The pandemic has made a lot of people go from riches to rags. However if your smart, you can also use this pandemic to turn from rags into riches. No doubt, in 2020 a lot of people have lost their jobs, been laid off, or just plain lost their businesses. Whatever the reason, many people are searching desperately for ways to earn money to survive the crises caused by the COVID-19 pandemic.
Which is why many have turned to start some businesses from home to stay afloat amid this worldwide economic crisis. Generally, businesses mean renting out buildings, commuting to workplaces, managing employees, etc. However, if you are starting something from home, you save a lot of money from all these things.
Another added benefit of starting from home during this pandemic is safety. This is why there is a huge rise in home businesses in 2020. Many individuals are discovering ways to use remote work opportunities to pursue entrepreneurship and make a living safely with all SOPs in place. However, technology is a must no matter what for the home businesses.
In this article, we have mentioned a few pros and cons of doing business from home for you to get a grasp of ideas.
Advantages Or Disadvantages Of Home Businesses
Home-based business by its very definition is the business you start and operate from home. Many businesses are operating that sell their products and services online. Many business-oriented social media networks, such as Facebook and Instagram facilitate home-based ventures and make online business easier for them.
The following are a few advantages and disadvantages associated with running your business online.
- Minimum Investment: Operating the business from your home saves you the cost or office building costs, warehousing cost, employee maintenance, etc. Since your home is your headquarter, there is no need for additional investment. Also, the government offers a tax deduction for small home-based business owners.
- Target Audience: The audience targeted can be expanded locally or internationally. Depending on your budget and business plan. Due to the ability to sell products online, home-based business owners can reach a much wider customer base.
- Flexible Working Hours: Operating your business from the comfort of your home gives you the flexibility of choosing your working hours. This is why you see many housewives, retirees, mothers, etc are mostly the ones who start a home-based business. However, due to the pandemic, this strategy is adopted overall.
- Investments: Since you are working from home, many family members and relatives deem fit to invest in a venture. The community generally all around the world is supportive of local home-based businesses where your family and neighbors work to motivate and promote your new venture.
- Space and Boundaries: Since you are working from home, it is hard to create boundaries. Especially if you have limited space available. Inventory stocking or office space might cost you your home free space.
- Licenses: Even if you are operating from home, you have to meet a few standards to meet the requirements imposed by your government. For example; if you are baking at home there are a few cleanliness protocols you need to meet to get the license.
- Space: Your business might need more space then you anticipated. For example, if you are running a child care business and you started from a single room, there comes a time where you need more space. Therefore the opportunity to expand your home business is not that easy and might come with additional cost and efforts.
- Lone Worker: Working alone from home might get lonely and exhausting. This might affect your motivation and increase stress. However, you can work as a team and get more partners. This would mean expanding your business plan, space, and profits.
Home-Based Business Ideas You Can Start Today:
Today home-based business ideas are very much in trend, its mainly because this is a time to practice social distancing. It’s beneficial and safe to start working from home. Many business-oriented social media networks are offering marketing and sales packages for small home-based business owners. Here are a few home-based business ideas for you to adopt:
- Buy products in bulk at wholesale rates and sell them online. This is becoming popular with niches like; children’s clothes, toys, branded clothes of adults, shoes, COVID-19 masks, etc.
- Organic and Home Made products: The trend of organic products is on the rise in 2020. This is the best time to launch organic skin or hair care products. Also, organic food is very much in demand as people are becoming more and more health-conscious.
- Web- Designing
- Online Classes
- Event Planners
- House Cleaning
- Jewelry Making
- Clothing Designer
- Ebook Author
Farhan Sajid is a student of Computer Science, at the University of Wah WahCantt. He is working in The Odyssey Blog. He is basically inhabitant of WahCantt. He is a young SEO analyst. His area of interest is Search engine optimization.