As the global economy begins to rebound after the impacts of COVID-19, many people are starting to explore the option of becoming entrepreneurs as a way of taking control of their economic situation and creating more stability in their lives.
Starting your own home business allows you to take something you’re passionate about and turn it into a venture you can make money from.
In the past, a number of obstacles stood in the way of becoming an entrepreneur.
Different aspects of businesses, such as advertising and accounting, were more costly, time-consuming and generally needed to be done by a professional. But, with new technology comes new opportunities as barriers to entering the business world are lifted.
It’s now easier than ever to start your business right from home.Here are five reasons why:
1. Online access and abilities are endless
Probably the biggest barrier in the way of new business owners was access to the resources necessary to establish and grow their successful businesses from home.
The internet essentially put an end to that, making everything from registering or incorporating a business to ordering supplies easily done online. You can even educate yourself and take an online course to upgrade or learn new skills.
Software helps you to manage your business and online tools for entrepreneurs — both free and paid — include everything from accounting software, DIY websites, and dropshipping platforms. These are all great to start and grow your home business.
Chat software and other communication tools let you communicate remotely with staff, contractors and customers. Virtually anything you need to start an at-home business can be accomplished on the internet. The big benefits? Reduced costs and increased accessibility.
2. Need to take your business with you? There’s an app for that!
Apps continue to be developed that make it possible to conduct business anywhere you need to be.
Chances are, if you need to get something done for your home-based business, you’ll be able to find an app to accomplish it. And, if you can’t find an app to do what you need, perhaps that’s a great business opportunity!
Most desktop programs have also developed mobile apps, so you can access your accounts and information on the go.
3. No money, no worries
When costs are lowered, the barrier to entry for many entrepreneurs is gone. Starting a business from home means there’s no additional spending needed on a separate location.
In fact, an accountant or tax preparer may be able to help you find tax advantages to running a business from home. In addition, there is an endless number of businesses that can be created with very little startup costs needed. As long as you have access to the internet, you have the opportunity to start your business.
Platforms like Shopify even let you set up an online store for a minimal fee, offering a list of products to sell, where you don’t have to hold an inventory or ship anything. This makes starting an ecommerce business and selling products online as easy as can be.
Here are just a few business ideas to start with little to no startup costs invested:
- Pet sitting or dog walking
- Personal chef or catering business
- House cleaning
- Personal trainer
- Freelance writer
- Photography business
- Landscape designer
- Party planner
There is an endless number of ideas, even when your budget is restricted.
4. Find skilled workers to outsource jobs
Just because you’re running a business from your home, doesn’t mean you can’t have a skilled staff. If you don’t have the time or skillset to get something done, freelancing websites like Upwork give you the chance to outsource almost any task you need doing, from freelance writing to graphic design and data entry. This is also a great option, because you don’t have to keep staff on payroll and can simply hire per job, as needed.
5. Build relationships with customers using social media
Social media is everywhere. And it has become one of the biggest and most effective ways for businesses to market themselves, expand their reach and stay connected with customers. Sharing helpful blog post content is perfect for engaging customers and demonstrating your expertise.
Many platforms are either free or very inexpensive, making them a no-brainer when it comes to keeping costs down and marketing your business. Take advantage of all available platforms to promote and grow your business.
Be sure to keep them updated and reply to customer questions, reviews and complaints quickly.
What are the best home-based business ideas to start now?
Business trends are always fluctuating, but ecommerce business continues to be on the rise. Online business was shown to be especially resilient through 2020, with the impacts of COVID-19 negatively affecting many brick and mortar stores as physical distancing rules were enforced.
A number of businesses were forced to make significant changes to their business structure and had to learn how to start moving many of their services online.
There are a number of trending online business ideas that can be set up at home with just a laptop and very little or no startup costs:
- Dropshipping store through Shopify
- Freelance writer on Upwork or Guru
- Teaching an online course through Outschool
- Sell your handmade items on Etsy
It’s likely that business trends continue to move even more towards online business in a post-COVID-19 world. Successful businesses now must be able to operate online or be prepared to adapt business plans to sell online if needed.
The barriers that previously inhibited new business owners from opening their doors are a thing of the past.
Opportunities are abundant for entrepreneurs to begin a home-based business. It’s never been easier! And, Ontario Business Central is here to help make registering or incorporating as easy as possible.
Simply select the jurisdiction where your home business will be based, and we’ll help you get started today:
Author bio: Since 1992, Ontario Business Central has been assisting entrepreneurs to incorporate and register their businesses. Our commitment is to our clients, with over 190,000 already served and over 95,000 businesses started. Whether you’re a new business owner or you have been in business for some time, we are here to help. Reach out to one of our helpful agents if you have any questions.