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Ever since the pristine moment in time when modern day technology threw the doors wide open to a fascinating new era of the Internet, PCs, laptops, smartphones and a wide range other useful gadgets that are helpful in connecting us with a million people on a worldwide scale, growth of small and home-based business has seen an unprecedented rise.
For instance, stay-home-moms now have access to ample opportunity for making a little extra cash which helps them in making both ends meet with relative ease, while still having the benefit of looking after children in their spare time. Additionally, even those on fixed hours jobs can comfortably return home to run a small business during the hours when they are not at work. More so, many people who are in the 50+ age group too generally tend to opt for small or home based business instead of striving to find their way back into employment after having been once laid off or retired from work.
There are a number of small and home-based business enterprises that have of recent seen a great boom. A few of the more profitable ones among these commonly include:
- Consultancy and Advisory Services
- Event Planning and Management Services
- Brokerage House or Services
- Household Pet Sitting Services
Given quite a wide range of viable options, depending solely on your own choice or preferences, you could either choose to go for any of the above or simply find one that suits your tastes better.
1. Consultancy and Advisory Services
Starting from financial advisors to fashion consultants and business consultants; you will find that this diverse category offers limitless options. In particular, it is especially suitable for those individuals who have taken the pain to acquire certain degree of pertinent knowledge or related qualifications in one of the established areas of trade or business. Individuals holding diplomas or certificates of merit issued by some reputable institution in a specific field or trade can employ the expertise thus gained to start their own home-based or small business enterprises which will have the potential of yielding outstanding results and excellent long term profits for the owners.
For instance, ladies with a special knack for design or style, along with an eye for variations in colour, can opt for a business that specialises in fashion advisory services which caters to other office-going ladies who apparently lack the time to look after their own office attire. Whereas, as another great alternate, enterprising individuals may choose to opt for the enviable profession of an interior decorator that caters to customers who themselves lack the luxury of time required to shop for their favourite home decor requisites.
2. Event Planning and Management Services
If you have an inborn aptitude and passion for planning and managing events on a large scale, then this is a perfect venue for your small or home-based business that needs to carry minimal stock, that is if any at all. Organising a grand wedding, a campaign for raising funds, or for that matter even a large private party can have very beneficial results in financial terms. You are most probably going to be pleasantly astounded at the actual sums of money that people are gladly willing to spend on entertaining their guests, especially when it happens to be a really great day for them. This is where you need to cash-in with your small or home-base business ingenuity.
3. Brokerage House or Services
People who offer brokerage services are more commonly referred to as brokers or middle men. As a common practice, their job involves helping customers as well as other business owners in making correct decisions with regard to specific deals or everyday business transactions. In this due process, they are further required to assist their clients in eliminating every possible error of judgement which could eventually lead them into losing their money or reputation. As such, it is normal for brokers or brokerage houses to earn a good commission; being an agreed percentage from the total benefit accrued to the customer off that particular deal or transaction. This method allows both parties to draw reciprocal benefits from the same transaction or deal, without having to infringe upon each other’s personal interest or rights. There are a number of different business types and varieties such as medical and insurance services, in addition to purchase of houses and used vehicles, etc. where brokers may be asked to render services.
Special qualities desirable in brokers, as of necessity, include that they carry out their assigned jobs with absolute secrecy and that they own impeccable credibility. Therefore, before you can become a successful broker, it is essential that you possess all-encompassing knowledge about techniques associated with holding productive discussions, handling bookkeeping and financial matters, along with proven personal persuasion skills.
Percentage of profit which a broker generally earns varies in accordance with size and scope of the project under hand. For instance, it may be as low as 5% or in other cases as high as 15%, depending on what is negotiated and agreed in advance. Here, it is wiser for brokers new in the trade to start small and then steadily build their business up so that they can eventually handle larger purchases and mergers which will draw in far greater overall earnings.
4. Household Pet Sitting Services
Pet sitting services are advisable for those imbued with a special love for animals. This small or home based business provides you with an opportunity to enjoy what you are doing, at the same time make a good living off the trade. The best part of your pet sitting business actually is that it allows you to start with minimal initial capital; perhaps as low as $500 to $2000 (NGN 79,100 to NGN 316,400) all in all.
As noticeable from above business propositions: while profitability is generally good, no large scale stocks or capital are required. This also eliminates the undependable risk factor associated with larger businesses. However, to attain ideal results, you will still need to do a lot of serious online as well as offline marketing. To close, we are glad to wish you the best of luck in your new endeavour!
Feel free to share your own small business ideas in the comment box below and don’t forget to share this post with others.
