If you are one of those who always wonder “what business can I put in my home?”, but so far you can’t find the right answer, this post will help you.
The year 2021 has been an opportunity to undertake or reinvent businesses that were affected by the global pandemic. Many entrepreneurs have had to look for ideas to undertake from home, and reformulate their profitable business concept to overcome the difficulties.
The decision to create or start a business is the first step to success, and we are glad to hear that you are considering a home-based business, as you have more opportunities to succeed than you think.
So, if you want to know more about the new trends in the market to find out what business to start and also learn how to start a home-based business, here we tell you all the details you need, keep reading!
what are the consumer trends to start your home-based business?
Identifying a business idea is easier if you know what society needs today. Therefore, the key to finding the answer to the question “what business can I put in my home?” is to know the consumer trends worldwide.
As you know, the global pandemic of Covid-19 generated changes in consumer behavior, encouraging them to shape their consumption interests. To learn a little more about it, Euromonitor International conducted a market study and highlighted the new consumer trends.
Below, we present some of the types of customers that exist today according to Euromonitor so that you can get to know in detail the context in which we currently find ourselves. After analyzing these trends, you may have the answer to the question “what business should I put in my home?
1. Searchers of plan B
Faced with the supply chain disruptions that occurred in 2020, several people have developed the ability to look for alternatives to meet their needs. Here is an idea for home-based entrepreneurship that is very beneficial for you.
For example, in the event that a shopper is unable to purchase a product at the supermarket he usually visits, he will focus on finding the next best option, even if it is more expensive. Nowadays, plan B seekers prefer to invest more to get what they want before running out of it.
To generate profits, home-based businesses can offer the requested merchandise with added value, thus providing personalized customer service. One way to do this is through a subscription service, offering delivery or enabling online attention through means such as websites or Whatsapp.
2. Climate changers
On the other hand, environmentalism and nature-friendly lifestyles are becoming increasingly popular. Therefore, some of the most successful home-based business ideas are geared towards this trend.
In this regard, a Deloitte global consumer survey found that 90% of younger consumers pay attention to brands with messages of inclusion and social purpose.
Therefore, according to Euromonitor, companies that want to win over this type of consumer must be able to offer products with certificates that endorse their good practices. in this way, it is possible to generate trust among consumers to help them make informed decisions.
So, if you align yourself with this ideology, starting a business from home that is oriented to take care of the environment can be a good decision.
3. Seekers of the beloved
Nowadays, having a home-based business has the advantage of being much more accessible than years ago. In other words, nowadays you don’t have to invest large amounts of money to start generating profits, especially when one of the main consumer trends is savings.
Experts at Euromonitor have concluded that “consumers are moving from a mindset of ownership to one of experiences” – all because sustainability and individuality are removing the stigma associated with second-hand purchases.
So, can you see where this idea for home-based entrepreneurship is headed? To answer the initial question about what home-based business to start, just look around you. Identify what items you can trade and start a circular economy initiative in your area.
4. Amateur financiers
The Euromonitor study found that consumers are now “taking control of their money and using services to track their transactions” to strengthen financial security.
Thus, it is clear that financial education should no longer be limited to Wall Street, but should be accessible to anyone who wants to improve their financial situation in the short, medium or long term. Therefore, if you want to start a business from home, you can address this consumer trend by offering consulting services .
Of course, to do so, you must have prior knowledge in finance, economics and investment. Now, if you have no idea about these topics, but you know people who do, you can also start a home-based business acting as an intermediary between these specialists and people who want to learn about the subject.
5. Self-love seekers
To conclude this section of consumer trends for 2022, it is important to note that today’s consumer is focused on self-care to feel good about themselves. Therefore, if you want to be a successful home-based business, you should focus on products that evoke the physical, emotional or spiritual well-being of your customers.
Euromonitor emphasizes the importance of creating deep connections with customers to drive their happiness. In other words, any home-based business that is formed from now on must improve the lives of its customers.
what are the most effective home-based entrepreneurship ideas?
Well, now that we’ve got some context, you have a better idea of what home-based business you can start. Of course, these trends aren’t the only topics you can tackle.
In that sense, there are other home-based business ideas that can work for you, here are some of the ones that have proven to be the most effective over time.
