Competition to get into top universities is as tough as it has ever been, so nervous parents are willing to pay handsomely for tutoring for their kids. You need an area of expertise—math, and specifically SAT math preparation, is always a favorite—but almost any subject will work. If you know how to market yourself locally, you can take advantage of parental paranoia and make money by tutoring right in your own home, or at a local library or coffee shop. Just make sure to do your homework on your local market in order to set prices and know which areas of expertise are most desired by parents in your area.
To be successful, home-based business owners need to be aware that time-stealing temptations exist and take steps to counteract digressions before they turn into habits. If distractions seem overwhelming, the first step is to analyze the situation. If the problem lies with household chores, eating, or the television, the solution may be to get the distractions out of sight. If the problem involves family members or friends and neighbors, it may be necessary to have a frank discussion or family meeting concerning work time and free time. Options for resolving people conflicts include moving the office to another part of the house, hiring a baby-sitter or arranging for day care, or not taking personal calls during business hours. Ideally, an entrepreneur should set up a daily work schedule, try to work diligently for several hours at a time, and then take a break as a reward.
These work arrangements are more likely to become more popular with current trends towards greater customization of services and virtual organizing. Distributed work offers great potential for firms to reduce costs, enhance competitive advantage and agility, access a greater variety of scarce talents, and improve employee flexibility, effectiveness and productivity. It has gained in popularity in the West, particularly in Europe. While increasing in importance, distributed work has not yet gained widespread acceptance in Asia.
In the 1990s, telecommuting became the subject of pop culture attention. In 1995, the motto that "work is something you do, not something you travel to" was coined. Variations of this motto include: "Work is something we DO, not a place that we GO" and "Work is what we do, not where we are." Telecommuting has been adopted by a range of businesses, governments and not-for-profit organizations. Organizations may use telecommuting to reduce costs (telecommuting employees do not require an office or cubicle, a space which has to be rented or purchased, provided with lighting and climate control, etc.). Some organizations adopt telecommuting to improve workers' quality of life, as teleworking typically reduces commuting time and time stuck in traffic jams. As well, teleworking may make it easier for workers to balance their work responsibilities with family roles (e.g., caring for children or elderly parents). Some organizations adopt teleworking for environmental reasons, as telework can reduce congestion and air pollution, as it can reduce the number of cars on the roads.
Publishing is dead; long live the e-reader! Now that anyone can have their work e-published, it is possible for anyone to make a fortune off their writing. The biggest recent example is the 50 Shades of Grey trilogy, but there are many authors taking advantage of the ease of e-publishing. If you love to write and are willing to do your own promotion (and having a blog can really help in that case), writing an e-book is an excellent way to make money at home.
Salvage and resell. Do you love antiques or have a knack for finding valuables at flea markets or yard sales? If you do, it might be time to consider salvaging items for resale – or even scouting out antiques to sell for a profit. While you’ll need to spend quite a bit of time searching for prospects and spend some money buying upfront, you could easily turn a profit if you know what you’re doing.
If you have carpentry, plumbing, electrical, decorating, or other home improvement expertise and the requisite tools and equipment, home renovation can be an ideal business to operate from home. The best home renovation to focus on for the long-term? Bathroom renovations. My recent bathroom renovation included cabinets that were installed by a local contractor who operates his cabinetry business from his home.
Fiverr is one of the biggest providers in the gig economy on the web and you can sell a wide variety of services and products through this medium. Do the research and find out what you can offer. However, keep in mind that like any other money-making task, it takes time to succeed here. And stellar reviews will help you generate more and more income over time.
Plus, this is an especially useful freelancing job if you know multiple languages—because then you multiply your opportunities! Want to write for foreign blogs to dust off your linguistic skills? Or translate the articles you or other people have written to make some extra cash? Make sure to include this important skill in your cover letter when applying for a freelancing gig.
Obviously some of these small business ideas have more earning potential than others, but what they all share in common are relatively low barriers to entry and the flexibility to work at them for a limited amount of time per week. I also tried to focus on side business ideas that have some sort of online component to them, since that's what I love most.
Start a bed and breakfast. If you live in a popular resort area or own a historic property, a B&B might be the perfect side hustle. Not only can you work at home with this career, but you’ll also score some tax write-offs in the process — although most innkeepers caution that the profession requires a lot of hard work and is more of an attractive lifestyle than a money-making pursuit.
Yoga is getting ever more popular, which means yoga instructors are more in demand than ever—making this another physically rewarding side business idea. Link up with a local yoga studio to teach nightly classes or offer personalized yoga in-home at a higher rate to pursue this kind of emotional and physical balance with others, during your free time while helping your bank balance, too.
There are loads of job listings for freelancers on major job boards, and you can always advertise your services (and look for work) on craigslist or LinkedIn. Once the jobs start rolling in, don’t be afraid to go to previous clients and ask for more work. Steady work is the best work for freelancers. If all else fails at first, just write. Start a blog. Build clips. Get writing!
Robo-advisors are diversified investment accounts that are automatically managed by a computer algorithm (as opposed to a human money manager). If you want to invest, but don’t have the money, or don’t want to invest with a money manager, robo-advisors are for you! Robo-advisors make investing easier—and cheaper—so they’re perfect for new investors.