Life as a digital nomad or freelancer doesn’t appeal to some people. But many of these same people are interested in working remotely and being entrepreneurs. For them, a home-based business is where it’s at. But what is the best business to start from home?
The best business to start from home is one you will actually follow through with.
Working independently from the comfort of your own home can be hard. I’ve been location independent for about six years now, and my entire graduate degree was essentially independent study, and I still sometimes struggle with getting my grind on.
I think the key is to find something that you are passionate about and enjoy so you are motivated to actually do it. I am head over heels in love with writing, content strategy, marketing, mentoring, and helping individuals and brands to achieve their goals. This helps me actually get down to business when there is cleaning to do, hobbies to enjoy, fun to be had, shows to watch, and cuddling to be done. It also helps me to ignore distractions–significant others, pets, kids, and the weird neighbors who always look like they are up to something.
If I was just in it for the money, I wouldn’t be as successful. Yes, money is rad, but it doesn’t feed my curiosity, intellect, or soul, so I definitely wouldn’t be as into working at home (or anywhere!) if moola was the only real reward.
Speaking of money…
The best business to start from home is one you can make enough money doing.
There are plenty of “opportunities” to work from home. Some of these aren’t legit online jobs and may be straight up scams. And some get you involved in illegal activity–reshipping scheme, anyone? But many are completely legal, safe, and not designed to rip you off.
Of these authentic opportunities for entrepreneurship, there are many that don’t pay terribly well. If your goal is to actually make money to support yourself, contribute to your household income, or build a nest egg, you have to find something that pays enough to make it worth your while.
When you’re just starting out, you may have to struggle a bit. When I was a freelancer and getting ramped up to really own being my own boss, I definitely didn’t make the big bucks! I was producing articles for just a few dollars each in order to build a reputation for myself and bulk up my portfolio. But eventually I hit my stride and then I raised my rates. And then I kept raising them, the busier and more experienced I became. There’s a good chance that whatever business you build, you may have a similar experience.
The best business to start from home is one you can afford to start.
Becoming a freelancer or launching an agency like mine cost next to nothing to start. Launching Team Impressa set me back under $1000. Most other businesses cost exponentially more.
If you need equipment, material to produce products, special tools, specific licensing, or anything of the like, it’s going to be more expensive. And if you don’t have the money (or can’t or won’t come up with it through financing), you don’t have the money.
Pick something you can afford without selling an organ. This may even be a lean, mean, streamlined version of your original idea.
The best business to start from home is one you start.
You need to actually start your business. Daydreaming isn’t going to do it!
Grab a pen and paper (or open Evernote), and start making a plan. Work out your budget, brainstorm your ideas, and get the wheels in motion. If you don’t get started, it’s never going to happen!