1. Sellers of homemade products
If you love crafts and you are wondering what kind of home-based business to start, we have good news for you. Currently, we are living a new trend that promotes the taste for homemade; therefore, handmade products are increasingly valued .
Of course, we recommend you to have an exclusive space for your work area where you can create and implement your ideas, this way you will have better results.
Start by looking for materials that you have at home and that you can use to create something you like. If you don’t have them, you can consider buying them in a nearby and inexpensive place.
So, what business can a craft fanatic set up at home? Here are some examples and ideas:
Scented candles: you only need wax, dye, aromatic essence and a mold to start creating these little candles.
Jewelry: you can buy the materials needed to make jewelry in bulk and assemble them at home. In addition, you can sell inexpensive products with a personalized touch.
Art: if you have the talent to draw or do any kind of art with your hands, you can create personalized crafts with different themes and sell them.
Food: if your skill is related to food, you can make desserts, breakfasts or any food that can be sold quickly and easily.
2. Buying and selling products
One of the fastest and easiest businesses to sell from home are those that work under the concept of buying and selling. It is about buying any type of product at a low price and selling it at a higher price .
This dynamic will work best if you buy a large volume of products, since you can get a better deal by acquiring more inputs. Remember that this business has better results with products that are small and medium in size, since their distribution is simpler.
Some ideas to answer the initial question of the article on what business to put at home, are the following:
Products from other countries: maybe on the internet you find products from other countries that you have not seen in the market where you live and this can be an opportunity to gain a niche.
Products or objects that you do not use: although it is not an instant purchase or in quantity, you can improve the condition of a garment or item that you do not use and sell it at a lower price. You can consider clothing, jewelry, handbags, paintings, etc.
3. Sale of print-on-demand products
If you think that the home-based business idea mentioned above is too simple, you can make a difference by commercializing customized products. Create a catalog with the designs that are in fashion or give the customer the possibility to modify the print according to their particular preferences .
In this way, you give your customers creative freedom to create a product they can identify with, which will make them feel authentic and happy with themselves.
Now, if you do not know how to start a home-based business of this type, we recommend that you purchase a machine with which you can make prints. Also, you must buy the items you are going to customize, which can be the following:
Cell phone cases
4. Selling your experience or knowledge
For those people who are experts in a subject or have knowledge about something in particular, it is very easy to start a business from home.
Some examples of profitable home-based businesses are these:
Courses: if you master topics on law, psychology, business, marketing or others, you can make virtual courses where you charge an affordable price for those interested.
Talks: just like the courses, you can do virtual talks where you talk about more specific topics on subjects that you master.
Consulting: you can also have a business from home advising with your knowledge to people who need to develop a project, but do not have enough tools to do it.
5. Content creation for monetization
The ways of working are changing with the passage of time, and the vision that existed on the traditional work centered on the physical is becoming a thing of the past. So, within your list of home-based businesses you should include the option of creating content to earn money from advertising .
get ready to write down these home-based business ideas!
Blog: write SEO optimized articles to start generating web traffic to your website. This option allows you to generate passive income from the advertising you display on your platform.
YouTube channel: making valuable videos on topics you like will help you gain online relevance. Later, you can promote products or services in them and earn money.
6. Digital Marketing Services
Throughout this year, we have seen the emergence of a new type of profitable business, in particular, new sales formats and services for consumers at a distance. A good idea for home-based entrepreneurship is to take advantage of the demand for graphic advertising content to start generating profits.
Digital marketing encompasses a wide range of jobs and services, so we will mention the best home-based business ideas if you are interested in everything that has to do with advertising.
Offer community management services for small and medium businesses.
Create content for social networks.
Manage organic and paid advertising campaigns.
how to start a home-based business?
Well, putting into practice any of the ideas we have mentioned in this list is totally possible. However, it is important to keep in mind that starting a home-based business requires a lot of dedication, effort and time .
To begin with, you must have a daily balance between work and personal life responsibilities. Therefore, you must set aside a schedule in your day or week to focus on it. Depending on the priority you give to the venture you want to have, it will be more or less difficult to start a home-based business.
Next, it is essential to know that you must be consistent in order to succeed. Whether you want to learn how to start a home-based business to have an extra income or because you need a new main source of income at home. Therefore, we advise you to stay firm in the face of any setback and not give up on your goals .
