Making Money From Home: Business Ideas You Can Set Up Yourself

Making Money From Home

Working from home represents the ultimate in work-life balance. Most of us have dreamed of it at some stage – maybe your morning commute is wearing you down, you’re stuck in a job you don’t like or you’re hoping to find a way to supplement the family income while being at home with your children. There is a plethora of ways you can start making money from home today; most of them have minimal start up costs and offer the flexibility to set your own hours and work terms. Popular Australian breakfast television host and personal finance guru David Koch lists his suggestions for home money making businesses you can set up below. 

Top 5 Ways To Make Money From Home

For many Australian families its never been harder to balance the family budget. Those on a single income with one partner at home looking after the family are under real financial pressure.

Cutting costs is the first step but there is a limit to how much you can cut back. The other alternative is to make extra income.

Part-time jobs are a great option but if circumstances dictate you staying at home, it doesn’t mean this is impossible. Here are my top five ways to make money from home:

Selling online

Everyone has items around the home they no longer need or use. And as the saying goes, one man’s trash is another man’s treasure, so why not sell it online?

These days with eBay Classifieds, Gumtree and vintage/handmade specialty online marketplaces you can list items to sell without listing fees, and simply pay a small percentage of the sale price at the end of the transaction.

If you have multiple items or a small business, setting up an eBay store is a good way to go. (Hint: the best way to hook buyers is by having great photos and a detailed description of the item.)

Tutoring

If you class yourself somewhat of an expert, share your knowledge. School and university students always need help. Don’t worry if you’ve forgotten Pythagoras’ theorem, there are still plenty of students needing help for English, second languages, music, whatever you’re good at.

Babysitting

I know this might seem a bit high-school but childcare is a booming industry at the moment, and people are willing to pay big bucks to have this done in the convenience of their, or your, private home close by. Alternatively, rather than doing the sitting yourself, set up a babysitter referral network whereby you maintain a stable of available babysitters.

Rent a Space

If you have a particularly attractive or unique home, why not rent it out for a day? Some might be a bit uncomfortable with this, but these days there are a heap of private homes being used for filming ads or TV shows, and the rewards are pretty generous for a few hours of you being out of the house. Contact your state film commission to register.

Taskwork

If you can only work from home, why not do the household work others can’t? It’s still quite common for people to fork out for someone else to do their laundry/ironing, look after their pets, or even make their meals. If you consider yourself a bit of a Masterchef you could always turn it into a business.

Home-based catering operations are great for small parties and functions in your local area. Get some recipes and get your name out there in the community.

 Bed and Breakfast

Why not take advantage of the home-stay tourist industry and open your home for visitors. Hours could be restricted to weekends or when it suits you. Is particularly useful for people approaching retirement where the children have left home and there is plenty of room in the house.

Crafts

Market your homemade crafts either by setting up a stall at the local market and at school fetes. As well, specialty shops are often on the look out for handmade items to sell as part of their range. As an extension of this, think about starting craft classes at your house or the local community hall of a night.

Long before he started hosting breakfast TV, David Koch had established himself as one of Australia’s first personal finance journalists. An accounting graduate with experience at both The Australian Newspaper and BRW Magazine before starting his own financial publications and businesses. You can read “Kochie’s” blog on his website

Do you know of any home business success stories?

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