Start A Small Business At Home: 8 Online Home Business Ideas

Working for others can sometimes lack variation and the motivation to keep going. But wonder how it would be if you start your own business and become your own boss. You can set rules, choose deadlines and sometimes, delegate some boring tasks to others. There are obviously some risks associated with it, but it is good to take a leap of faith and try at least once.

A good way to initiate is by starting a home-based business. Online business is the new zing. It is a good way to monetize personal talents without bothering much about hiring a place and operating entirely from home. And even for that matter, ideas like blogging or baking can turn out to be a successful venture. If you are looking for some start up business ideas in India, here is a list that may be of some help:

• Purchase Products In Bulk and Sell Them Online:

Nowadays many profitable business ventures run on the idea of stocking products in bulk and selling them for a profit. Earlier, merchants embarked on long journeys to source products that weren’t readily available in the native market. Thanks to logistics and global connectivity, trading products has become much easier now.
Purchasing wholesale products amounts to lower cost-per-unit. These products can later be sold online at a higher price. But to stay in the competition and retain customer loyalty the prices must be consistent with the market rates.

• Sell Homemade Products:

Those gifted with handicrafts skills can turn their hobby into a business. There is a large market for handmade products like artifacts, home decor, food, jewellery, etc. because of its uniqueness. But there are associated costs with this business as one needs to make the products and have inventory to sell them to consumers. The products can be sold on online marketplaces (Etsy, Craftsville, Shopify, etc.) or through self-created ecommerce websites.

• Start A Drop Shipping Store:

It is one of the most lucrative startup business ideas in India. It is a low-cost way to start a business, without ever holding any inventory. It involves a mechanism in which the seller or the retailer accepts all customer orders without keeping stock on hand. The seller's partner with drop shipping suppliers manages the inventory and ships the product directly to the customer. It is a good startup business idea as it requires no prior expertise.

• Start A Print-On-Demand Business:

This business offers customized merchandise as per order basis. It has no up-front investment. The biggest satisfaction is that it gives the owner the opportunity to promote self-made designs and also, create a brand.

• Monetize Personal Expertise:

If one has a talent for teaching, he can start a career in online tutoring. Similarly other creative professions like professional photography, content writing, graphic designing, professional translation works, career advising, etc. through online platforms as well as word of mouth referrals can find suitable clients. Likewise one can also get paid for digital or physical products like eBooks, digital templates, Licensable assets (stock footage, music, etc.), etc.
While some of these services can be done remotely from home, others may need occasional travel.

• Build Customer Base To Monetize:

Today the scope of earning money goes far beyond traditional methods one could have thought of during the early 2000s. Thanks to the internet. Today blogs, videos on YouTube channel, Instagram accounts, or podcasts are helping individuals monetize their audience. It is because of social media that a social influencer simply by putting up a few reels or short clips about where to get the most stylish clothing or a few gardening tips can earn thousands to lakhs.

• Airbnb Management:

Vacation rental management services is a blooming business in India. In the last 10-20 years, Indians are increasingly renting on Airbnb. Airbnb management service providers get a commission on the total booking costs or a set monthly management fee for dealing with the day-to-day operations.

• Buy An Existing Ecommerce Business:

If one does not have the time to start from scratch, purchasing an existing ecommerce business can be a good alternative. The investment costs depend on a number of factors like total revenue, profit potential, inventory, etc.

Conclusion

There are a lot of business options that can be explored while staying at home. To make a profit and stay afloat one must prepare thoroughly and if necessary, must adapt to the changing situations.

Many startups in India fail because they run out of money even before earning profit. So, one must determine the costs and if the need be, borrow money. IIFL Finance, a leading financial institution of India, offers personal loans, business loans and many other loan products. The IIFL Finance loans can be taken both for personal and business reasons and thus, are tailored to meet both short and long term financial demands of every borrow.