Last updated: January 3rd, 2024
To start the year with a bang – we’re here with our best home business ideas to reinspire you for a great working year. Have you recently left a job or found yourself unable to work outside the home?
Perhaps you’ve lost your job or decided that amidst the “great resignation”, what you’re doing isn’t for you anymore, or maybe you’re not sure what small business ideas work best.
There is an abundance of jobs you can do from the comfort of your home – whether you wish to work with individuals or corporations, you have options.
Keep reading to learn about the best home-based business ideas in 2024.
(Related: How To Start An e-Commerce Business In 2024).
1. Virtual Assistant.
If you’re looking for variety and fast-paced days that are never the same – a VA role is a great business idea!
As a virtual assistant, your days will involve the following:
- Responding to emails.
- Replying to calls/texts.
- Scheduling appointments.
- Diary management.
- Managing a contact list.
- Booking travel.
- Perform market research.
- Create presentations.
You can choose the corporations or business clients – check out Coursera’s step-by-step guide if this sounds like you!
Expert Tip.
Increase your income by charging a monthly retainer rather than an hourly rate.
2. Accountant Or Bookkeeper.
If you’re financially inclined, consider becoming an accountant or bookkeeper!
Financial small businesses require adaptation and understanding of the current market, but if you’re passionate, this is a great option to do from the comfort of your home.
So what’s the difference?
- Bookkeeping is a direct record of all purchases and sales your business conducts.
- Accounting is a subjective look at what that data means for your business. The best accountants partner with small businesses to advise on critical decisions like budgets, forecasts, tax strategy and accounting software decisions.
Note: An accountant can be considered a bookkeeper, but a bookkeeper can’t be an accountant without proper certification.
Our tips:
- Take virtual or in-person clients or a combination of both to maximise your time.
- Ensure you’re up to date with the latest software.
- If you’re undertaking bookkeeping work, consider an accounting certification.
Did You Know?
A bookkeeper in Australia can earn anywhere between $35-$70p/h, whilst an accountant can earn up to $200 per hour!
3. Social Media Manager.
As social media platforms continue to explode, the need for social media managers is in hot demand. These roles are a necessity at almost every online company!
Your day-to-day would involve:
- Managing platform-specific activity.
- Scheduling posts across Instagram, Tik Tok, Facebook.
- Market research against competitor brands.
- Reporting on performance.
- Utilising your digital marketing skills.
- Content creation.
Each brand/business will have a social media best practice you will follow.
Some will require you to manage from start to end of each campaign, whilst others will require you to overlook only some touchpoints, with each task outsourced.
(Related: How To Build A Business Website In No Time).
As a social media manager, you will stay on the pulse of digital and social media spaces – because things can change quickly.
You’ll be:
- Obsessed with influencers and content creators.
- Across brands in the same space, watching what they’re releasing.
- Confident in social commentary.
- Open to experimenting to see what the algorithm favours.
Most importantly – you’ll love a role as a social media manager if you’re a people person.
Most of your day will involve building long-lasting and authentic relationships between the client and their audience.
4. Content Creator.
One of the most elusive WFH roles – a content creator, has the proper flexibility to work from anywhere.
According to a 2019 survey, 86% of young Americans want to be influencers. Whilst a competitive industry, you can ensure you stand out from the crowd by:
- Creating content that highlights your unique voice.
- Allowing your personality to shine through.
- Leveraging your passions/interests.
- Relationship building with your audience (this will ensure your engagement remains high – which means higher rates once you build your audience).
- Collaborating with brands or creators who hold a similar audience/following.
Expert Tip.
Consistency is key. Keep posting at the same time each day – the algorithm favours frequency over perfect quality.
Simply choose the platform you most enjoy and follow creators with similar content you want to create. Instagram, Tik Tok and Youtube all have their benefits.
To monetise your content:
- Join affiliate marketing programs that offer commissions for promoting your favourite products.
- Create paid UGC for a diverse range of brands.
- Partner up with a brand to be an ambassador.
- Offer paid partnerships on your content for brands to boost.
Like anything, content creation is genuinely about the long game! The more effort you pour into retaining a loyal and engaged audience, the more you can monetise any platform you choose.
(Related: 7 Best E-Commerce Platforms).
5. Blog Writer.
You can easily monetise your blog if you love writing and offer clear, valuable content. Blogging and content creation often go hand in hand, with many opting to leverage both.
Many blog sites, such as WordPress and Wix, can be created free, with premium options to remove ads and purchase your domain.
As a blogger, you will:
- Choose your hours and where you work from.
- Set up a website and pre-write articles to publish regularly.
- Promote your blog on social media to boost views.
- Utilise the same monetisation strategies as creators – affiliate links and brand deals.
- Simultaneously write blog posts for clients to post on their websites (A great option if you don’t yet have an audience).
Important!
Consider placing display ads on your website to increase income from impressions and clicks.
6. Photography Business Or Video Editor.
A profitable business option is to photo or video edit from home! You can choose which clients you work with, polishing their work for an hourly rate or a set fee.
To do this, you’ll need the following:
- A passion for photography and videography.
- An understanding of the basics – lighting, angles, saturation, colour tone, framing, resolution etc.
- Competency in popular editing programs such as Adobe Lightroom, Audition and Photoshop.
Many content creators have an editor to help them create more content!
7. Website Designer.
If you’re savvy with technology or have worked on websites before, start designing websites for clients. Recent reports prove that talented website designers are in high demand.
