399: How To Choose A Business That Is Profitable Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Accountant, Bookkeeper, VA, Owner
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- 11 min read
399: How To Choose A Business That Is Profitable Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Accountant, Bookkeeper, Virtual Assistant, Business Owner, Or Self-Employed
Home-based and online businesses are popping up everywhere. More and more people are looking to start their own business now more than ever. Whether you decide you want to be a full-time entrepreneur, you are looking for a side hustle gig, or you are a stay-at-home parent looking for some extra income, each of these can lead to an exciting time, but you want to make sure you are taking your time to find the right business. You’ve probably heard my quote at the end of my podcasts, “Dream Big, Follow Your Heart, And Love What You Do”. When you are looking at starting a new business, you want to make sure the business you choose aligns with your knowledge, passions, work life balance and income demand. Today I am going to look into some of the top home based and online business model ideas such as being an online coach, consultant, online reseller, online teacher, course creator, bookkeeping, transcription, virtual assistant, professional organizer, cleaning service, copywriter, marketing, lawn care, graphic designer and pet sitting, just to mention a few, and why they are so popular. You’ll learn what you need to be able to start these businesses and how easily each of them are able to generate profits…even in the first year. Inspiration alone won’t be enough for your new business; I am also going to talk about how important it is to take into consideration how much the start up costs will be as well as how to fund these start up costs. If you are thinking about starting a new business, or you are already a solopreneur, entrepreneur, small business owner, virtual online bookkeeper, or virtual assistant in your early years of starting your small business, listen in and make sure you haven’t missed any important steps to take in your small business. Make sure you have covered everything we talk about today to ensure the success and profitability of your small business…
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Show Notes:
Home-based and online businesses are popping up everywhere. More and more people are looking to start their own business now more than ever. Whether you decide you want to be a full-time entrepreneur, you are looking for a side hustle gig, or you are a stay-at-home parent looking for some extra income, each of these can lead to an exciting time, but you want to make sure you are taking your time to find the right business. You’ve probably heard my quote at the end of my podcasts, “Dream Big, Follow Your Heart, And Love What You Do”. When you are looking at starting a new business, you want to make sure the business you choose aligns with your knowledge, passions, work life balance and income demand. Today I am going to look into some of the top home based and online business model ideas such as being an online coach, consultant, online reseller, online teacher, course creator, bookkeeping, transcription, virtual assistant, professional organizer, cleaning service, copywriter, marketing, lawn care, graphic designer and pet sitting, just to mention a few, and why they are so popular. You’ll learn what you need to be able to start these businesses and how easily each of them are able to generate profits…even in the first year. Inspiration alone won’t be enough for your new business; I am also going to talk about how important it is to take into consideration how much the start up costs will be as well as how to fund these start up costs. If you are thinking about starting a new business, or you are already a solopreneur, entrepreneur, small business owner, virtual online bookkeeper, or virtual assistant in your early years of starting your small business, listen in and make sure you haven’t missed any important steps to take in your small business. Make sure you have covered everything we talk about today to ensure the success and profitability of your small business…
Welcome Back…Making the decision to start a small business can lead to a roller coaster of feelings. You could be excited and terrified all in the same day…or even the same hour, but this is normal. Today I want to talk about some important aspects of starting a small business, and specifically a home based, work from home or online business model. Many people think starting a business will require a lot of money, but if you are careful about the type of business you choose, you could find yourself with a low investment or start up cost and start generating profits from your new business quickly.
First, you will want to look into some of the trends and insights for the types of businesses you are interested in. Take note of your skills, knowledge and passions. Keep in mind that there are many businesses you can start with the skills you already have. Additional skills you should have as a business owner are to make sure you like to work independently; you are flexible and creative. You may already have skills such as excellent communication, or great organizational skills. These skills are essential to many small businesses. Once you know what you would be qualified for…or know which skills you would like to expand on and receive additional training, you are ready to dig deeper into options that would match these skills.
Some of the most popular home based or online business model options are being an online coach, consultant, online reseller, online teacher, course creator, bookkeeper, transcription, virtual assistant, professional organizer, cleaning service, copywriter, marketing, lawn care, graphic designer and pet sitting. So, what makes these businesses popular? Most of these business models require you to have a specific skill or interest. Let’s take consulting for example. If you have knowledge in a specific area and are passionate about it, why not start a consulting business where you can help others who are struggling in this area? Businesses like this are a win/win. You are consulting about something you know and enjoy, and your client is gaining the knowledge and insight you offer them which speeds up the process they are currently struggling with. Bookkeeping is another popular choice for entrepreneurs to get into. As we talk about the options for starting a small business, each and every one of these new business owners will need to do bookkeeping for their business. If you have an attention to details and already have bookkeeping experience this is a perfect fit for you. Even if you don’t have any bookkeeping experience, but the thought of helping small business owners with their bookkeeping sounds intriguing, getting the additional skills and certifications to start a bookkeeping business could bring you years of enjoyment and profitability, not to mention the flexibility of managing your own schedule. This type of business works extremely well with stay-at-home parents. Pet sitting would be a small business that could potentially be more of a dream for you than a job if you love to be around animals. Here is a perfect example of the saying, if you do what you love, you’ll never work a day in your life. If you are the type of person who could hang out with animals all day, making sure they are fed, have water, go for walks, spend time and play with them while you enjoy every minute of it, pet sitting could be the best option for you. Obviously, you would want to update the owner about how everything is going, and as an extra bonus, you might be able to get other work done while you are spending time with their furry loved one.
