Think Big, act, and grow with these Home-based Business ideas By Vikram Shah - January 8, 2020 Last Updated at: Dec 01, 2020 1497 Many people are selling home-made food items to earn a living in these uncertain times. But, since the nation went into a lockdown, there have been only 2,300 registrations of such home-based businesses. The Food Safety and Standards Authority of India (FSSAI) has taken a note of it and issued a directive to all sellers of home made food in India. It has said that selling home-made food items without a license or registration will incur a fine of up to Rs 5 lakh and imprisonment for up to 6 months. FSSAI registration is required for businesses with sales below Rs 12 lakh and a license is compulsory for businesses with sales above Rs 12 lakh. There are several articles nowadays with inviting titles such as, “Business ideas from home”, “Money making ideas”, and “Best home-based business ideas to Make Money”. These headlines and the articles that follow them inspire readers to kick-start their own ideas and turn ideas into multi-million dollar enterprises. But, while some of these ideas are great ways to make money, there are several pitfalls that readers need to keep their eyes open for. Are home-based business ideas really that great an idea? Studies show that they are with over 48% of Americans having a home-based business along with their regular jobs. So what are some sure-fire ways to start your own home-based business? Here’s a look at how you can grow your entrepreneurial spirit and grow with a few home-based business ideas. Tips on Starting a Business One of the biggest problems that entrepreneurs face is starting trouble, wherein they constantly think of ideas but never execute them. This leads to a sort of limbo wherein the business idea never becomes an actual business. While it is great that you envision your idea and plan it, nothing will materialise unless you turn those thoughts into actions. Constructive action needs to follow suit to turn your idea into an actual business. Thinking outside the box is great, but you also need to make sure that the idea will sell. Therefore, proper analysis and market studies must be done to ensure that the idea is one that will be fruitful. Make sure you talk to people with experience and then learn from the mistakes they made. Business is a tricky field wherein you don’t have the luxury of making every mistake by yourself. Hence, interact with others in the field to get an idea of what works and what doesn’t. Don’t let the fear of failure dominate your mindset and intimidate you. While it is scary to head out and start your own thing, you need to clear your head and think straight to get things done. You must never underestimate the importance of doing proper business preparation. Make sure you are aware of labour rules and costs, return on investment and a few of the hidden costs before you start. Try to find a niche for yourself that is also profitable. For example, if you love writing and have a decent social media following, try to start a blog writing. When you are investing time in doing something you love, it won’t feel like work. Get free legal advice now Home-Based Business Ideas So, what are some jobs you can do from the comforts of your home? In many ways, working from the confines of your home, at your own pace, is better than working tirelessly for someone else. Everyone dreams of being their own boss, and so here’s a look at a few business ideas that you can start from your home! Rent Out Your Room Companies like Airbnb allow you to meet with visitors who would want to stay in your home or in a spare bedroom you may have. This online marketplace connects you with potential customers who are looking for a place to crash when they visit your city. In case you have another home or a couple of spare bedrooms in your own house, then this is the best way to monetise those assets. Sign up on the website, list your property and provide your customers with the bare minimum necessities to make cash easily. This is a great idea if you have a large home and live in a touristy city because it is a great way to make money of an immovable asset that would otherwise have become a storage room! Rent Out Your Vehicle If renting out a room in your home seems like an invasion of privacy to you, then go ahead and list your car or two-wheeler on sites that allow for renting vehicles. This way, you can put your vehicle to use at all times of the year and get paid to do so. If you don’t plan on using your car for a couple of days, or better yet, if you have a spare one, sign up on such platforms and list the car to make instant money. Invest in the Stock Market While the real-estate industry is more expensive and elusive, entering the stock market sector isn’t all that hard. All you need to do is get yourself a DEMAT account and you’re good to go. Make sure you read up on the sector and understand it before investing money though. Better yet, you can approach professionals who will invest your money for you in case you are too scared to head out on your own. Blogging If you have an interest in writing and also have a decent social media following, this is probably the best thing to do. While it may take a few months to grow an audience, blogging is a great way to make some money while sitting at home. Build a perspective, and find things to write about before you start so that you know what exactly your content will be. Niche blogs are a great way to start because that way it is easier to build an audience. Examples of niches include food blogging, travel blogging, makeup and beauty secrets, healthy eating and even yoga. Graphic Design This is another great option if you are inclined towards the arts. Graphic designers are sought out nowadays as more and more businesses try to make their presence online. Hence, such designers are always in demand to help businesses convey information digitally and visually, via logos, ads, and posters. You also have the option of enrolling for online courses and having a certification for the same, which makes you even more credible within the industry. Since the business has very little overhead charges, requiring just a good laptop and internet connection, it is a great way to make some extra cash. Web Design and Development More and more businesses are now taking their products online and hence, the need for websites is growing by the day. Hence, web developers and designers are invaluable to companies, which is why these jobs are turning into potential goldmines. With some foundation in HTML and CSS, people can get their business up and running, and with the way things are going, this is one industry that will always be in demand. All these ideas are sure-fire ways to make money. You can also try out other avenues such as baking, catering and cooking classes if you have any interest in the culinary field. However, such ideas require the investment of some capital and may also require the procurement of some form of license. Make sure you check out all your options before fixing your home-based business idea. Use these ideas and try to figure out your interests. An entrepreneurial mindset will help you to grow as not just a professional, but also as an individual. Think big and act on those thoughts to see how your ideas help you and your business grow and prosper.