Warning: Late repayment can cause you serious money problems. For help, go to www.moneyadviceservice.org.uk

7 home business ideas to make money

Dear Customer,
In light of the current COVID-19 we will not be accepting any new loan applications. The well-being of our customers is of absolute priority and therefore we ask you to contact us via chat, email or phone if you have an existing account and require any help.

Many customers will be faced with income interruptions as a result of this crisis and so therefore we are recommending that you refer here for useful advice: https://www.moneyadviceservice.org.uk/en/articles/coronavirus-what-it-means-for-you

Home business ideas

How would you like to be your own boss? For many people, it's the ultimate dream. If it's yours, you may be wondering how you can make this particular dream come true. Read the Ferratum guide to getting your home business off the ground with these 7 ideas. 

1. Could you take your current job home?

One of the easiest ways to start a work from home business is to bring home your current work. Remote working is becoming increasingly common. Many employers are responding to this by also being more flexible. In the EU, working from home is steadily increasing with the Netherlands having the highest percent of people that usually work from home at 13.7%, followed by both Luxembourg and Finland at around 12%, according to stats from the European Commission.

Make sure that you discuss with your colleagues about what this means in practice and how often it is possible. Especially if you have a laptop for work already, then you can get started right away. It is important to have a good internet connection and also note that due to security reasons, not all company software can be used when connected somewhere else. Check the practicalities when you discuss with your office mates.

Working from home should still be a separate thing to home life. It is best to have a separate desk space that can be used for working. Other people benefit from a more flexible set-up, like working from cafes or sitting on the balcony. Just remember that you still have a full workday to fulfil, and a comfortable and ergonomic place is important for many hours on the computer.

2. Become a freelancer

Freelancing can be a great next step to becoming independent from the workplace. There are a lot of practicalities to consider before you get started, from gaining initial clients to taking care of invoicing and freelancer income taxes. But on the other hand, you have more control over what projects you take on and how you manage your time.

While a freelancer salary is not necessarily as steady as a 9-to-5 your hourly rate has the potential to be significantly more, according to research. In the long run, you might find that you're able to work less for the same salary as a full-time job. Forbes research indicates that the work-life balance for freelancers is surprisingly rewarding with 84% of full-time freelancers feeling that their work allows them to live the lifestyle they want (compared to 63% of traditional full-time workers).

This option is not one for the disorganised. Running a home business requires dedication. When starting out, think realistically about your working relationships, prioritise your paying customers and secure the necessary relationships. And be prepared to sometimes have to travel and be flexible around your best clients' needs.

3. Turn your passion into a business

Is there a way to make your passion into a business? What skills or hobbies do you have that you could do full time? In this digital dominated landscape, many people are getting back to basics - which is great for those of us who are crafty or handy.  In our digital age, many people are getting back to basics – so it's a great opportunity for someone that is handy or crafty. Are you talented with crocheting or knitting? Is furniture upcycling or restoration your passion? Perhaps you can turn these skills into money.

A good way to test the viability of your business idea is to test out selling your products on sites that cater to creative appetites, like Etsy. It is good to establish an online presence and take advantage of social media. Having a website and being active on channels like Instagram are good ways to establish your brand and get the word out. The key is reaching people that might be interested in your products, ensuring you have a way to deliver them, and gaining new customers and keeping interest.

In addition to online, local markets and fairs often have the opportunity for people to rent a table and sell their items. You can sell unique items or even offer customised made-to-order pieces. Whatever you decide, make sure you can deliver efficiently and have the time to deal with any customer service needs.

4. Try vintage or second-hand selling

If you're a top-notch bargain hunter or collector, maybe you could make this into your home business. Maybe you could source brand name clothing, antiques or vintage items. Ebay may be your friend here or perhaps local selling sites.It also depends on the scale you want for your business and the amount of income you want to generate. This one might be a good side business for raising a bit of pocket money rather than generating a full-time salary.  

Like all home businesses, what you can achieve depends a lot on the time, energy, and research you can put into it. If you're looking to raise your game, you will need to expect some start-up expenses such as building a webstore, digital advertising and managing business expenses.

5. Become a fitness professional out of home

Along the lines of your personal passions, maybe you have a more personal skill set you could put to use in business. If you think you could find a niche, it might be worth looking into the qualifications you might need to turn your passion into a business, such as becoming a certified personal trainer if working out is your passion. 

Becoming a fitness professional out of your home might mean creating space in your home for a gym or studio or maybe you'd prefer travelling to meet clients or working out of a local gym. Either way, there is a high demand for fitness experts to help people get in shape, increase their physical fitness or even just become healthier in general.

And it's not just personal trainers, you could consider; yoga instructors, dance instructors or even wellness coordinators that work as consultants, such as for businesses. 

6. Showcase yourself as a beauty stylist or hairdresser

Beauty is big business, and weddings, proms and birthday celebrations offer multiple occasions when people want to look their best. If your talents and experience lie in makeovers or haircuts, why not have a business out of home? Especially if you are willing to travel to your customers, this can be a great home business idea.

A social media presence is a good way to promote your talents and show happy customers at their best. Instagram is a great place to showcase beauty makeovers and haircuts. Just remember to always get permission to post photos of people publicly. Don’t hesitate to put your work online and let people see what they can get when using your professional talents.

7. Use your writing skills for work

In the online world, content is king. Think of the content online you read and view every day. From blogs, how-to guides and articles, there is tonnes of content being produced daily. Many businesses don't have the time or resources to fulfill all their content needs, and this means there is plenty of work available in this field. 

There is a high demand for this kind of written content, but it also means it can be quite a competitive field. It may be worth thinking about your own knowledge and expertise and focus on a niche subject matter to focus on. What will make you stand out as a content creator? Do you have useful qualifications to sell yourself? Do you speak multiple languages? Be sure to showcase your work to any potential clients so they can see what you have to offer. You'll also need keen attention to detail, as typos, grammar errors and formatting issues will devalue your work and make clients less likely to use you again. 

Whatever you choose to do, creating a business plan and getting the right supplies are key to being able to focus on your core business. If you need help with start-up capital, find out about short-term loans and financing options that can get your started on the road to success.

Did you like this article? Share it using the buttons below, or click the link to read another blog...

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. Representative example: APR 1270% if borrowing £400 for 4 months. Interest rate: 292% p.a. (fixed). Total amount repayable: £665.48 by four instalments of £166.37. Maximum representative APR: 1604% if full loan repaid after 7 days.