3 Home Based Business Ideas that WILL Make YOU a Millionaire
Start a home based business today and start your path to financial freedom
Hey Bowtie Nation, Joseph Hogue with the Let’s Talk Money channel and taking a break from talking investments today to help you with something ten-times more important, creating a home based business that WILL make you rich.
Now don’t get me wrong, I did very well as a venture capital analyst and I love talking stocks, but investing didn’t make me a millionaire by the age of thirty-eight. It wasn’t until starting my online businesses that I reached that seven-figure payday.
But this isn’t just about getting rich. You NEED that home based business as income insurance! Nation, more than 40 million Americans have filed unemployment over the last couple of months. You NEED an income source you can’t be fired from!
In this video, I’m going to show you three home based business ideas you can start right now. I’ll use real-life examples to show how much you can make and how to get started. Then towards the end of the video, I’ll reveal three insider tips to make any of these business ideas a success!
We’re building a huge community on YouTube to beat your debt, make more money and start making money work for you. Click over to join us on the channel and start creating the financial future you deserve!
How to Get Your Home Based Business Started FAST
You can do this and I’m living proof. Not only have I made more on my online business that I ever thought possible, I love what I do and the control it gives me over my future. I can say without a doubt that there is not a single person watching this video right now that cannot make this same change in their life!
And to help you get started, I want to do something special that I haven’t done in any video before. Each one of these home based business ideas is going to mean having a website. It makes sense right? If you want an online business, you have to be online.
But I know setting up a website keeps a lot of people from getting started so I’m going to make it as easy as possible. I’ve negotiated a special rate with Blue Host to get your website online for less than $3 a month. That’s the lowest you’ll find online but I’m also going to help you set up your website absolutely free. Use the link I’ll post below and I will personally set up your website and have it ready to go. I’ll install WordPress and the structure of your site, I’ll prime it for SEO so you get traffic from Google, I’ll set it up with three pages including a blog page and activate all the plugins you need to get started.
Now I know a lot of that might sound like a foreign language right now. I know it did to me when I was first getting started. Again though, look for that link below and I’ll explain it all out and even send you a free checklist. If you have every thought about starting a website or want to make money on any of these home-based business ideas, TAKE ADVANTAGE OF THIS OFFER because I can’t do it for every video.
Start a Home Based Business on Shopify
I want to get started though on those three work from home business ideas though because whether you want me to set up your website or not, these WILL change your life.
First on our list is a huge one lately, running a store on Shopify.
Now Shopify is a lot like Amazon, it’s an online shopping platform, but the difference is Shopify allows you to create an entire store and create more of a brand around your business than just a sales page you get on Amazon. Basically, you link up your website to Shopify or set one up directly on the platform and it enables you to sell anything online. You still need to handle the shipping and storage of your products, so it’s a little different from Amazon FBA in that respect but this has been a great opportunity for a lot of small businesses.
Shopify has been around for more than a decade but has really exploded this year as all those closed small businesses were looking for a place to sell under the lockdown. So if there is any doubt in your mind, about the power of Shopify, I want you to look at the stock chart of the company. Shopify has gone from a $14.6 billion company to over $90 billion in just the last 18 months. That puts it in the top 60 largest U.S. companies by market size.
Over 400,000 websites use Shopify to sell and the website has helped process over $55 billion in total sales at businesses in 175 countries.
Just as an example, the owners of this store Hyke and Byke say it cost them all of $2,500 to launch. That’s a full retail business including initial inventory and setup for under three grand, and they’ve turned it into sales of hundreds of thousands a year.
So I want to give you some quick tips to get started, a quick checklist here. First you’ll find a product you can sell. Crafts and anything handmade work really well on the site but really anything you know about. Something that comes from a hobby or an interest of yours.
That’s going to be important because it’s going to make marketing sooo much easier. You’ll be able to write about the topic or your product on your blog, that’s going to draw traffic from Google and you can send those people to your store.
So make out a list of your hobbies, things you enjoy doing and product ideas. Then you want to design a simple logo or you can get some ideas from freelancers on Fiverr. You don’t want to spend too much on the setup, you just need something simple to get started. If your product is something that needs made, you can go to Alibaba to look for manufacturers that will produce it and ship it to you. You’ll get a big discount for producing in bulk and the manufacturer will ship it to your home or directly to Amazon’s warehouses if you go the Amazon FBA route instead of Shopify.
Actually setting up your Shopify store takes all of 15 minutes so I want to talk about something that’s too often missed. It’s really your own website that’s going to be more important to your success because as big as Shopify or even Amazon are, you aren’t going to make a dime on either if you can’t send at least those initial customers to get your ranking going.
