The nature of the economy in the country has made it harder for people to live comfortably, especially low-income earners. To meet up with the increase in the price of commodities and services, most people have resorted to quitting their jobs to start businesses of their own.
Also, while some are quitting their jobs to start businesses of their own, others have decided to do the same but from their homes using online platforms. If you are part of the latter, then this article is just the right one for you as it focuses on what you should do if you are looking to start an online business from home.
WHAT IS A BUSINESS
A business is any activity that helps one to make a living or earn money through the production, acquisition, and sale of commodities and services. It is any activity that is done by an individual or a group with the sole aim of making a profit.
In business, the owner is usually in charge of the activities and held responsible for the debts incurred by the company. Meaning, that if the business incurs debt, creditors might decide to take the properties of the owner to settle the debts(incur by the business).
WHAT IS AN ONLINE BUSINESS
An online business is a type of business that is done on online platforms rather than in physical locations. Although an online business is different from other types of businesses in the sense that it is done online, it shares some similarities with them in terms of transactions between buyers and sellers.
Depending on which is comfortable for you, you can run an online business from home or an office in an organization.
WHY START AN ONLINE BUSINESS FROM HOME?
You might be wondering, “why should I start an online business from home when I can simply do it in an office or why even start an online business in the first place when I can do a physical one?”
Here are reasons why people have chosen to start online businesses from home and why you might want to do the same too.
One of the major reasons why most people choose to start online businesses from their homes is to get personal freedom. This might be a result of the pressure under which they’ve had to work from the office or the kind of stress their previous work put them through.
An online business gives you the freedom to work when you want, how you want, and for whom you want to work. You can take breaks whenever you want and even create the type of work environment you want to be in.
Non-sharing of profit.
In standard organizations today, most people don’t get paid for the kind of effort they put into work because they have a fixed salary. Hence, no matter the amount of profit they generate for their company, they’ll only be given their salary as a reward for their work. When you run an online business from home, the case is different. You get to enjoy the profit you make alone, without having to settle for just a percentage of that profit as your salary.
Compared to when you are running a physical business, an online business saves you cost in the sense that you don’t have to spend money to build a structure or rent a place for your business. Since you’ve paid for the house in which you live already, you don’t have to pay to run your business in it. You can simply use the money that would have been used to rent a place for your business for something else.
Also, if you are running a business from home, you won’t have to spend money on transportation to and from work.
Increased Growth and Productivity
Truth be told, one reason why people struggle to grow or produce results in their workplace is because of their work environment and the type of pressure they have to work under. These tend to affect their work and reduce their productivity. The case is different when you are running an online business of your own from your home. In your home, you are in your comfort zone and you can work without pressure. This helps you to work at your own pace, increase your productivity, and even your growth as an individual.
Time For Family
Another major reason why most people have chosen to take on online businesses from their homes is the luxury it affords them to spend time with their families. This is a privilege they don’t get to enjoy with their 9–5 jobs.
STARTING AN ONLINE BUSINESS FROM HOME
Now that you’ve known some reasons why people are leaving their jobs to start online businesses from home, you might be wondering about steps you can take to start on your own. Not to worry, here are a few tips that can help you out with starting an online business of your own from your home.
Generate an idea
The first and most important thing you should do whenever you are ready to start your own online business from home is to generate a business idea. One of the major reasons why many have failed today is because they went into businesses without giving them a thought. Some go into businesses because they see others succeeding in them.
This should not be the case with you. Take your time. Consider your options and come up with an idea that suits your purpose of starting the business or what you hope to achieve with the business.
Here are some tips that might help you generate ideas for your online business from home:
- Take a look at what you are good at or something you can do easily which looks hard to others.
- If you are not sure of what you are good at, simply ask people around you like your former co-workers, family members, or even friends.
It is a good thing to turn your skill into a business idea since it is something you are good at and probably experienced in.
Conduct a Research
After you have gotten an idea of the online business you want to do, the next thing is to conduct research(on that business). Is it something that can solve people’s problems? Is it a business that is profitable? Have other people succeeded in it? What would it cost you in terms of finance and time? All these, among others, are what you should be able to get answers to by the time you’ve done and completed your research.
At the end of your research, ensure the online business(selling goods or offering services) you are choosing to do from home is one that:
- Is in high demand in the market
- Is profitable.
- Is Flexible
Create an Online/Social Media Presence
If you intend to run an online business from your home, you should know that customers won’t come to you physically to buy your products or pay for your services. This is why you need an online/social media presence. Even if your online business will require people to visit your home to buy a product or pay for a series, there is still a need for your to have an online/social media presence so you can spread the word.
Market and Sell Your Product/Service
With a good online/social media presence in place, your can now start marketing your business online.
ONLINE BUSINESS YOU CAN START FROM HOME
In case you are confused about the type of online business you want to start from home, here are examples of some you can venture into:
This type of online business involves introducing people to a brand’s product or service and receiving rewards(usually monetary) when these people buy that brand’s product or pay for its service.
You can market these products or services on your social media platforms and direct people to patronize their brands or you can write blogs where you review their products or services and recommend them to your readers.
You can also run an online business from your home by opening an online store. You can get a standard website where you can showcase your products and add an easy/flexible payment method through which your customers can purchase those products. You can also create an option for them to leave reviews on your products. This will enable you to know what you are not doing right and make the necessary corrections.
Even if you don’t have a website, you can still showcase your products on your different social media platforms and market them for people to patronize you.
Although some people blog for personal reasons, others do it for monetary purposes. You can be among the latter if you are looking to start an online business from home.
You can make money from your blog by marketing your products, and other people’s products or by charging companies(like Google Adsense) to place adverts on it.
Other examples of online business you can try from home include graphic designing, freelance writing, E-book marketing, dropshipping, e.t.c.
Starting an online business from home is not something that should be rushed or done without proper planning as it might lead to a devastating failure for you. Ensure you generate an idea for your business, conduct proper research, create an online presence and market your products/services.