There are many advantages to starting a business from your bedroom, which include lower overheads. In this article, we will be presenting some of the top ways that you can increase your chances of success by choosing business ideas that have worked for others when starting on a small budget.
20% of business owners operate with family members. So starting a business from your bedroom allows you to do it with family members to share the responsibilities with someone else.
Continue reading for 5 business ideas that you can use to start your journey to financial freedom:
1. Amazon FBA
Amazon FBA is an excellent method for starting a business from your bedroom because it requires no manual handling of stock. Therefore, you could have a small bedroom yet sell a large number of products that compete with some of the biggest companies in the world.
To sell on Amazon, you’ll need to sign up for a professional Amazon Seller Central account, which requires a monthly subscription fee. Also, you’ll need to find a profitable product with good demand without too much competition.
There are a lot of software solutions offering product research tools, such as Jungle Scout and Helium 10. These software solutions help successfully launch an Amazon FBA business without making big mistakes that could waste a lot of money.
Note that there is a fee for Amazon FBA services, so you’ll need to consider the effect on the profitability of the products you plan to launch. However, many Amazon FBA sellers successfully use the business model to make a lot of money per year.
You can work for yourself as a freelancer through websites like Upwork. There are many options such as writing, video editing, virtual assistant, and much more. Therefore, you can select one that matches your interest and skills.
Once you begin seeing success and gain experience with a chosen freelancing profession, you can turn it into an agency. This means that you recruit other freelancers and then complete orders using them on your behalf.
There is no size to the team you can create and most of the work involves securing work orders and then managing your team. It’s essential that you first understand how your chosen freelancing path works so you can properly manage projects.
3. E-commerce Arbitrage
E-commerce arbitrage refers to the practice of looking for products to buy on one website and selling them on another for a lower price. The attraction of this business model is that there is no need for a large investment. In fact, you can invest under $100 to get started, but this will limit the number of products you can buy or get started with.
Part of the business model involves sending products home and packing them up for delivery to the buyer. This means you’ll need some spare bedroom or garage space. However, in most cases, you’re never holding much stock since the sales come fast.
Also, there are many e-commerce websites to choose from, which means that finding deals is only a matter of time. You can even look for products using offline methods if you aren’t having success online.
Some of the downsides of e-commerce arbitrage are the lack of stability and longevity. Once you find a successful product selling opportunity, the amount of profit you can generate is limited. This might be because there is limited stock or the buying opportunity is limited.
Also, the margin for many products is thin, so the amount you make per hour can be lower. And, there’s no opportunity to scale your business unless you hire others to look for products on your behalf.
4. Affiliate Marketing
Affiliate marketing is one of the biggest online business models and some companies generate millions per month in commission. The idea is that you promote products that have an affiliate program and receive a commission. For example, Amazon offers commissions if products are purchased via your links.
Alternatively, you can promote digital products, and they tend to have higher profit margins. This means that you can earn much more per sale. 100% in some cases, which is a significant amount that can lead to a lot of revenue from affiliate marketing. You can use Clickbank to find excellent digital products that you can promote to earn massive commissions.
Generating traffic is one of the biggest challenges with affiliate marketing. Therefore, you need to figure out how to get people to see the offer before you start promoting products. Fortunately, there are many marketing channels and methods for getting traffic in front of the offer. Then it’s just a matter of optimizing the campaigns to ensure you get the highest conversion rate possible.
5. Handcrafted Goods
Do you have the skills and equipment to create handcrafted goods from your bedroom? Then it’s a business idea that you should consider since the ROI of such a venture could be very high. It depends on the type of handcrafted goods you sell, how you market them, and the quality.
You can evaluate the selling potential by looking at the market of your chosen e-commerce platform to decide if it’s worth starting. Also, you can look at competitors to see what strategies other sellers are using.
The best platform to sell handcrafted goods is Etsy. That’s the main target audience of the people visiting the website. The seller fees on the platform are low, but there is a lot of competition. Therefore, you’ll need to decide if there is an opportunity for you to make a profit.
When considering how much money you can make, consider your equipment and material costs, and the amount of time it will take to manufacture a single product.
To conclude, the 5 business ideas you can start in your bedroom ensure that there is something for everyone. These business ideas can turn into fully-fledged businesses that you can take outside of the business once you have the funds. These ideas show that there are a lot of opportunities for everyone – even when there is no commercial real estate.