How can you start your own business and what are the hottest new home based entrepreneur business ideas? My guess is that's what you want to know since you're here, and by the end of this article you'll know what are the hottest trends in home based businesses for 2016.
Before we continue I want you to think about why you are considering becoming a home based entrepreneur. As I'll explain, the reason why you are considering home based business opportunities is really important. Here's the some of the most common reasons I see:
- You're looking for an alternative source of income due to instability of job market
- You want to make a change in the world
- You can't stand working for someone else (this is where I was)
- You want to leave a legacy
Whatever your reason for considering the life of a home based entrepreneur, you must have a burning desire. I'm gonna be straight with you, home based businesses aren't easy, you need to have a strong desire to keep you going. Without this, many people end up quitting when times get hard or when they're not making much money yet.
Every entrepreneur was once a failure, Steve Jobs, Walt Disney, Colonel Sanders (he failed in business after business and didn't start KFC until he was in his 50s). The difference is they kept going. Anyone who is successful in anything was once a failure.
Home Based Entrepreneur – Popular Home Based Business Opportunities
Here are some of the most popular business ideas for the modern home based entrepreneur, along with pros and cons of each.
Start an Online Shop
You create a product, or take someone else's product and market it online. There are many platforms to get started such as Shopify, Amazon and eBay. These sites are great, I highly suggest getting customers to your own site and on your own email list as soon as possible. People from all over the world can find your products on these established site making them great for exposure. This a popular starting point for many home based entrepreneurs.
While these are great, they charge high fees and you don't own your account. Drop shipping and carrying an inventory of product are two options. Drop shipping is where the product goes directly from the warehouse to the customer. This keeps overheads lower but ultimately reduces your profit. This is a call you'll have to make if going this route.
Market Your Services
These services can include anything you can do (the more people don't want to do them, or don't know how, the better). For example cooking, cleaning, home repairs, car repairs. These can provide good side money, and sometimes full-time money. You can do them in your spare time and they are things that people will always pay for. One thing I don't like about these is that most of the time, there is little to no leverage when starting out. You're trading your time for money and doing all the work yourself. You're more self-employed than a home based entrepreneur until you have some employees.
Here, you are selling someone else's products online and collecting a commission. This is simple you don't have to create the product, the marketing, ship the product etc, You simply have to drive traffic (buyers) to your affiliate website. My advice here is to find products that offer high commissions.
If you're having to make thousands of sales a month just to make a small income, that's not very efficient. There are even some affiliate products that offer 100% commissions, contact me personally at email@example.com if you're interested in learning about these.
May home based entrepreneurs also start here and one downfall is that you don't have to have to spend any money to join some affiliate programs. A lot of people who fail here are unqualified to be home based entrepreneurs and think they can get rich quick.
Network Marketing has consistently been one of my top picks for new home based entrepreneurs for many years now. Here's a definition of network marketing.
The startup costs are extremely low for a business, the monthly overheads are less than your grocery bill and you have the potential to earn a generous 6 or even 7 figure annual income. You market products or services by recommending them to others. When people purchase, you get a commission – you can also recruit others to expand your team – this business model provides lots of leverage.
Residual income – this is my favourite thing about network marketing. Products are consumable and are usually reordered (eg. on a monthly basis). So you make the sale once and can generate ongoing, residual, commissions. To make this simple, imagine you work for the cable company, you sign up a customer, and you make 20% of that customer's bill for life. This is the power of network marketing.
I know some people who stopped working years ago but still collect their residual cheques each week.
You don't have to worry about the product, shipping, employees, research and development, educational materials, customer support… The company takes care of all that for you. This is where network marketing really shines for the home based entrepreneur.
So what's the down side…
The training that most companies provide. Most encourage you to make a list of your friends and family and get them to buy your product or join you. This can be good to start, but you will eventually run out of people to talk to and this is where most people struggle and quit. There are so many people out there, why would you limit yourself to only the people you know? Would a real home based entrepreneur do that?
There you have the most popular home based business ideas for a home based entrepreneur. Ultimately the best home based business to start is the one that you feel passionate about. To be successful as a home business entrepreneur, you need to have that burning desire that I mentioned earlier…
Before jumping into network marketing, I highly recommend you read this.
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