Also, keep in mind that difficult situations always bring learnings with them. As Nia Ayanz, teacher of the emotional intelligence course for leaders, tells us: “facing complex situations is necessary to know yourself and make the right decisions without hesitation or overthinking things”.
Finally, when it comes to entrepreneurship, it is best to have a team. So, it is not superfluous to tell your family or close friends about your decision so that they can be part of your venture. Besides, they will be able to encourage you and talk about how they can easily start a business at home.
Remember that teamwork makes everything easier.
what are the advantages and disadvantages of home-based businesses?
Although, as you have seen so far, the possibilities for home-based businesses are endless and some seem to be very easy, we will not deny that, sometimes, the process can get complicated.
Therefore, in this section we are going to analyze the positive and negative aspects of setting up a home-based business.
Advantages of home-based entrepreneurship
Let’s first look at the reasons why you should learn how to start a home-based business:
Entrepreneurship from home implies a reduction of important expenses in several points such as transportation, clothing, and food.
If you have good home-based business ideas, it is possible for you to develop a project that gives you balance in the personal and work aspects.
Your schedule can be flexible, and you won’t have to ask a boss for permission every time you need to take time off for personal matters.
Working on your own can be very motivating, since everything you do is for your own benefit.
A home-based business can be so successful that it can become a family project.
Disadvantages of a home-based business
Now, let’s get to know the points that you cannot overlook before setting up a business in your home:
There is a possibility that you may have to make some drastic changes in the layout of your home spaces to work comfortably.
Depending on the type of home-based business ideas that fit your profile, you will have to manage permits and licenses so that your venture has a legal endorsement.
To start a home-based business it is important to focus on all the processes related to the business, since sharing the work space with the domestic space can generate a large number of distractions.
When working in a home-based business it is difficult to establish limits and allocate adequate time to each of the aspects that interest us.
Of course, these disadvantages can be solved with proper organization and planning. So, if you are really determined to start a home-based business, we are sure you will be able to do it.
Tips for home-based entrepreneurship
We could not end this article without sharing with you the best recommendations for starting a business from home. This way, you will be able to carry out this process without so many complications.
After reading our tips for entrepreneurs, you will be ready to implement any of the home business ideas you have seen in this post:
Choose a home-based business or venture that suits your income level.
You can acquire a loan to start your home-based business, but you must be sure to develop a self-sustaining venture that will allow you to get by.
Saving money can help you have capital at your disposal for your home-based business or venture. So don’t spend on unnecessary things!
Find a product or service that people like and add value to it.
Listen to entrepreneurship podcasts to inspire your next steps.
Keep your work life separate from your personal life.
Establish schedules for each activity.
Keep money management separate and autonomous, use this business expense template to achieve it.
how to manage the investment in a home-based business?
Talking about starting a home-based business can fill you with encouragement and enthusiasm. However, thinking about what business to start is also a process that demands knowledge of various topics, such as profitable investments and the technical aspects of money, which can generate some confusion at the beginning.
However, you should not be afraid to invest your money in one of your home business ideas, because it is very likely that it can generate profitable results in the future
So, after asking yourself “what business can I start in my home that will be profitable?”, you should also ask yourself how to get the money to invest. Therefore, at this point, we have a strategic proposal on how to distribute the money from your income, which will help you discover how to start a home business with little investment.
Our investment advice is to set aside 10% of your total income and allocate it to entrepreneurship to start your activities. But why only that amount and not more money?
When investing in a business, you must take into account the other responsibilities that exist in your daily life. While investing in a home-based business brings positive results over time, you should make sure that the level of investment you make does not exceed your basic expenses or outstanding debts.
Of course, if you have a salary that allows you to take on a 20% or 30% investment without defaulting on your obligations, you can do that too. So, when you ask yourself “what business can I put in my house?”, remember that it must be a possible idea with the percentage of income you have set aside for it.
We hope we have given you a broad perspective of all the trending ideas for what business to put at home. Starting a business is a challenging but necessary decision for many people’s personal and professional growth.
If this is your case, don’t be afraid! Sign up for our course to create and manage your own digital business, and check out our catalog of entrepreneurship and business courses to strengthen the path that will lead you to your goals.