If you want to start a new business, there is no time like the present. The coronavirus has given us the gift of time, despite all the havoc it has wreaked.
If you haven’t yet, here are the Top 5 New Business Ideas to launch your dream home business right now.
Dropshipping is the process of listing products from suppliers on your online store without purchasing any stock. You have an agreement with the supplier to deliver the product to the customer when he places an order on your store. The same is the case for returns.
So, essentially you are selling products without maintaining an inventory and with control on the buying process. There are two significant benefits to this method of eCommerce. One, you don’t have to rent or build physical storage to stock products, and two, your cash is not tied up in stock sitting around. As long as you partner with the right dropshipping partner or suppliers, your business is unlikely to suffer any losses.
Blogging and Vlogging
Blogging is among the first business models to have originated from the internet. Blogs are informative online magazines serving a niche. People frequent these blogs for advice, entertainment, and success. Techcrunch is an example of a blog that started as a hobby and transformed into a successful business. When you use video for sharing information, then it is called vlogging.
If you are a subject matter expert or have valuable skills to share with others, you can start your own blog or YouTube channel. As your videos begin to gain attention, you can start cashing in from the traffic.
Buying and selling on eBay
eBay is an online marketplace where you can sell and buy literally any new or second-hand goods you could think of. Savvy buyers and sellers have made their fortunes on eBay.
There are many undervalued and bargain items that you can find offline and re-list them properly to make a profit. You can also purchase things off of other platforms such as Alibaba and resell them here – and all you need is an eBay account and PayPal business account to get started.
Are you a wizard with words? Do you love to code? Then being a freelancer is the way forward. In fact, due to COVID-19, it is expected that a majority of businesses are going to turn towards freelancers – primarily because they don’t require additional infrastructure to start working, and also because they are relatively cost-effective than full-time resources.
To become a freelancer, you must have a certain skill that can be monetized – graphic designing, content writing, or app development, for instance. Most freelancers work on an hourly basis or for a fixed price per milestone. Websites such as UpWork and PeoplePerHour offer ample opportunities for both seasoned experts and beginners to get started.
Stock photography and video selling
We all love Shutterstock, don’t we? It has such amazing images and you can find a handful of impressive pictures for nearly every query that you type in. Did you know that you can make money by sharing your pictures and videos too?
If you are good at taking high-quality photos and videos, then becoming a stock photographer and videographer is fairly easy. Just click pictures or shoot videos and upload them on Adobe Stock Photos or Shutterstock. You will get royalties for one-off purchases or licensing – depending on the platform.
Which of these new business ideas are you going to try? Let us know in the comments below.