If you’re an accountant or high-stress professional, you want to start enjoying your life more, both at work and at home. You’ve likely built a successful career, but at what cost? The problem is you’re so buried in deadlines and to-do lists, there’s no time or energy left for the things that really matter. You’re great at managing clients, deadlines, and numbers, but your own stress, time, and well-being, well, they always seem to come last. The constant pressure leads to burnout, guilt, and feeling like no matter how much you do, it’s never enough. I see this all the time. As a CPA with over 20 years of experience and a Certified Coach, I’ve helped high-achieving professionals like you go from stress and burnout to a more integrated and balanced lifestyle using The RE*INVENTION™ Process. This process helps you reduce stress, reclaim your time, and finally build a healthier, happier, more balanced lifestyle without sacrificing your success. The truth is, stress doesn’t go away on its own, and eventually, the cost isn’t just exhaustion; it’s your health, your relationships, and your love for the work you once enjoyed. If you’re ready to build a life you don’t need a vacation from, it’s easy to get started. First, schedule your Complimentary Stress Audit & Clarity Session, where in just one session, I’ll help you pinpoint what’s really draining your time and energy, create a personalized action plan to help you simplify your life, reclaim your time, and increase your productivity so that you start living with more energy, focus, and freedom. You don’t have to keep doing this alone. I can help you customize a plan to stop the overwhelm and start enjoying your life again. Go to www.FinancialAdventure.com, click on the Work With Me button, and book your free session today. Let this be the moment you stop just surviving and start living with more control and finally enjoy a more integrated and balanced lifestyle again. In the meantime, check out all the other resources and solutions on my website that you can immediately apply to your life so you can stop being stressed out and feeling like you're never doing enough, and instead breathe a sigh of relief at the end of the day, knowing you've accomplished enough and can enjoy your life more.
We’ve covered a few options for home based and online business models, but what makes these businesses so popular? When you look at your skills and passions, you will more than likely find an idea that will work well for you. Most of these popular options require little to no start up costs. Since you are either working from home like the example of a consulting or bookkeeping business, or you are going onsite like the pet sitting or even a house cleaning service, there is no need to rent or own an office or storefront. This will save your business a lot of money and overhead expenses. When you are able to work from home, you normally don’t have a lot of start up expenses. The essentials you will most likely need are a computer, internet connection and telephone. Most people already have these items, and it makes starting your business even easier.
Profitability is another reason home based and online business models are the choice for new entrepreneurs. When you do your research on the business you choose, you will find out what some of the regular and necessary expenses are. Many of the popular businesses require few additional expenses which makes the profitability much higher. Most times these businesses require an hourly rate or packaged amount which when done correctly will leave you with a profitable business. Let’s take for example the consultant and bookkeeper again. Both of these businesses will require the time of the entrepreneur. The bookkeeper will need to have a software to maintain the books, but this could be an expense the business owner is already paying for, and both businesses will need a computer, internet, telephone and additional office software to do their work. When you have the right price point, both of these businesses will be able to be profitable from the very beginning. A business like a house cleaning service will require some up-front purchases for cleaning supplies, but again, when priced correctly this business will be profitable relatively soon as well.
Recurring revenues will make creating a steady income stream easier. With the consulting, bookkeeping, pet sitting, and the home cleaning services for example, each of these business models have the potential for recurring revenues. When you are able to bring on one client which will need your services on a weekly, bi-weekly, or monthly basis, this will help you maintain steady revenues and will reduce the amount of marketing you need to do. Finding a business with services needed on a recurring basis will be beneficial for you if you like the thought of more stability in your income. Knowing your business is profitable from the beginning will help you budget and ensure your income demands are being met.
This all sounds great, but likely there will be some sort of start up expenses. Maybe you don’t already have a computer, or you may need a more reliable internet connection. You may want or need to take additional training to be sure you are setting your business up correctly. These start up costs may be small, but the key here is to try to start your small business without going into debt. If you are currently working for an employer, you may have the option to start your small business as a side hustle and wait until you are able to go full time with your new business. This will still provide you the income you need and can help fund your new venture. As your business grows, you will rely on your other income less and less and may even find your new business is providing more income than your previous employment.
The bottom line is, when you are looking into starting your own home based or online business you want to find something that not only makes you money, but it makes you happy. Do your research, look into what your competitors are doing, listen to what potential customers are saying and if possible, find a mentor who can help you get set up and started quickly.
And, you know I’m going to ask…what’s at least one thing you will take away from this episode that will help your business succeed and grow your bottom line? If you want accountability or support, visit www.FinancialAdventure.com. You’ll find links to join our private Facebook community, connect with me on LinkedIn, and discover more free resources to help you reduce stress, boost productivity, and build a business and life you truly enjoy. I’ll see you there.
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