So what you want to do is start with a Google search of all the questions people ask before buying that product. That’s going to include comparisons, reviews and everything someone wants to know. Then you start answering them in blog posts. Since your site is focused solely on that narrow topic, you’ll start ranking fast on Google and getting visitors you can send to your Shopify store.
Now technically you can do everything on Shopify but I like running this through my own website because you rank better on Google and have something you actually own, that way if you want to switch to an Amazon business in the future, you still own your own website and can just start sending visitors that way.
Click to reserve your spot at the FREE YouTube Quick-start Webinar! I’m sharing three strategies that helped me grow my YouTube channel and double my business income and I guarantee they WILL work for you. Seats are limited for the webinar so make sure you reserve yours.
How to Start a Home Based Social Media Company
Our next home based business idea, social media manager, and nation this is the single best opportunity of the 21st century and very few people are taking advantage of it.
A social media manager is someone that helps businesses, bloggers, anyone that wants to be a social media influencer, helps them manage their accounts on Facebook, Twitter, Pinterest or wherever. That’s going to include things like writing out and scheduling posts, finding graphics or creating questions to engage with the community.
And if you think about this for a second, you’ll see why this is such an amazing opportunity. First, nearly everyone has some experience on social media. This isn’t like saying become a computer programmer when many people would have no idea what a programmer does. Even Betty White has 1.5 million followers to her Instagram account!
So this is something truly anyone can do, there are no educational requirements, but it’s also one of the fastest growing jobs out there. Now the Bureau of Labor Statistics reports social managers make an average of $56,000 a year and tag the job with a growth rate of 8% a year, but that’s just because they lump it in with the traditional marketing managers.
As an online entrepreneur for the last six years, I can tell you this home business is growing a hell of a lot faster than that. Why? Because with every report of some Kardashian or PewdiePie making half a million on a single post, more people start looking at social media influencer as a legit career. In a recent Harris Poll, American and British kids said they wanted to be a YouTube star more than anything else, not astronauts, not teachers…social media stars!
Combine this with all the online and offline businesses that need a social media presence but just don’t have the time to manage multiple social media accounts…and the business of managing all this is huge!
Now we already saw the BLS reports the average annual salary here is $56,000 but as someone that has hired social managers, this is a low estimate. I’ve paid people $750 a month to manage one account, so just my Pinterest account, for about three hours a week of work. So you’re looking at $50 an hour and up for this.
Getting started is really easy here. You’re going to need a website to show off your work and get potential customers through Google traffic. You’ll first have to decide if you want to manage accounts across a group of platforms; so Facebook, Pinterest, Twitter and LinkedIn, of if you want to specialize and just work on one platform.
You’ll then want to learn everything you can about how to grow a profile on one or a few of these platforms. Now this business can be as complex as any other but honestly, you can pick up 90% of how to do it in less than a week. Learn how to use some of the social media management tools out there like Buffer or Tailwind that let you schedule posts and manage accounts. Within a week, you can easily have enough knowledge to start your own social management business.
You’ll want to get a few initial clients at a discount so you can prove your experience. Find bloggers groups on Facebook or conferences to look for people that need help with their social accounts. Then you just start posting your experience and articles to your blog, getting that traffic from Google for people searching for how to grow on social media and looking for someone to help.
Start a Work from Home Affiliate Business
Our third home based business idea before I reveal those three secrets to working from home, is going to be running an affiliate marketing blog.
And I had a few other business ideas I was going to share like a niche blog or freelancing but the reason why I went with an affiliate website is because it’s such a great passive income business.
An affiliate marketing blog is a website where your primary source of income is going to be mentioning products or courses and then getting a commission off sales of those. We’ve talked about this kind of business model before on the channel. The pros of this are you don’t have to spend a lot of time creating your own products or courses. You just partner with other businesses and the products you believe in to promote theirs. This can also be a great passive income business because once you’ve got some articles on the blog that are pulling in traffic from Google, you’re going to get that traffic every single month whether you post on the blog or not. You’ll get continuous visitors to the blog, a percentage of those visitors are going to click through your links and buy and you can make thousands a month on very little work.
Getting started here is even easier than the other two business ideas and this is why I wanted to include it in the list. First you pick a topic, something you like talking about like health or money, investing or home schooling. Any hobby or interest you have. Then you create that website and sign up on what’s called affiliate networks which are just websites that connect people with blogs to affiliate partnerships. In those affiliate networks like Share-a-Sale or CJAffiliates, you’ll sign up to affiliate programs which are just individual companies that want to promote their products. You’ll get a special link you can use whenever you talk about that product so if someone clicks on it from your blog, the company will track that person and know to give you a commission if they buy something.
