Apart from working from home, people can build businesses without stepping a foot from their homes.
The proliferation of technology coupled with the pandemic has made it possible for people to generate income from the comfort of their homes.
This does not only reduce cost but also gives them time to pay attention to other aspects of their life which would have been neglected or received less attention if they were commuting to work daily.
This article highlights several business ideas that you can do from your home to earn a decent income.
Car prices are going through the roof.
Data from Edmunds, a go-to resource for car information, shows that the price for a new car has gone up by 5%, while the average used car is up by 27% from a year ago. With car prices going up, people need a cheaper option.
If you have an extra car sitting in your garage, you could generate extra income by renting it out in the short term. Apps such as Turo, Getaround or HyreCar, enable you to earn money from renting your car.
All you have to do is meet the renter and hand over your car keys. If you are worried about theft or damage, these companies offer liability insurance, so you’re covered if something goes wrong.
People are watching less television, and are turning to social media and streaming platforms to meet their entertainment and educational needs.
If you have expertise on subject matter, you can monetize this knowledge by starting a podcast. Sites such as Youtube are a good place to start a Vlog or podcast at low entry costs.
A good feature of starting a podcast is that your content generates income for you till eternity. As such, a video you created 10 years ago can still earn you income. The major investment you would have to make is acquiring audio/video equipment plus sound editing skills.
If you love kids, then you can leverage your passion to start a stay-at-home daycare.
This is handy especially in an inflationary season where prices are skyrocketing and parents are looking for affordable places to nest their kids till they are back from work.
However, starting a business like this would require licensing, plus you may need to modify your home to make it conducive for hosting kids. Babysitting apps such as UrbanSitter or Bambino allow you to register on their platform which can bring in more customers within your vicinity.
The pandemic has increased the demand for pets.
But guess what? With the economy reopening and people going back to full-time jobs, not everyone has that time to take them for walk. If you are a pet lover, then you can start up a pet walking service.
The trick is going for pets that you love and understand. The extra knowledge would come in handy especially when it comes to taking care of the pets. You could save the owners the extra cost of visiting a vet. Apps such as Rover make it easy to get started with your pet walking service.
The side gig economy is growing at an accelerating pace.
According to a report from Mastercard, the global side gig economy is expected to grow by 17% a year to around $455 billion by 2023.
There are many skills you can monetize as a freelancer. You can be a copyeditor, graphic designer, SEO consultant, or virtual assistant. You can leverage your skills too and put them into writing.
For example, if you have a penchant for gardening or home improvement, you can put your knowledge into words and make tons of money off it. Freelance sites such as Upwork and Fiverr are good places to start a freelance career.
If you are a crafty person, then you shouldn't be short of ideas on how to earn income from home.
If you spend your free time painting, knitting, making necklaces, bags, etc., you can turn your hobby into a money vending machine.
Sites like Etsy are a nexus for people selling their craft products. One major advantage about crafts is that every product is unique, making it more valuable to the buyer.
Most people believe that to invest in real estate, you need tons of cash.
Well, only if you want to buy physical properties. There are other cost-effective ways of investing in real estate and generating a steady cash flow from this asset class.
Crowdfunded real estate platforms have democratized the process of investing in real estate making it possible for anyone to participate. With as little as $500 or $1000, you can get started on platforms such as Fundrise, Realty Shares, and Realty Mogul.
Be sure to read and understand their terms and conditions before committing your money.
Read this next for more ideas: 10 Profitable Side Hustle Ideas to Find Financial Bliss
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