Home business Ideas

Home Business Trends in 2020

I have always been a huge proponent of the home business arena. My passion for it took off years ago when I was presented with an opportunity to run a networking group for moms in business…” Entrepreneurial Moms Network”, it was called. 

Once a month, I organized a speaker – an Entrepreneur to speak and teach about a relevant topic for my members. We networked, we supported each other and grew as entrepreneurs and business women. 

I will never forget it. I watched first hand how women “created their own economy” Many of them had started million dollar businesses from their kitchen tables. Their passion for their businesses and their entrepreneurial  lifestyle was inspiring, to say the least. 

And so, years later here I am sharing this passion for “creating our own economy, watching first hand how many entrepreneurial journeys have unfolded, and how the home business industry has evolved and where it is going. 

More and more, I am seeing that, having some sort of home business, whether it is a side gig or a full time endeavour is more of  a necessity…  and that reality is not necessarily a bad thing. 

As disheartening as it may seem that job loss and uncertainty are on the rise, the fact that YES, moms and dads can start a business from their kitchen table and have more leverage, more flexibility and more money then with their full time jobs is AMAZING, to say the least. 

Here are just a few of the ways you can earn an income from home. 

Freelancing 

Freelancing  is one of the fastest, most affordable, and easiest ways to get started working from home, especially if you offer services in a skill you already have and are good at. Writing. Graphic design, web design, book keeping. While not the greatest example of leverage, it can be more lucrative than using the skill as an employee allowing you to bill per project versus hourly. More time equals more freedom to spend with family or work on other projects – not something you would have as an employee. 

When starting out, you can use  third party services such as Upwork to book your projects and contracts until you  have built up a clientele of your own.  

Arbitrage

Simply put, arbitrage or “flipping”  is when you buy an item from for a certain price, then earn a profit by reselling the item for a higher price. I have seen many people build a full-time income just by buying and selling stuff. 

With Amazon and Facebook Marketplace, buying “in demand” products and reselling them has become within the reach of every day people. 

Products you can buy and sell include furniture, power tools, sports memorabilia ,

Vintage clothing, books, baby gear. You can buy at flea markets, thrift stores, online (FB Marketplace, craigslist, Kijiji, Amazon), yard sales, estate sales. Many have turned this into a full time income with time. 

Affiliate Marketing

This is one of my favorites! I love it because it is fairly simple, inexpensive and you don’t need to have your own products . 

Affiliate marketing is the process of earning a commission by promoting other people’s (or company’s) products. Affiliate Marketers find products, promote them to others and earn a piece of the profit for each sale made.

You can see my full post on Affiliate Marketing here.

Ecommerce and Dropshipping

More and more, I am seeing individuals start Shopify stores and utilizing the dropshipping business model . Simply put, dropshipping does not involve carrying your own inventory rather partnering with companies that will ship to your customer AFTER they place an order with you, eliminating the need for upfront costs and carrying inventory. 

Print on Demand goes hand in hand with dropshipping. If you are creative and keep up with trends, you can create your own custom t-shirts, stamped or engraved jewellery, mugs, blankets…and have them printed and shipped only after the client pays and orders from you. 

With Ecommerce, a good grasp of your niche, and a solid understanding of advertising as well as a budget for it are key!

Check out my blog post about Print on Demand here.

Network Marketing

This is another favorite of mine because it is similar to Affiliate Marketing however allows you to build a team in addition to selling a product that someone else has created. 

The Network Marketing model is appealing in the sense of you not having to create your own product, shipping, or have a merchant account… and the fact that :

There are no shipping costs you will incur as a vendor.

You don’t carry any inventory so… You won’t get stuck with unsold or expired items.

Compensation is generally  very lucrative.

Sales can be quick and convenient.  All sales are done online.

Most Network Marketing companies have  systems and funnels and online sales presentations make sales easy.

The Personal Development and Business training you will receive with most Network Marketing companies is amazing. You will grow. 

One thing that has always been important to me is a valuable product – one that people would purchase even if there wasn’t an opportunity attached to it. 

The Sweet spot for me, however is where there is an amazing product and a lucrative compensation plan for selling that product and building a team of people to help you sell that product. That’s true leverage and the retention on a good product is what you as a Business owner want…. Not a fly by night hypey product that can’t stand the test of time. 

And here’s the thing …. This is where I am seeing the most change in this industry. 

People just don’t like to and don’t want to recruit. They don’t want to sell. … But they want to make money from home. 

And that’s where I have seen a huge shift in the marketplace. 

… a shift from peddling potions and pills and information products to task based earnings and learning a skill that can reward over and over again. 

My Top Home Business Recommendation for 2020

Due to this shift in the industry, I have partnered with a company that in my eyes has the best of both worlds – a company whose product itself teaches a lucrative skill in Forex Trading that you can earn over and over again BUT also (and ONLY for those who wish to do so ) includes a lucrative compensation plan for being an affiliate of the product. 

Because I know a lot of us are just sick and tired and ready for a change that makes sense for our future.

If you want to learn more – reach out to me on messenger here. I am a real person and happy to chat and share!

To your success and outrageous goals!

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