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5 Home Based Business Concepts For Women

Sun, Jul. 10, 2016 Posted: 10:33 PM


Businesses owned by women are on the rise. There are two big reasons for this: first, the federal government has created many different initiatives to help women entrepreneurs overcome traditional obstacles to getting funding, accessing capital, and creating a sustainable business. Second, data is clearly showing that businesses owned by women tend to be more flexible, more responsive to changes in the economy, and more beneficial to the business world at large than the same companies owned by men.

If you're a woman who wants to make the transition into owning her own business, but aren't sure how to get started, these ideas can help you brainstorm.

Home and internet based "party" businesses
This is not your grandmother's Tupperware party. Businesses focused around direct to consumer marketing have exploded in the past few years as companies like Facebook, Instagram, and Twitter have made it easier than ever to stay connected to your 10,000 best friends in the world.

If you decide to become a consultant for one of the many party-based businesses out there, make sure to read the fine print. Talk to consultants who have been running their business for some time, and find out not just how they feel about the product, but the parent company. Remember that for the vast majority of these businesses, the way you make any serious money is by having consultants sign up under you. You also need to be very good at marketing to engage with potential customers.

Monetize your hobby
Do you love to knit, sew, paint, or woodwork? There may be a market for your skills. Internet platforms like Etsy and eBay mean that it's easier than ever for crafters to connect with potential customers, instead of just waiting for the local craft fair or trying to build relationships with the local gift shops.

Before you get started, however, do some serious cost analysis. Figure out how much it costs to make the items you want to sell, and make sure to include your time in that calculation. Find out how much similar objects are being sold for, and decide if you can afford to price at the same level. And again, remember that you will need a way to market your skills to the wide world to achieve sustainable business success.

Meet a community need
What needs to happen in your community? Do you wish there was a nanny co-op, or a baby sitting center, or a newsletter that will help keep everyone connected? If you can see a need in your community, odds are that others can see it to. By working to get it addressed, you can often move both your community and your finances in the right direction.

Many entrepreneurs relocate to low cost living area to start with home based businesses because the overhead costs tend to be low, they can work at their own pace, and the tax advantages for the outlay are substantial. Especially for freelancing or internet business ideas, the initial cost is nothing more than time, assuming that you have an internet connection (which becomes partially tax deductible, once you're using it for your business!).

Whether you're looking to start a home based business because you are a student looking to earn some extra money, because you are home with children, or because your health situation makes working from home more feasible, these are just a few of the great ideas out there for home based entrepreneurs. What are you going to start today?

Freelance your skills
Did you minor in business writing? Do you have professional experience as an editor? Did you do graphic design for the office at your last job? Almost any skill that you can perform on a computer can be freelanced at this point, and plenty of others that require person-to-person communication. Platforms like UpWork and Fiverr give you the ability to set your own prices and make sure that you get paid what you are worth and you don’t have to deal with IRS.

If you have more experience with freelancing, you can go directly to companies and agencies to partner with them. Again, you will need to have a plan to gather clients and market your skills to the world at large.

Educate others
What are you really good at? Do you have specialized skills in programming or business management? Can you teach English as a second language, or teach a second language to English speakers? Do you have a knack for helping people get their lives in order?

The Internet has created a new generation of learners who want to connect directly with experts who can teach them everything they need to know about a given skill. Many different companies exist to help learners and teachers connect, and you can often design your own course of study for your students.

Margarita Hakobyan