So you’ve spent the last year at home with your children and they haven’t driven you completely bonkers? Now you’re thinking that maybe you don’t want to return to the office when all this is over and restart your children in childcare…
You certainly wouldn’t be alone in that thought.
So maybe the time is right to think about starting a business? But if you haven’t yet had a brilliant idea for that amazing new product or service the world definitely needs right now, then you will have to think about what exactly it is that you do want to do.
To help you get those cogs turning, we’ve put together a list of business ideas that a) you can start from home, and b) could be lucrative if done right.
“Starting a new business always takes effort… But it’s also exciting and incredibly rewarding.”
Now, we’re not going to lie and say it’ll be a piece of cake – because it probably won’t be. Starting a new business always takes effort, dedication, and being prepared to learn from the mistakes you make along the way. But if you pick the right business for you, it’s also exciting and incredibly rewarding. So here are some ideas for you:
“What the heck is dropshipping?” we hear you cry. Well, put simply, it’s a way to sell goods online without actually handling them yourself. And it’s a great way to set up an ecommerce business from home with minimal hassle.
You basically set up an online store (using an e-commerce platform like Shopify) and then partner with suppliers who store the stock and then fulfill your orders by packing and shipping goods directly to your customers. You make money by selling goods at a marked-up price from what you pay the supplier.
“There are already a bunch of apps out there that you can use to find products to sell via dropshipping.”
One of the greatest benefits of dropshipping is that you don’t have to worry about buying or storing stock ahead of time. You just need to generate the sales through your online store.
And if you’re worried about how to find dropshipping partners, fret not. There are already a bunch of apps out there that you can use to find products to sell via dropshipping – some even integrate directly with Shopify. Among the most popular are the likes of Oberlo, Printify, and Spocket.
The tricky part with dropshipping comes in knowing the consumer trends so that you choose products that will sell. You’ll need to do your research on buying trends, up-and-coming products or seasonal demands – and then tailor your online store accordingly.
What are the benefits of dropshipping?
- You don’t need to pay out for goods in advance
- No need to physically store items yourself
- Suppliers deal with the hassle of packing and shipping customer orders
- Easy and inexpensive to get started
- Perfect for parents with irregular routines as you can manage an online store at times of the day that suit you
- If done well, the world is your oyster in terms of scaling a dropshipping business
Things to be aware of about dropshipping
- You’ll need to do your homework on buyer trends
- The key to dropshipping success lies in a well-designed and curated online store
- Take time to choose a selection of products that are in demand
- Plan your pricing structure carefully to ensure you generate a decent income
2: Website flipping
Website flipping is a relatively new concept in the world of digital businesses, but it’s rapidly gaining some serious buzz online. You might have heard of property flipping, where you buy a rundown house, do it up and sell it on for a profit. The exact same principle applies for website flipping – but not a hammer or dust sheet in sight!
You buy a website that’s already up and running, but most likely performing pretty poorly. You then work some magic by sprucing up the site’s design, improving the content and optimising the overall user experience – all with the aim of increasing sales and conversion.
“You buy a website that’s performing poorly, spruce it up and sell it on at a profit.”
Once the site has started to generate more revenue you can then sell it on at a profit – or keep it and pocket the revenue for yourself. Either way, it’s a win-win.
As with property flipping, to be successful at giving a website a makeover you need to know what you’re doing, how much it will cost, and where best to invest time and money. SEO and content marketing can work wonders, if done right. Or you may consider changing the products or services sold on the site.
However you choose to flip the website, you’ll want to make sure that the new look site you create is going to attract customers and generate sales. If you’re not experienced in ecommerce or website optimisation, this might not be the business for you.
Like the sound of website flipping? Check out sites like Shopify’s Exchange marketplace to see what online businesses are up for sale.
Training and tutoring
If you’re a parent who’s had a lot of experience in a particular subject area, you could turn that knowledge and experience into a successful training or tutoring business. There are always training opportunities waiting to be realised, whether you specialise in formal academic topics like maths, history or science, or soft skills such as leadership training or people management.
Tutoring students is often a great first step to build your experience and confidence in training or tutoring. Businesses are constantly looking for quality training for their staff, so utilising your experience can become a seriously lucrative and rewarding business option.
“Hopefully hybrid working will allow you to build a training business that you can flex around your home life.”
The joy of the post-Covid working world is that video working is now a norm, as is online training. In-person training will return, but hopefully, the option of hybrid working and training will allow you to build a training or tutoring business that you can flex around your home life.
Ways to expand a training or tutoring business
Once you’ve established your base business in training or tutoring, there are ways to grow the business and further boost your income – such as:
- Write books on your specialist subject(s)
- Create training material
- Offer consultancy for businesses
- Hire and train a team of trainers
Set up a subscription service
It’s undeniable that subscription services have become the norm for a huge number of consumers around the world. So, why not join in on the action? Subscription services are a great way to build a steady income that is more reliable than plain selling.
“Thanks to the nature of subscriptions, you’ll get a steady income – which is like gold dust for a new business.”
By offering a product that you supply on a regular basis you are securing regular payments over a given period of time. And thanks to the nature of subscriptions, you’ll get a steady income – which is like gold dust for a new business founder.
Popular subscription goods
Some of the most popular goods on subscription that you might want to consider include:
- Meal kits
- Beauty supplies
Though offering something new and unique can pay off. Think about what you might want to receive on a subscription but can’t right now because it’s not available. That could be a great place to start – fill a niche and create your own subscription service.
Looking for more business ideas but unsure what to do first?
If you’re thinking about starting a business but are unsure of the first step to take, check out gofounder.com. And, for more business ideas inspiration, check out GoFounder’s guide to the new business ideas post-Covid.