I started looking into business ideas a long time ago. I find it fascinating how people can come up with hundreds of ideas while must of us struggle to find just one. That was at my beginnings when I used to think that you need a unique and good idea to make money.
In this post, I want to share with you 5 business ideas you can start from home in 2020, some of the wish I have got to execute myself with some success. I hope this can help you put some light on your thinking, and you get inspired to create an extraordinary life-changing business for yourself.
Business Idea #1 Resale liquidation
I think this business has a lot of potentials to make good money even more during these uncertain times when so many retailers and companies are going out of businesses, and they are forced to sell at ridiculously low prices their overstock products.
So How does it work?. There are businesses like liquidation.com that sell those surplus inventories and put them for auction in their online platform. They auction Bulk lots by the truckload, pallet, or small package, and conditions range from new in a box to customer returns and used merchandise. You can select from a wide variety of product categories, including apparel, computers, electronics, housewares, industrial equipment, vehicles, and much more.
The auction can be closed at really low prices depending on how many bidders are competing, and how popular the category your interest in is.
After getting the products, you can resale them for a profit. I have tried the Facebook marketplace and have worked for me. You can use other platforms like Craigslist, Kijiji, or any different market in your area accessible with local buyers.
Business Idea #2. Home Daycare
If you like kids, have experience taking care of children or have your little ones at home right now, you can start a daycare. This is a relatively easy business to start and requires low investment.
You have to prepare your space to be safe for kids. Check with your city business department to learn what the requirements for licensing are, and make sure you prepare your area to meet their needs.
Start small, learn the business, and grow. This business has the potential to do great things from becoming a massive operation to a franchise, or if you just want to keep it low, you would make a good living while having fun.
Business Idea #3. Selling your craft online
Are you good at sewing, netting, painting, or any other craft? You can sell your creations online.!! There are sites like Etsy, where you can sell your handcrafted goods. They have people already searching for art craft and unique items. Etsy is a good starting point. After you have learned how the business works and are confident in dealing with customers, you can go further and create your online store.
Shopify can help you make the process of creating your virtual store super easy so much so that you can create yourself without the need of a programmer or a tech expert. Later on, after you have had significant sales, you can start hiring people to help you grow.
The purpose of a business should be more than creating an income stream or a job for yourself. You should aim to develop processes, so your operation runs smoothly. In the beginning, you will do most of the job yourself. Once you start seeing money coming in, you will find it easier to add experts to your team who can help you run and grow your business.
Business Idea #4. Virtual tour agency
You can create an agency to provide virtual tour services!!! 2020 has been a challenging year for everybody, especially for the real estate business. Showing a house for rent or sell is almost impossible with the concerns of getting exposed to the coronavirus.
Virtual reality has never been handier that now and Realtors are turning to it in order to show the properties to potential buyers or renters. Don’t worry; you don’t need special skills to do a virtual tour. Google’s tour creator can help you with that.
You should test your market before spending any money on cameras equipment or setting it up a legal business. The most effective way I have found to test an idea is by making called calls. It is inexpensive and effective. Knowing that people are willing to pay for your service will inspire you to move forward with your business idea.
Finding your prospect’s contact information is as easy as searching in local directories. Do not quit after ten or fifteen calls; be persistent. Some people will be open to talking to you; others don’t. But don’t take it personally and learn to love the no. When you hear yes, you will forget about all the rejections, I promise.
Some time ago, I was called calling for a digital marketing agency I wanted to start. The first call I made was to a guy that told me in a bitter, almost upset way to erase his number from my list and that I should never call him again. Did that hurt? It did hurt. But I kept calling.
I know this idea works. A friend of mine who is a realtor has recently started to work with an agency that creates virtual tours. He told me they were a life-saving service during the lockdown.
Business Idea #5. Frozen food business
You can start a frozen food business from home. If you are good at cooking and people are always telling you how good is your food. You can start this business from your house.
Start by Freezing some samples of your favorite recipe, and then start knocking some door or better said ringing some phones.
Contact local businesses that sell this kind of product like the farmer markets, local vendor shops, and specialty food stores. Tell them about your unique recipes and bring them samples when you meet them. These businesses are always looking to add new and functional products to their inventory, and depending on how well accepted is your food, you can grow wildly.
Nowadays, there is a tendency to choose local products. This trend dramatically benefits this kind of business.
To resume, let me tell you this: Ideas without execution are worthless. Anyone can come up with unusual ones. The only thing that would genuinely make a difference is acting on those ideas. I promise you will have a lot of fun creating your business. Even if it doesn’t turn out to be the way you wanted, you will learn a lot in the process. Those learning will make you savvier and will pave your way to success.
Now I’d love to hear from you:
Which business idea do you think is for you? Let me know by leaving a comment below.
Avoid these business mistakes when you start your business.