Don’t be put off by some who think home businesses aren’t proper businesses. A home business can be just as successful as a business based in a top office location and in cases, be even more successful.
If you are looking to start a new business, you should be clear on what model (or models) you want to follow.
There are numerous models to choose from, and each has a different success strategy. A home business has the advantages of lower costs and more flexibility, although it isn’t right for everyone.
However, for those wanting to start a new home business, there are many ways to earn revenue from home. Here are some examples of different home businesses models you could use:
1. Review Site
If you have a passion for something, whether it is reading books, watching movies, playing with toys, driving cars, or putting up flat-pack furniture – other people will be interested in reading about it. By reviewing products within the industry, you can become an online influencer and earn money from affiliate sales.
If you become influential enough – you can even enjoy your hobby for free as companies provide their products to you for free-of-charge and sometimes before general release. Reviewers don’t technically need a website. YouTube and social media can be good outlets – but it makes it harder for you.
To be a success with this model, you need lots of well-written reviews and a strong following online. Try to grow your Facebook, Twitter, Instagram, YouTube, and email subscribers to maximise your returns.
2. Magazine Site
This can be a combination of news and reviews or the former on its own. Magazine sites are great for those that like to write and engage with their audiences. There are also several revenue streams to choose from including:
- Paid subscriptions.
- Affiliate links.
- Sponsored content.
Magazine sites require a lot of attention. You should continuously be developing content and promoting to attract audiences and grow traffic. A slight variation of this model is the podcast or vlogger model.
3. Consulting Businesses
A home consulting business is great for those who have lots of knowledge of a subject. For example, experienced business leaders can become business coaches.
Consultants don’t always have to be business-to-business. You could be consultants to consumers on numerous topics.
Consultants obviously earn their money from their advice, but they can also earn additional revenue from other streams including:
- Selling ebooks.
- Affiliate sales.
4. Ecommerce Store
Looking to sell products to the consumer? Then an ecommerce store could be your home business. Ecommerce stores don’t need physical premises. You could run your whole operation out of a shed if it can store products in good condition.
Ecommerce stores can benefit from other sites like Amazon, eBay, and Shopify to help establish their brands and customer base. Good customer service and excellent products can mean you have lots of regular orders to support your home business.
Some home businesses can even expand to move into warehouses, though there is a trend of small ecommerce stores using self-storage facilities as operational bases.
5. Training Websites
Want to teach your skills to others? Then a training website is something you should consider. You can even use sites like Udemy to help you establish a training brand. But Udemy can take a 50% commission from your sales – which is high.
A WordPress website can be used to take payments and deliver courses easily. You don’t need any technical skills – though it can be helpful. Training websites can also earn more revenue thanks to selling ebooks and personalised training.
Some training websites can even expand their operations to include affiliate links.
Training websites need a lot of work to start with. But they can also be a great way to establish a brand presence for further income from public speaking appearances.
Start Your Home Business Today
Are you looking to start a home business? There are several different revenue streams you can choose to earn an income from. It is just about finding the revenue stream that matches your preferred business model.
What home business will you start? What challenges are preventing you from starting one?
Let us know in the comments below.