(Related: Best Website Builders In Australia).
You can work with business owners or individuals to bring their business ideas to life.
How does this work?
- Charge a flat rate per website based on the hours it takes to produce.
- Offer website maintenance to retain your clients after you finish the initial design.
8. Course Creator.
Consider leveraging your skills and experience to create and sell a course – this could be self-development, fitness, cooking, music or more.
First:
- Conduct market research to ensure there’s a need for the course.
Then:
- Create modules and sub-modules.
- Research the requirements and information for each.
- Record the content to be clear, engaging, and full of your personality.
- Ensure editing is precise.
- Launch the course.
- Promote a sale to your ideal students and loyal audiences.
9. Coach Or Consultant.
Passing on your knowledge through a course is great – but you can extend this by working with one-on-one clients.
This could be sport, health, business or life coaching. Executive coaches can make up to $1,000 per hour!
The benefits of coaching include the following:
- Work under your control – choose your clients and how often you meet with them.
- Charge based on the value provided rather than hours worked.
- Empower individuals to step up to their true potential.
This type of business is best for people with relevant experience who can leverage that to assist their clients. Read more here.
10. Children’s Tutor.
If you’re willing to work during after-school hours, consider tutoring! There are many children in need of guidance for their schoolwork – most of which you can reach out to in your neighbourhood.
The benefits of tutoring:
- You can meet with clients in-person or online.
- You can choose to tutor across one or multiple subjects.
- Work with the child’s parents to include their current school work.
- You could even run online classes.
- This type of business has low startup costs.
Expert Tip.
Consider tutoring alongside another business or job. A few hours a week will ensure you have recurring revenue while working from home!
11. Etsy Store Owner.
For the craft-lovers, an Etsy store is a no-brainer! You can sell almost anything as long as it’s handmade. Etsy notes their best-sel are: clothing, jewellery, stickers, personalised items and craft supplies.
Before setting up Etsy:
- Choose your products, leveraging your skills and passion.
- Research the market to see what people are buying in your niche.
- Optimise your product listings to show up in Etsy searches.
- Create engaging copy to best sell your product; what makes it unique?
- Take high-quality photographs that show off your product.
- Offer sales to attract new audiences.
- Organise shipping – you can ship the items to buyers around the country or the world.
12. Reseller.
You can start a reselling business if you enjoy shopping at thrift stores. According to The Conversation, many people prefer to shop second-hand and look for unique vintage fits to level up their wardrobe.
You can utilise platforms like Depop to resell thrift items for a higher price.
To excel as a reseller:
- Look for brands that are hot in the market.
- Buy on-trend items such as Vintage Tees and leather jackets.
All you need to do is pack and ship the item once it sells. Unlike many other businesses, this one can have a significant startup cost – but you can make a substantial profit once you sell multiple items.
Expert Tip.
Leverage your online brand by creating a website and Instagram for your store, plus sell items at local markets on the weekend.
13. Pet Sitter Or Dog Grooming Business.
For all animal lovers, it’s time to start a pet-sitting or dog-grooming business from home.
The benefits:
- People bring their pets to you so you can continue working where you live.
- You can travel to your client’s homes to check in on their pets and see multiple in one day.
- Added exercise if you walk pets as part of the service!
Pet sitters can charge a daily rate or a standard fee based on the work involved in caring for someone’s pet.
You can charge up to $90 per night, according to PetCloud, plus additional rates for high-care animals who need medication or extra play and TLC.
You can take a course to learn the necessary skills for pet grooming and offer this as an add-on for your pet-sitting clients.
Important!
Offer weekend/holiday rates to those in your neighbourhood by printing flyers. Attract new clients by reaching out to community and neighbourhood Facebook groups.
What Does It Take To Run A Profitable Business?
There are a lot of moving components that need to work together to ensure profitability of your home business.
Among these include ensuring you’re catering to your target market, finding new employees, building relationships with your stakeholders (read my ultimate checklist for starting a business).
1. Don’t ignore your business finances.
You still need to keep tabs on your company’s financials, even if it’s not your area of expertise. You are responsible for keeping up with the company’s financial status at all times.
2. Keep an eye on your key performance indicators (KPIs).
Knowing which metrics to track and how to interpret fluctuations in outcomes is crucial for adjusting your business’s direction.
By keeping an eye on these metrics and gaining insight from the data, you can adjust your operations and react to external conditions.
3. Review your financial position monthly.
Learn to decipher your company’s financial statements to gain insight into your company’s general performance and the profitability of your various produce and service offerings.
How stable are your profit margins? Is there a rise in sales? Have you been successful so far? All of these details are crucial to consider.
4. Monitor your progress against your goals.
Though it’s great to have objectives for your company, you’ll miss valuable feedback and the chance to make adjustments if you don’t routinely check in on your progress toward those objectives.
Staying on track and accomplishing your objectives requires constant evaluation.
5. Ask for assistance when needed.
If you are in need of guidance, whether financial or strategic, but are short on resources, don’t be afraid to seek the assistance of an advisor.
Running a successful business success depends on your capacity to foresee the consequences of your decisions, and getting help from the right people can be an enabler of this.
Get Ready To Launch Your Business Idea!
If you love working from home and being your boss, the time is now. Don’t let another year pass you by in 2023, dreaming of home business ideas.
Take this time to note your skills and experience across different industries.
What do you have to offer that is unique and sparks joy? Create a plan to start and grow your new business venture and begin today.
Steven
