Between inflation driving up costs and concerns about a potential recession on the horizon, many Americans are considering ways to…
Between inflation driving up costs and concerns about a potential recession on the horizon, many Americans are considering ways to earn some additional income. Nearly 40% of workers have taken on second jobs and another 14% are considering it, according to a recent survey by Qualtrecs.
In many cases, however, workers aren’t looking to work for someone else — they want to start home-based businesses of their own. They might plan to keep those businesses going as a side hustle or grow them enough so they can quit their main gigs. And sometimes, they’re not stopping at just one business.
“The majority of my small business clients have more than one business; sometimes they have three or four,” says Gail Oliver, a small-business marketing consultant and blogger at Attention-Getting.com. “It just shows the fear that many people have of being too dependent on one type of income.”
In many ways, it’s never been easier to start your own business from home. Advances in technology and nearly every industry’s digital transformation have opened up myriad opportunities.
“There are so many options now,” says Helen Ryan, who launched her first home-based business — a graphic design firm — in 1993. “You don’t even need a website; you can sell through Etsy or Amazon.”
For those looking to launch a startup without a huge upfront investment, service-based businesses are typically the cheapest ones to start because product-based businesses often require an inventory investment.
“I’m a big fan of knowledge-based businesses, since it’s really taking what you know and ‘productizing’ your knowledge,” says business coach and strategist Kiley Peters.
Experts say to use the skills and professional network that you already have to come up with a solid idea for a business. Here are a few low-cost, home-based business ideas to consider:
Social Media Strategist
As social media becomes an increasingly important marketing platform for both consumer and business brands, companies are looking for people to help them build out their social media strategies across platforms.
Many businesses have a need for graphic designers who can create visually compelling material for everything from social media posts to advertising pieces and logos. Bonus: The only startup costs for this type of business are the computer equipment and programs necessary for the work.
Brands use content writers to create newsletters, white papers, web copy and more. Gaining experience in this type of writing could be the start of a lucrative business. In general, there are few startup costs associated with content writing.
[READ: How to Start a Small Business.]
As organizations scale back amid recession concerns, they’re often turning to virtual assistants who can provide remote administrative support to their executives. If you have experience with scheduling, arranging travel and other types of administrative work, this might be a great option to consider.
If you have experience programming and building websites, apps or other technical tools, you have an in-demand skill you may be able to parlay into a business. Work on building up your professional network and letting prospects know you’re available for freelance work.
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Update 12/01/22: This story was published at an earlier date and has been updated with new information.