COVID-19 is one of those black swan events that will change the course of history. Events such as these impact every aspect of human existence, to the point that the livelihood of people gets at stake. Entire economies start crashing, what to talk about individual businesses that people are running. The pandemic has already manifested changes in the behaviors of consumers and businesses alike. People have shifted towards remote working, many people have been left in a vulnerable state with no job in hand, many businesses are collapsing with disruptions in supply chain and shortage of goods. While some of these changes might be short-term, others might have more wide-ranging effects that continue in the long run as well.
In addition to making people homebound, which is the most effective way to stay safe and keep others safe, the pandemic has taken a toll on the financial status of many. Many offices and businesses have closed down due to the implementation of social distancing laws and this has led to the initiation of a whole new economic crisis. But we must not give in and should try to find ways to survive, even thrive in this crisis. Every challenge also presents multiple opportunities that can be leveraged to make the best of it.
If the world seems to be closing in on you, why not take things in control and create your own opportunities? A lot of times it’s about taking a leap in the dark which opens up new paths towards success that you didn’t even expect. Moreover, the current unusual situation can also be taken as a means to try new ideas and explore your entrepreneurial skills.
The benefits of running a home-based business
This business model comes with many benefits – no wonder why 50% of businesses in the US are home-based. It gives you the flexibility and freedom to work from the comfort of your home, allowing you to maximize your productivity and creativity. You also get the leeway of having peace of mind as numerous additional expenses – the rent, employee salaries, inventory management costs – are cut down and your workflow is less complicated. All the saved resources can be invested in future developments for your business.
With the coronavirus situation prevailing, it’s high time you roll up your sleeves and delve into the world of home-based businesses.
5 ideas for a home-based business
1. Drop-shipping
One great option for a sustainable home-based business is that of drop-shipping. If you haven’t heard of this term before, it’s basically a new trend in the retail industry where you sell products by becoming the link between the customers and the manufacturers. What does that imply? Well, if you follow the drop-shipping model, you no longer need to own or maintain an inventory. You’ll just need a laptop to manage the work online and a few expenses to start with. No warehouse and stock management, no inventory tracking, and not even the hassle of packing and shipping the orders.
A drop-shipping seller buys products from a third-party manufacturer or business, which are then sent to the customer directly. Affiliate programs of other brands can also be joined and drop-shipping can be used to make a profit from it.
2. On-demand printing
If you’re an artist or designer with a flair for designing, a print-on-demand business can go well with your skills and also save you the time, risk, and resources needed to maintain your own inventory. It’s a great way to monetize your creativity – partner with a trusted supplier to sell your designs to them under your name. Customize products such as tote bags, backpacks, t-shirts, cups, etc. using your design skills.
The best part of this business idea is the fact that you won’t need to worry about the printing and shipping once a sale is made; everything is handled by the supplier you’ve partnered with. Moreover, you can provide whatever is in demand as per your expertise.
3. Homemade products and services
Handmade products are always in demand as they carry that sentiment of being homely and organic. Especially in these times of crisis, where people are already feeling socially cut-off and are concerned about their well-being more than ever before, the demand for homemade products is high. From cosmetics, candles, handicrafts, art pieces, to homemade food items like healthy snacks and desserts, selling handmade items can be a booming business. You can ever monetize your services like painting, writing, calligraphy, etc.
This model gives the entire control of the business in your own hands – creating, managing, and distributing your products or services has to be done all by yourself. So, you need to be an active and vigilant individual in order to take up this option, as you will have to do all the take care of all the operations yourself.
4. Online consultancy
The pandemic’s nightmare has forced people to stay at their homes, and a lot of activities that they were involved in, pre-coronavirus, are no longer possible. This creates an opportunity for experts in any field to start an online consultancy business, where they can advise and mentor people by connecting with them online. This will require a few basic things apart from the expert knowledge in your niche – an online platform, a dedicated workspace, good supporting equipment such as a mic and camera, and tools related to what you’re giving consultancy about. You could be giving online cooking or baking classes, photography classes, diet consultancy, or marketing consultancy to other businesses like Carpet Cleaning Epsom.
5. Online tutoring
Lockdowns due to COVID-19 have greatly impacted the educational sectors and as a result, learning processes around the globe have been adversely affected. According to experts, 99.4% of the student population of the world is suffering due to the widespread pandemic situation. This puts professionals from the education sector in a favorable position to kick-start an online career, as people are worried about their kids’ education and want help in covering the loss. If you’re good at tutoring, you can start giving online tutoring sessions to students and offer value by providing them notes and study material to grasp the concepts better. You have a high chance of earning some good income through online tutoring at this point in time.
