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5 Lucrative Home-Based Business Ideas You Can Start in 2017

5 Lucrative Home-Based Business Ideas You Can Start in 2017The world of business is forever changing. Products and services in demand today may become obsolete tomorrow. At the same time, new and in-demand products and services appear, in line with people’s changing needs and interests. Knowing what is lucrative and in-demand ahead of time helps entrepreneurs adapt their business models and keep their companies relevant over time.

For home-based business owners, 2017 is a year in which both craft businesses and professional services are in great demand. There are no surprising changes from last year (so you can breathe out in relief) but there are some shifts in popularity among various niches.

This article is also aimed at potential entrepreneurs who are not sure if their skills and experience are a good fit for starting a home-based business. Without further delay, these are the most in-demand and lucrative home-based business ideas for 2017:

1. Affiliate Marketing

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2. Crowdfunding Consulting
Crowdfunding websites such as Indiegogo, GoFundMe and Kickstarter feature hundreds of thousands of projects. Some of them succeed, but many fail. And, among the successful ones, some crowdfunding projects fall apart in a very public and unpleasant manner, with negative legal consequences.

To avoid this, many people hire a crowdfunding consultant to advise them on the best way to formulate their project and ensure transparency and a fair treatment of all contributors. At the same time, potential entrepreneurs want to make their project stand out, be visible and have an adequate promotion on the social media and other channels to attract more contributors. All these fall among the scope of work of a home-based crowdfunding consultant.

3. Woodworking
From abstract services, we move now to a craft home-based business, more specifically to woodworking. There is an increasing demand for unique, handmade furniture, toys and decorations made of wood. People want to add a personal note to their homes and are willing to pay more for a crafted item than for mass-produced items. If you love carving wood and are good at it, this is the moment to open a home-based business and start making money from your hobby.

4. Social Media Consulting
The social media has long exceeded the status of an online forum for people to meet, share photos, and build conversations. It is a thriving world where businesses find potential customers, build relationships with them and advertise their products and services.

There are many unwritten dos and don’ts in social media engagement, and small businesses need advice or even a manager for their social media pages. As a social media consultant or manager, you can build a thriving customer base and establish your authority as an expert. In time, you can expand your business to publishing eBooks and hosting webinars.

5. Candle Making
Candles have appeared over 2,000 years ago and it seems that they are here to stay. No longer used as a lighting source, candles (especially scented ones) are now popular in spas, for creating a romantic atmosphere and for scent therapy.

Handmade beeswax candles are very popular, especially if you craft them in creative shapes and colors, adequate for various celebrations (Valentine’s Day, Easter, Christmas, etc.).

If you didn’t find your skill or hobby in this list, do not despair: you still stand a great chance to open a successful home-based business.

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Best Cities to Start a Home-Based Business

Best Cities to Start a Home-Based BusinessThe economic environment of a large federal country such as the United States means that each separate state has its own regulations and laws concerning various aspects from housing to running a business. This means that some states and cities are more favorable to small companies which do not have a large starting capital to count on.

When it comes to home-based businesses, there are two key issues to consider when deeming a city business friendly or not: the ease for registering a business and the average cost of living (including home insurance). A beginner entrepreneur’s chances of succeeding in their business idea depend greatly on these issues.

Most potential home-based business owners are also interested in growing their business beyond this initial status. Thus, another aspect that makes various cities business friendly is the tax incentives or development opportunities they offer to small business owners.

Taking into consideration all these aspects, these are the best cities in the USA to start a home-based business and hope for its sustainable growth:

1. Oklahoma City, Oklahoma
This city has three key claims as one of the most business-friendly cities in the US:
⦁ In 2013 NerdWallet named it as the best city to start a business
⦁ In 2015 Forbes included it in the list of the most affordable cities to live in
⦁ Various publications name it as the best place to live for young graduates and for starting a business

These three credentials recommend Oklahoma City as a great development hub for small and home-based businesses, with an affordable cost of living and lots of business growth and networking opportunities among your peers.

Another feature making Oklahoma City a great place to start a home-based business is the fact that the paperwork for registering a business is very simple and can be filed in just one day.

2. Boulder, Colorado
Colorado is already preparing to steal the name of “Silicon Valley” and make it their own. The American Electronics Association reported recently that Boulder features the highest concentration of software engineers per capita in all of the United States.

This city is a place for tech-inclined entrepreneurs. Both the University of Colorado at Boulder and various other research labs are powerful hubs for attracting talent and significant funds. There are plenty of opportunities to supply your services as an independent contractor and grow a successful home-based business.