I average $5,200 a month from affiliate commissions and that’s not really even focusing on this type of income source. I might include affiliate links and partners in some posts and videos but it’s not to the extent you would in a pure affiliate marketing website.
What we’re talking about here with a purely focused affiliate website is every post you write, you’re specifically targeting an affiliate product or a group of affiliates to mention and link. That means you’re making more money on each post and those articles become passive assets to generate income.
3 Secrets to Home Business Success
Now I want to reveal those three secrets to success no matter what home based business you choose. Three rules to making money online I’ve picked up over the last six years.
First is to use a website strategy, no matter what business idea you use.
You can make money through some of these work from home ideas without a website. You can do consulting or freelancing through sites like Upwork. You can go directly through Shopify for your ecommerce site.
But none of those are going to give you the control or search engine traffic you need to be successful. Without the website, you’re going to be paying ads to bring people to your Shopify store. Without a website to set you apart, you’ll have to compete against the countless other freelancers out there.
It costs almost nothing to have your own website, less than three bucks a month. Get a site, use it to show off your skills and have that digital piece of real estate you own.
Next here is do not rely on just one income source.
You can make a lot of money on any single income source in these home business ideas. Affiliate commissions can be in the thousands a month, I have friends that make tens of thousands consulting, but the real financial freedom comes from building multiple income sources.
If you look at my income here, you see each piece of my business. Now there are some solid income sources here. YouTube is doing from seven- to nine-thousand a month. Affiliates ad in another six to eight-thousand, but none of that compares to what I’ve been able to build by using all seven income sources.
Third here is you have GOT to treat this like a business! You can run any of these like a hobby on five hours a week but if you really want to make that big money, I’m talking the seven-figure business that makes you a millionaire, you need to build it like a business. That means learning how to grow the business, understanding the different pieces that make it successful and spending a little more time at first to get it up and running.
Want to start making money blogging? Don’t know how to start? I want to set up your blog and get you started! Find out more here!
Why Transition Into Home Base Business?
Maybe you have heard of someone who quit their job to work at home, or maybe you are thinking of doing the same thing yourself. And so you are wondering whether it is really possible for someone with no prior experience to be successful at running a home based business. Well actually, what I’m about to tell you has nothing to do with luck or personal skill level. There are some factors that directly affect how easy it will be for you to run your own business from home successfully.
The first factor that contributes greatly towards success is, of course, the type of work that needs doing. If your idea involves something very easy and simple like assembling products in your living room using supplies bought online then there won’t be any problems at all. However, if you plan to sell very technical products that require a deep understanding of the design and hard work then your success will be less assured.
Another important factor is having or not having prior business experience. This part goes without saying, but starting off with some knowledge about how businesses work can help you avoid pitfalls and get ahead at least a little faster than someone without such knowledge. Without any prior experience in running a business it could take years before someone becomes successful enough to support themselves at home so I would recommend getting some training if possible.
Whether or not you have experience doesn’t really matter when working from home as long as you choose something easy to start out with, but once again there are no guarantees if your idea requires expertise in an area you have no training in. In fact, I would say that if you want to be as good as the experts it will take a long time and lots of effort before you can produce quality work in your own at home.
In any case, even those with business experience but little or no technical expertise can still find success working from home. If this is your situation then I suggest looking into businesses which do not require much investment for start-up and don’t really depend on much more than low cost access to supplies and a decent knowledge of how the Internet works. These kinds of enterprises are designed for precisely this type of environment so there is far less risk involved compared to doing something like web design from home which requires a higher level of skill and investment.
Finally, the amount of start-up capital is also very important when it comes to succeeding at working from home. When starting out on your own you are likely to have little or no outside funding so your initial costs will be lower which can make all the difference in the world. Since most businesses generally don’t bring in any profit for a while, having low overhead costs can be crucial towards keeping afloat until things pick up.
It doesn’t really matter why you want to work from home but what does matter is that if you choose something that requires extensive training or prior experience then chances are it won’t pay off much faster than someone who kept their job and worked part time around it. If however, you sell goods or services that are well suited to working from home then you can be one of the few who succeed right away. It’s really all about choosing the right idea and business model.
There are literally thousands of home based business ideas that can make you rich. The trick is to find one that works for you, one that you enjoy working on and growing your work from home assets. Do your homework into the different business ideas and make sure you take advantage of that free website setup offer.
Read the Entire Work from Home Series