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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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How to Turn Your DIY Skills into a Successful Home-Based Business

How to Turn Your DIY Skills into a Successful Home-Based BusinessSome people are very good at crafting various items and turning various bits of materials into a beautiful or useful item. These DIY skills are much appreciated among family and friends, especially when you present them with a unique handmade gift, but could it be more than just a hobby for you?

Many people have turned their DIY and crafting skills into a successful home-based business. They realized that once they do something they truly love, they won’t have to work a day again in their lives, as the saying goes. However, you should always keep a clear mind when assessing the potential for your DIY skills to become a lucrative business. It is always easy to fall in love with your business idea and become overconfident in your ability of making money from your hobby.

If you really think that your crafting hobby could become a successful business, we are here to help you with advice and tips to help you prepare for the moment when you open your home-based business. Here are some of the things you should consider:

1. Focus on Creating Reproducible Items
It is great to craft and sell unique handmade items, but this would only last you as far as your imagination can create something new, which people are willing to buy. Once you have created the last unique model or pattern, you are out of business. Instead, focus on developing a process for creating identical items – this means, of consistently the same size, color, quality, with the same features and functionality, and bringing the same benefits. Businesses prosper from many sales of the same product, not from one-time sales of a special item.

2. Test Your Prototype before You Open Your Business
There is always the chance that your bright idea is not commercially feasible. In other words, people would not pay money for the things you make, because they do not need them or do not see a point in owning them. In order to prevent a bitter and costly disappointment, create a few prototypes and give them to family and friends without telling them what they are or that you plan to start selling them. Thus, you improve your chances at getting honest feedback from them. If they love your product idea and they find it useful, then you have a positive starting point.

3. Learn about Costs and Pricing
One of the most challenging aspects for new entrepreneurs is to learn how to estimate the costs of setting up and running their business and how to determine the fair price for their products or services. However, without a clear and accurate estimation, to the best of your ability, you will never make money from your home-based business.

Initial costs mean all the fees and taxes you have to pay to register your business, create and launch your website, and create the first batch of products. Ongoing costs involve insurance, cost of raw materials for crafting your items, hosting costs, and marketing and advertising costs.

As for pricing, you should explore the market of similar products and determine a range of prices. If you want to have a chance at selling your products and being profitable, your prices should be within that range.

4. Decide How You Want to Sell Your Products
In the specific niche of DIY-crafted products there are two lines of promotion: either setting up your own online store, or create a shop section on specialized websites, such as Etsy or eBay. There are pros and cons for each option. If you set up the website on your own, you have to invest time and money in promoting it in order to create a traffic and sales funnel. Etsy and Ebay have their own promotional strategies, are well known and ranked by Google, but you will be one tiny shop among many others.

5. Understand That You Are No Longer Indulging in a Hobby
Once you have opened your home-based business, you need to become very neat, determined and professional in your craft work. You will have to set aside business hours every day to work on creating products, promoting your business, keeping in touch with your customers and processing orders. You cannot afford to stop doing it for a couple of days just because you do not feel like it, because it will cost you in terms of lost revenues.

Turning a hobby into a business takes away a bit of its magic and excitement. If you do not feel that you could do it every day and remain enthusiastic about it, then you should probably continue practicing your DIY skills as a hobby.

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Making Money After You Have Been Laid Off

Many people who lose their jobs face tough times. Some even lose a grasp on reality and do not go out an attack the problem they are facing. One problem is how to make money once you have been laid off and we will talk about that in this article.

You might be surprised to know that there are many options for you when it comes to making some immediate money. There are things you can do that do not involve getting a new job right away.

1. Selling items that you have on eBay is a way to raise extra money. More items are bought and sold on eBay than any other place in the world. You can create a free account and quickly be selling items through auctions on eBay. You can use the Internet to research the proper ways to do this.

2. Advertise items for sale on Craig’s List. This is a free online classified website that gets a surprising amount of traffic. This is a great way to sell products in a local market by just including your phone number or email address for people to contact you.

3. If the weather’s nice you can host a garage sale and raise immediate cash. The odds are you have several things in your home right now that you no longer use and could make money selling.

You could promote your garage sale by placing signs out where people see them or running inexpensive ads in your local newspaper. This could bring in several hundred dollars for you depending on how much you have available to sell.

4. Do you have a spare change lying around? Over time many people throw their change in a jar and are surprised at how much they already have.

You can find change lying around in your home, in your car, in your couch, and so on. To save money avoid using a coin counting machine at a grocery store and go directly to your bank to have it counted.

5. Colley your IOUs. Have you lent money to friends or relatives in the past? Now is a good time to collect on those and remind people that they owe you money and you expect to be paid back. You certainly have a good reason so you do not have to feel embarrassed to pick up the phone and call them.

This is five ways you can make money after you have been laid off or lost your job. Hopefully one or more of these can be helpful to you!

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