According to the same survey, there were over 200,000 entrepreneurs with sales between $500,000 and $999,999, and over 400,000 entrepreneurs who were raking in $250,000 to $499,999 a year. For anyone wanting to get into a home-based business, versus one on-site with employees, the fundamentals remain the same — the “fundamentals” meaning those that influence success.
So, if you’re cut out for being a solopreneur, you too can take home a fat check while being your own boss; you don’t necessarily need to run a large company for that. Here are five ways to leverage your skills or current situation to build your own home-based business by highlighting opportunities that have launched businesses average people turned into million-dollar success stories.
1. Conceive a product based on your own problems in daily life.
Abi Diva after giving birth couldn’t find any suitable waist trainer to help her, because most she had wasn’t effective for her as a young woman who wanted to stay in shape. she designed her own waist trainer and it’s now now earning her about $1,125,000. And as a young Ghanaian woman it’s a good money. she’s now selling to other African countries. You too may have a pressing problem in your daily life. So, keep your eyes and ears open because inspiration could strike at any moment. Most successful businesses, even big ones, were established because of personal problems their founders faced.
2. Understand a niche and set up your own online store.
Do you have insights into what people are looking for in a certain product category? If the answer is yes, consider the business built by under-30 solopreneur. Having knowledge about your niche, where you understand what customers are looking for, can help you start your own online storefront. You can either set up your own website using the WordPress Woocommerce tool, if you have basic technical knowledge. Or you can get started by outsourcing the work to a freelance developer.
No surprise, then, that according to U.S. Census data, one of the largest business categories of business in which successful entrepreneurs work is the retail segment.
3. Provide scale to your skills through technology.
Already making use of your skills in the physical world? By leveraging technology, you can reach a far bigger audience than you can by physically reaching out — a scenario limited by the time you have and the number of people you can reach.
Similarly, mobile phones helped Rachel Charlupski scale her babysitting business into a network that now includes over 1,500 babysitters. When she started out, Charlupski was a solo babysitter in Phoenix offering services to hotels guests to make extra money.
The message here is that if you have existing skills in any industry, technology can help you scale to a worldwide audience scattered across multiple countries.
4. Create an online course.
Do you have a skill you can teach other people? That could be your road map to running your very own online course academy. A plethora of options is available to host your courses. If you’re technically inclined, you could build one on WordPress using the Sensei theme for creating a learning management system. Or, you could use existing platforms, such as Fedora or Udemy. So most of the people who are taking evening classes can even do it online, other can teach beads making, and other skilled craft works. So, what kind of course could you create? Courses with well-defined outcomes tend to do well — meaning courses that help audiences earn more or do their jobs better.
5. Publish an eBook.
Gone are those days when you couldn’t publish a book without beseeching a reputed publisher to promote your work. Today, you can publish your own book, with minimal expenses, then distribute it to over a million readers. Marketplaces such as Amazon Kindle, Goodreads, Kobo Writing Life, etc., offer people platforms to host ebooks, as well as communities of readers to market to.
Amanda Hocking, the poster girl of self-publishing, has published several fiction titles on Amazon and earned over $2 million from them. Before going the online route, she was rejected by every literary agent she approached.
Need more information? Guy Kawasaki, author of 13 books, including bestsellers, has written a book on how to self-publish an ebook, offering tactical and practical inspiration. Kawasaki’s book also includes a ready-to-use template.
Whatever your modus operandi, simple passion isn’t enough to get you going. You need to work at it, day after day, and constantly improve and progress.
At the end of it all, you won’t need to worry if you’ve fail once — or failed a dozen times. (And you probably will.) You only have to get it right once. I started self publishing and now have my books on 10 US book stores: (Tales by the fireside)