Many people today are choosing to fight unemployment by starting a business of their own. Of those businesses, nearly half will be run from the home. What follows are some of today’s best home based business ideas, categorized sequentially according to pre-tax profit margins.
The best margins generally go to commodities and securities brokers. To get started, brokers have to prepare a packet for the Financial Regulatory Authority, and they have to pass at least a Series 7 exam. Once brokers are licensed, they need only a fast internet connection, some trading software, and a computer to get their business going. One way that small brokers distinguish themselves from the big companies is by offering financial advice, in addition to trading services.
Another lucrative field consists of software programmers and troubleshooters. Programmers compete against other people from around the globe, so tends to be stiff. However, if they focus on the troubleshooting side of the business, programmers can establish a niche in their own communities.
Insurance agents and brokers can realize strong profits away from the office. A broker matches agents with insurance buyers, receiving a commission based on a portion of the premium. An agent has to register in his or her state, and also has to purchase error and omission insurance as a start-up cost. Some agents work with wholesale companies, because most insurers will not work with an agent who doesn’t generate a minimum number of clients.
Interior, industrial, and graphic designers have extremely low overhead. Most designers purchase a computer and a printer, and they take the occasional project to a professional printer. Designers may also pay for software, and for website hosting services. With such low start-up costs, designers can find themselves making profits within a short period of time.
Another low-overhead start-up is a consulting service. A consultant gives assistance to a variety of companies and organizations, and may provide guidance on a host of topics. Consultants usually charge on a per-project basis, rather than by the hour. Whenever they are not with clients, consultants can easily complete most work at home.
Even in today’s economy, real estate brokers are doing well. After passing state exams, and working with a licensed broker for a year, realtors have the freedom to establish their own offices. Agents pay a fee for access to the MLS, and brokers pay an additional annual fee for agents. Realtors bring in a healthy commission from each property sale. With such low expenses, this is another business that, as long as sales are strong, will quickly produce a profit.
Other entrepreneurs start their own personal and household goods repair services. This segment is becoming lucrative because, in today’s economy, many consumers are repairing their goods rather than purchasing new ones. Start-up costs for this profession, however, are higher than others. Often, expensive equipment has to be purchased, and homes have to have electrical upgrades in order to operate the equipment.
In today’s world, successful entrepreneurs demonstrate more specialized skills than ever before. Business owners tend to perform better if they work for a short time in the corporate world, to better understand their field and their competition. The best home based business ideas have low start-up costs, and they are inexpensive to operate. Even the smallest enterprises may be competitive, if they leverage the advantage of the internet.