Most people think of telecommuting as simply having the ability to complete work-related duties while at home. And while having a job that allows its employees to telecommute certainly has its benefits, there’s an even more fulfilling way to work from home and create your own schedule: by creating a home-based business.
Here are just a few ideas for turning your home into your very own business.
Start A Bed-And-Breakfast
If your home has a number of extra rooms and you’re comfortable with the idea of guests staying for days or weeks at a time, perhaps a bed-and-breakfast is the right home business opportunity for you. The demands are not as serious as those that come with the legal obligations of being a landlord and having responsibility for your tenants. Keep in mind that opening a bed-and-breakfast does require some initial investments; each rentable room will have to be fully furnished, and furniture is usually the third-most expensive thing a person will ever buy, after a house and a car.
However, it’s worth it if you can create an atmosphere that makes visitors want to return. According to a 2011 report, 86% of consumers will pay more for a better experience, and taking the time to decorate, furnish, and maintain each room with care is the key to bed-and-breakfast success.
Of course, if you aren’t ready to make such a large investment, you can always rent out a spare bedroom on peer-to-peer apps like Airbnb.
Run Your Existing Business From Home
It may sound surprising, but there are a number of occupations that allow you to work from home. Contractors, for example, can easily start their own small businesses using their personal residence as a base.
“If you have carpentry, plumbing, electrical, or other home improvement expertise and the requisite tools and equipment, home renovation can be an ideal business to operate from home,” writes Susan Ward on The Balance.
When turning your home into your place of business, however, keep in mind that first impressions are everything, and if your business requires customers or clients to come to your door, you’ll have to invest in your home’s exterior appearance as well as its interior. Researchers from the University of Washington found 7% higher rental rates for commercial offices with high-quality landscapes. Fortunately, there’s a simple way around this: host meetings at coffee shops or restaurants.
Finally, if you consider yourself to be a connoisseur of the kitchen, you may be well-suited to start a home catering business. You’ll have to optimize customer convenience by delivering and serving the food, but being a caterer can bring in some serious cash.
“If you have a well-equipped kitchen and a knack for planning and preparing nourishing, appealing food and can deliver it hot, this is the home-based business for you,” writes Ward.
Although the investments that come with turning your home into your business may be significant, so are the potential savings and other financial benefits. Not only will you avoid the daily commute from your home to your office, but there are lower overhead costs and income tax advantages. It’s also important to keep in mind that this is by no means an exhaustive list, and there are plenty of other worthwhile home-based businesses worth pursuing. But with the right resources and a bit of dedication and persistence, anyone can run a successful home-based business of their own.