From Crystal Paine’s MoneySavingMom.com blog – a popular personal finance site – offers instructions on how to pinch pennies, spend wisely and make money from home.
Income-earning ideas live at the intersection of your “skills, talents, passion and knowledge.”
If you’re wondering about your marketable skills and talents, ask yourself:
What comes easily to you?
What do people often ask you to help them accomplish?
When using a product or service, do you feel you could make it or do it better?
What activities do you most enjoy?
What knowledge did you gain in school that has other applications?
What life experiences do you have that may help others?
Home-business opportunities include selling products or services online, selling directly, creating a store or taking a part-time job.
“Online service or product” – Internet-based business opportunities include selling through retailers such as eBay or Amazon, providing services such as website design, and working remotely or generating income though a blog. The advantages are low cost of entry, flexible hours and a borderless market. The disadvantages include abundant competition and around-the-clock connectivity and demands.
“Home-based, face-to-face business” – You can work flexible hours if you provide products or services such as dog sitting, child care or house cleaning .
“Direct sales companies and multilevel marketing” – Representing an established company such as Pampered Chef kitchenware or Mary Kay cosmetics offers significant earning potential. The only limits are your sales talent and willingness to work hard.
“Brick-and-mortar” – Possible local job opportunities may include florists, restaurants and other types of retail stores. Work for an established business or start your own.
“Traditional” – Conventional part-time work or full-time employment remains a reliable way to generate income.
Identify your target customer, estimate your start-up costs and research business laws.
Choose two or three “scary” goals, and break them down into manageable steps.
An action plan includes a funding proposal, growth projections and income estimates.
Low-cost marketing strategies incorporate social media, cross-promotions, word of mouth and networking.
Build savings and diversify your income to withstand unexpected expenses, unforeseen challenges, and the natural ebb and flow of the marketplace.
Residual income comes from investments or projects that continue to earn once they’re in place.
Balance your entrepreneurial efforts with your home life.
Improving other people’s lives can imbue your life and your business with meaning.