You’re reading this post probably because you or someone close to you seek freedom – financial freedom, freedom from your boss, freedom from living a stressful life, to name a few. If your dream job doesn’t seem as the tales told and you want to jump off the train of those choked by the nine-to-five routine, then this article is for you. At this stage, you must have considered several business ideas; however, the guidance to pull the strings is what you are looking for. Don’t fret! We got you covered. This article will introduce how to start a business from home. Are you thinking of starting a business from home? Get ready to run your own business after reading.
Introduction: How to Start Online Business from Home
Rome wasn’t built in a day, yet, it started as a foundation. If you have a passion for something and want to turn it into a small business at home, you’ll have to put certain things into consideration as well as take the right steps. Steps vary depending on the kind of business, however, the following are the basic steps needed to start a business from home.
Come up with a home business idea before starting a business from home, the first step is to come up with an idea. Many people are confused as to what kind of work-at-home business to start. A good start is to brainstorm on what you like or have a passion for or something you have experience in. You perform well doing what you like and your experience helps your decision making in that field.
1. Decide whether you’ll be a sole proprietorship or limited liability corporations
Sole proprietorships and limited liability corporations are the common legal structures for small businesses. A sole proprietorship is owned and operated by one person while an LLC can include individuals, corporations, and other LLCs as members. Decide whether you’re able to handle the business yourself or need investors or partners.
2. Identify your target market
After deciding the best home business to start, you need to identify your target market. Your target market is a particular group of the population that is most likely to buy your product or service. This is the next step to take after coming up with your at-home business idea. This step is crucial to ensure there are enough customers available to purchase your product.
3. Create a business bank account
Before starting up a business, you need to make it legal by obtaining a business license and creating a business bank account. This is essential to separate your personal funds from business funds. It is also helpful in tax preparation and bookkeeping. You have the option of opening a savings or a business checking account. Ensure to look for a bank that issues a debit card so you can easily make purchases. Avoid banks that do not have a minimum balance requirement so you are not penalized for having low funds as you work to build your business.
4. Know your competitors
To have a better chance of succeeding in your business, you need to know your competitors. The information you gather about your competition will let you know how they operate. The result obtained can be used to create a strategy that will help you stay ahead of them. There are different tips to research your competitors, they are:
- Find them on Twitter, Instagram, Facebook, and other social media platforms
- Conduct a Google Search
- Lookup for local customers via Google My Business
- Retired employees of a competitor
Remember, you don’t have to do all of these competitor research tactics. You may find that you receive plenty of information simply from doing a Google search and studying competitor websites and directory listings.
5. Create a business plan
A business plan is the blueprint of your business. It helps you distinguish your business from competitors.
Your business plan should include the following elements:
- Executive summary or overview of your home-based business.
- Business model –everything about your business including what your business does, who is your targeted audience, how it caters to the needs of your target audience, etc.
- SWOT analysis – strength, weakness, opportunity, and the threat posed by your competitors.
- Description of your products and services.
- Marketing and sales strategy
- Financial plan
- Operations and management
- Summary
List of the Most Popular Home-Based Business Ideas in 2020
When it comes to choosing the best business to start from home in 2020, a lot of options come to mind. However, the dropshipping business model seems to be very lucrative which is why we recommended it for beginners. Dropshipping is a method of retail fulfillment where the retailer doesn’t keep goods in stock, instead, transfers its customers' purchase to the manufacturer who directly ships the product. The retailer is often referred to as a middleman or dropshipper.
Entry into the business requires:
- A laptop or desktop computer
- An internet connection
- A website for an online store
- A domain and a business name
- A business logo
- A well-written business plan
Wholesale suppliers like SaleYee.com make it easier for beginners to get started in the dropshipping business. They have thousands of products in different categories and offer a 2-day delivery to customers from any part of the world. 
If you’re considering venturing into dropshipping, below are some benefits to be enjoyed:
1. With dropshipping, you have a geographical advantage i.e. you can sell to customers in any part of the world.
2. Zero inventory – you don’t need a start-up capital to stock products.
3. Zero inventory means you don’t need to rent a warehouse before getting started – in this way, you save money.
4. Less hassle – the supplier or manufacturer ships items directly to your customers.
5. There are a wide range of products to sell and thousands of reliable suppliers to deal with.
6. Saves time – you don’t need to go out to buy goods or resume to an office space. You also get to spend more time with your friends and family.
7. Dropshipping offers flexibility – you can merge other home-based businesses with it. And many more.
Besides dropshipping business, there are other home-based business ideas that you can consider in 2021. They are:
- Freelancer
- Researchers and fact-checker
- Data entry clerk
- Pet sitter
- Virtual assistant
- Online tutor
- Blogger
- Vlogger
- Vacation host
- Social media manager
- Affiliate marketer
- Data entry clerk
- Pet sitter
- Vacation host
Conclusion
Starting a business at home is not something that you rush into. It takes time and effort to get started. You must first determine your business idea, create a plan, know your target market, and financial plans before starting your home-based business. With this guide, you can learn how to start your own business from home without stress.