3. Boise, Idaho
Voted the best city to live in after applying a complex scorecard including cost of living, weather, income and amenities, Boise is the place for small business owners who want to enjoy a perfect balance between their work and personal life. Featuring one of the lowest home insurance rates in the US (around $516 in 2014), Boise also offers a supplementary incentive to entrepreneurs: members of the Boise Metro Chamber of Commerce enjoy various discounts for local sports and entertainment events.

4. Nashville, Tennessee
Nashville is more than the heart and soul of country music. It is also a fast-growing business hub powered by low home prices and low taxes. These two aspects combined mean that businesses have a potential market of customers with sufficient spare money to satisfy their needs and indulge in hobbies.

As an added bonus, Nashville Area Chamber of Commerce members benefit from lower processing fees for credit cards.

5. Minneapolis, Minnesota
Minneapolis features the fourth largest concentration of small businesses in the United States. This says a lot for would-be entrepreneurs, and is justified by the fact that the state of Minnesota has the 15th lowest business tax rate in the US. Also, Minneapolis attracts potential business owners by offering them various financing programs.

Thus, Minneapolis is the right place for you if you want to start and grow a small business in the middle of a powerful business hub with lots of potential partners and customers.

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Why You Should Build a Lifestyle Business Instead of a Startup

Why You Should Build a Lifestyle Business Instead of a StartupIf you look back on our articles, we have used the word “startup” quite frequently. We have discussed various ways in which you can grow your startup, find investors, plan your finances, and build a solid and successful company.

But not everyone who has a business idea is excited about being a busy entrepreneur. For many potential small business owners, the excitement of being their own boss is having more spare time to enjoy life, do things together with their family and pursue their hobbies. These people do not fancy themselves the next Steve Jobs or Elon Musk. They simply want to make enough money to support their current lifestyle, without the hassle of a 9 to 5 job.

This exactly what a lifestyle business is. It is the kind of private enterprise in which you are not bound by agreements with partners, investors or shareholders. Instead, you decide how much you work, what projects you embark on and which ones you refuse, and you are able to do that in a flexible manner, both in terms of time and location.

A lot of home-based businesses are actually lifestyle businesses. Their owners do not dream of having them listed at the stock exchange or moving into a large and shiny office building in the financial heart of the city. They simply wish to enjoy life and an influx of money to satisfy their needs. Still not sure that this is the right option for you? Here are a few reasons to support it:

1. Most Startups Fail before They Make It Big
Yes, there are startups like Facebook, Apple and Google. But for each shiny star there are thousands of other startups which do not make it past their first year. If your business idea does not catch on and attract the attention and interest of investors or business incubators, you will keep pumping money into a company which will never take off and repay your efforts and finances.

By comparison, a lifestyle business requires minimum investments and is focused more on your own skills and talents. Thus, your main capital is your time and talent in providing services or crafting products for your clients.

2. Unlike a Startup, You Can Change Your Scope of Business Anytime You Want
Startups need to focus on the core business idea, whatever it is. If it does not work out, you will have to rebrand your whole company if you want to try something new. Running a lifestyle business is simpler. You can do web design today, Christmas cards design tomorrow and coloring books for children at a later date. Flexibility in choosing what to do and how you promote yourself to your customers is among the top benefits of running a lifestyle business.

3. You Really Are Your Own Boss as a Lifestyle Business Owner
A lucky startup which managed to secure investors is no joy for an entrepreneur who wants to enjoy life and do things their way. This is because your investors have a say in anything you do and will have a claim on your time and hold you accountable for your actions. As a lifestyle business owner, your successes and your failures are yours and yours alone. You have the freedom to experiment with various marketing tactics, or to take a break from your business when you want to focus on your family, and there will be no external force pressuring you one way or another.

4. You Can Work from Anywhere
As a startup owner, you will be required to have an office and hold meetings with your investors and potential customers or partners. You will certainly enjoy some freedom later, but not before your business grows so complex that you can afford to hire managers to run day-to-day operations instead of you.

A lifestyle business owner can move around the entire planet as they please. As long as they have their laptop with a reliable internet connection, they can continue to run their business without any impediment.

5. You Do Not Have to Wait Long Before You See Profits
Last, but not least, a lifestyle business is one with a fast return on investment. You do not have to keep investing for months and years until you see the first significant profits. You do not have to put your life on pause and keep making wish lists for the day when you afford to buy those things.

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