someone makes a sale.
So take your busiest idea and see if it can be run online and offline as this will give you versatility and flexibility if you ever need it.