Start a Business from Home Online By Kaviya A - February 11, 2021 Last Updated at: Feb 12, 2021 0 573 One of the biggest hurdles in setting up a new business is obtaining the required funding. The hunt for funding is the single most crucial part of being an entrepreneur and the most challenging obstacle due to a large number of ideas and a small number of investors in India. However, young entrepreneurs have found a way to circumvent this hurdle. Starting a business from home is one of the most economical ways to kick-start your entrepreneurial dreams. Even the likes of Mark Zuckerberg started his billion-dollar company from his dorm room, inspiring millions to follow suit. This article will look at how to start a business from home online by exploring a few internet-based business ideas. Why start a business from home online? Advantages of starting a business from home How to start a business from home online Start a business from home online using these ideas Tips on how to start a business from home Why start a Business from Home Online? Whenever you think of starting your own business, the first thought that hits you is a fancy office or commercial space. However, young entrepreneurs no longer look for such commercial real estate, preferring to base their business off their homes. Doing so helps make the process a lot more economical, and also helps save time and effort. The rise in popularity of home-based online businesses has helped entrepreneurs discover innovative ways to use remote working to jump-start their businesses. Additionally, the coronavirus’s advent in 2020 helped prove how remote working was a profitable and viable option. Due to the steep rise in the use of the internet and other smart devices, connectivity is no longer an issue. Technology helps us bridge all connectivity issues, giving rise to more flexibility in when, how and where we work. All these factors have contributed heavily in raising the overall appeal of home-based businesses. Start Your Business from home Advantages of Starting a Business from Home Helps entrepreneurs save a lot of money, which can be put to use in developing the business Offers more flexibility with regards to hiring and staffing, as remote working helps in building a well-connected work environment Optimise that spare room or extra storage space you have at home by converting it into your mini-warehouse or office. Provides entrepreneurs with the flexibility to work on the business as either a full-time job or side-hustle for extra money. Most home-based businesses require significantly less inventory and can operate even on the go. The low-investment idea that has significantly few overhead costs and offers tax deductions Allows entrepreneurs to sell their products and services both locally and internationally Create a family business wherein your relatives, friends and family can chip in instead of external staff Provides a much better work/life balance, making it perfect for stay-at-home parents and retirees How to Start a Business from Home Online? First and foremost, you will have to decide on what type of business you want to start. Once you have decided what market you want to compete in, you must run a feasibility study and research the market. With data in hand, you must figure out what type of products or services customers want, how much they are willing to pay for it and how you will offer it to them. Next comes finding the right suppliers, vendors, and customers by talking and reaching out to people. You will also have to meet with legal experts to understand what licenses, permits and certifications you will need to obtain to start such a business. Once you have the legal obligations completed, you can take the help of web developers to create a website or mobile app for your business. Lastly, you will need to effectively market your business to reach out to more people and have them approach you. Start a Business from Home Online Using these Ideas Start a dropshipping store which essentially allows you to take inventory stocking and shipping off your hands. In such businesses, all you have to take care of is marketing, customer acquisition and customer relationship management. A third party will handle the production, storage and actual shipping of products on your behalf, making the overall experience more straightforward and less stressful. Sell a unique service or expertise that you might possess and others might find useful. For instance, people can monetise their skill by taking on pupils and providing personal coaching to students who need help. Selling services online is an easy task, but the more challenging aspect is allocating the limited time you have efficiently to maximise your returns. Some of the skills you can monetise include tutoring, content writing, personal fitness training, designing and marketing. Turn your skills into products and market them online to start your own business. While the former option helps you monetise your time, this one allows you to monetise your skill directly. By creating digital products that package your expertise and skill, you can generate additional revenue and help a large number of people. Some of the best ways to do this include digital courses, licensable assets, reports, PDFs, whitepapers, and merchandise. Other home-based online business ideas include; Network or Multi-Level Marketing to sell healthcare and nutritional supplements Photography touchup and digital design and editing Packing and repacking services for those who shift a lot Bitcoin mining and financial investment consultancy Graphic designing and website testing Tips on how to start a business from home In case you are involved in any production business, make sure you buy your raw materials in bulk so that you get them at a more economical price. Not only will this help you lower your production costs, but it will also help you build a better relationship with your suppliers. Selling homemade products is a great way to make some extra money if you have any particular skill. Nowadays, homemade bakery items, candles, gift items and paintings are gaining popularity as they tend to be of excellent quality. If you are a good cook, baker, painter, or artists monetise your skill by selling homemade products online. Content development and writing have also gained popularity in recent years and serve as an excellent option for students who wish to make extra money. The only things you need to start such a business is a good desktop or laptop and a stable internet connection. Make sure you come out with innovative ways to market your business. In case your business involves selling homemade goods, give a few free samples to close friends and family. This will help spread the word about your business, helping bring in more clients. Create a visually appealing and responsive website to help spread the word about your business. Not only will it help you reach out to more people, but it will also provide you with some much-needed online presence. Reach out to VakilSearch to gain insightful advice and support regarding how to get your business idea off the ground. Our team of legal experts will be able to help you find investors, pitch your business idea and obtain the permits and licenses required to maintain compliance. So, what are you waiting for? Give wings to your entrepreneurial dreams with VakilSearch by your side!