Since the pandemic started, many families have had a more challenging time making ends meet. Some families have transitioned from a single-income household to both parents working. Some homes have experienced the breadwinners losing their jobs or significantly reducing their salaries.
Whatever situation you find yourself in, there are opportunities these days. You can start a business out of your home that allows you to care for your kids and boost your income simultaneously. And no, not all home businesses are related to ecommerce. Below, Bliss Planet shares some excellent work-from-home business ideas and tips for getting off to a strong start!
Explore Your Options
As previously mentioned, you have many options for starting a home-based business that has nothing to do with ecommerce. For example, you could become a tutor to help students meet their academic goals either virtually or in the home. You could also become an online teacher, as there is high demand for virtual teaching since many schools and colleges are closing for large chunks of the year.
Another option is to create online tutorials. You can create tutorials in almost any field. For example, if you are a photographer, you can record photography courses and sell them through subscriptions on Skillshare, Udemy, or Unacademy (or put them on YouTube). Many entrepreneurs have found success creating tutorials for time management, nutrition, fitness, self-development, and many other areas.
Here are a few other home-based business ideas:
- Freelance writing
- Digital marketing
- Graphic design
- Web design
- Software development
- Music lessons
Furthermore, you can even start a home-based business as an executive in sales, support, chat, or other fields. And if you prefer to work along and love numbers, data entry can be right up your alley.
Set Up Your Legal Structure
Once you determine what type of business to start, it’s time to lay the groundwork. One of your first steps will be to choose a legal structure that will help your company flourish. Too many entrepreneurs establish the wrong structure, leading to various issues that harm your chance of growth.
For example, if you operate as a sole proprietor, you could be liable for your business debts. Forming a corporation will provide a hedge of protection against liability, not to mention yield tax advantages and other benefits. Consider registering as a corporation so that your personal property and finances will stay secure.
Write a Business Plan
Many entrepreneurs fail to write a thorough business plan, which can cause a host of problems. A good business plan will direct your steps during the first few years of your company and help you secure the funding you need for achieving your goals. Look for an online business plan template, and take time to fill it out with as many details as possible. Here are a few points you might include:
- Mission statement
- Core values
- Target audience
- Marketing initiatives
- Financial forecasts
- Financing requirements
- Milestones
Get the Tools You Need
Today, many tools help you succeed as a home-based business. Working from home means that you will likely not run your company without using your fair share of technology. Look to online accounting software to help you maintain a grasp on your finances while saving you time and stress. Find a web builder that fits within your budget and allows you to create and maintain a top-notch website. And research the various marketing tools that can help you carry out effective email, social media, and paid advertising campaigns.
While you’re at it, consider investing in customer relationship management (CRM) software to build a healthy customer base, as well as search engine optimization (SEO) tools that can help drive more traffic to your website and social media pages.
If your family is having difficulties making ends meet, you have options. Keep learning about all of the home-based business ideas that could help you supplement your income without compromising your ability to take care of your children. And remember to lay a firm foundation for your company by forming the proper legal structure, creating a business plan, and investing in any technologies that can save you time and money.
Author: Virginia Cooper
Virginia Cooper is a retired community college instructor. She always encouraged her students to see the real-world value in their education, and now, she wants to spread that message as wide as possible. Her hope is that Learn a Living will be a go-to resource for adult learners embarking on starting, continuing, or finishing their education.
