5 Questions to Ask Before Choosing the Best Home Based Business Idea

Posted in Small Business On June 25, 2015

Home based business grew rapidly in the last few years and it gets more and more profitable for the entrepreneurs who choose the right at-home business idea. There are plenty of home based business opportunities that can fit your lifestyle so choose properly depending on your own background, potential, and capacity.

According to this study from 2013 about 70% of the entrepreneurs in USA start business at their homes. More women than men tend to start work-from-home business and today more than 16 million people prefer working from home with prediction of an increase of 64% in the following years.

The leading self-employment countries in Europe are Slovenia and Estonia, followed by United Kingdom. Currently 5 million people are self-employed in UK and more than 60% of new businesses are started at home. The highest ranking self-employed jobs are construction and building trades, taxi drivers and chauffeurs, carpenters and joiners. The most popular home based business industries in UK are creative industry, business service, retail and professional consulting.

Here you can find 5 questions to ask focusing on your potential and skills needed for starting a home based business.

Are you dexterous?

Are you an expert in domestic improvement of any kind? Dexterous people are and if you are lucky to be one of them then there are loads of home based business opportunities to choose from.

Renovation is probably the most profitable, but there is an increasing demand for other services such as domestic cleaning (about $30 to $40 for one hour), carpentry, plumbing, electrical services, and yard working.

Are you good in trading?

Most of the home based business ideas predispose a “trade trait” in the newly born entrepreneurs, but for some of them you need to be a “born trader”.

Shopping online becomes an everyday practice so first you have to figure out what kind of product you would like to sell. Your online retail store must be well organized and include proper supply and distribution plan and should have a good usability option.

Are you a party person?

You like parties? You don’t like parties with crappy food? Well, if you are a good cook or know somebody who can help you then catering services is one of the best home based business ideas for you.

There is always a high demand in catering services for events, parties, weddings, lunches, etc. Fresh food delivery is also an opportunity for you. You could also be an event planner, a person who runs the organization of the event. You will attend the party anyway.

Good in tutoring?

Virtual teaching is a business opportunity with a promising future. It has already become a trend and depending on your competency it could be also very profitable. Monetizing your website or subscription fee option are two possible ways of earning money as a teacher. The new software allows for multiple options for teaching – video lessons, live courses, etc.

Are you good in giving advice?

If you don’t feel like teaching, but consulting, then you have a lot of home based business ideas to choose from. Let’s start with social media consultant, who can help businesses up-to-date their marketing strategy. Most of the companies nowadays need this know how.

Health insurance consultant is another option. License is not needed if you don’t sell insurance and companies are lack of health insurance data when it comes to reforms. A virtual assistant business needs almost no investment and it is surely one of the best home based business opportunities.