There are many advantages to running a home-based business. Perhaps the idea of more time with your family is what appeals to you. Or maybe you’d like the freedom of not having to answer to a boss. Or it may be that you have had enough of long commutes and want to spend more time living and less time in traffic.
With all these benefits, many people love the idea of starting a new home-based business – so why don’t they?
Traditionally, it was very costly to set up a new business, and some people may still believe it requires more investment or outlay than they have access to. But with the dawn of the Internet Age, things have changed dramatically.
While it’s true that traditional bricks-and-mortar businesses may still require significant costs upfront, online businesses are a different story. New technology can help us to simplify our lives and make a good living running a business from home – without hefty start-up costs.
To help you discover which may be the right option for you and your family, here are four ways to make the most of modern technology to start your own low-cost home-based business
Rent a room
Renting a room in your home is not a new way to make a little extra income, but with the internet it’s now easier than ever to reach the people looking for somewhere to stay in your area. Sites like Airbnb allow you to list your rooms and access a global marketplace of travellers searching for short, medium and long-term accommodation. With a little research and dedication, letting out any spare premises could be run as a legitimate business, all from the comfort of your home.
Dropshipping is a relatively recent business model that takes advantage of technology and modern logistics. A dropshipping business involves selling other people’s products, but the difference between this and old-style retail is that you never hold any inventory or store any stock. Your role as a dropshipper is to make sales online and then send the order straight to the manufacturer who then delivers the product directly to the customer. Click here for a good introduction to how dropshipping can work for you.
Affiliate marketing is similar to dropshipping in that you promote other people’s products but in this case, you don’t manage any orders at all! You simply do the work of attracting customers to a product via your website or links, eg a blog, Facebook Page or Youtube channel. When the visitors click through to purchase the product, you receive a commission. Affiliate marketing is a booming industry online and the most successful marketers are making hundreds of thousands, if not millions every year. Why not you?
If you have any skills or knowledge that people want to learn, a way to monetise that experience is to teach it to others online. It may take a little work to reach your new students and set up an online classroom, but this can be done with relatively little initial outlay. The online education industry is another of the internet’s success stories, and there are many platforms emerging that are making it an accessible business for thousands of new virtual teachers. Sites like Teachable help you host your virtual school and process online payments for minimal monthly costs – and with over 20 million students in their system, there’s no doubt that this can be a viable and profitable way to earn a good living from home.
Thanks to modern technology, starting a low-cost business from home is now more doable than ever. Hopefully, these ideas will inspire you to consider how you can create a side-hustle or even a full-time income with very little upfront investment, so that you can enjoy the benefits of spending more time at home with your family.