A journey of a thousand miles begins with a single step – Lao Tzu
Published June 3rd 2013
Be your own boss
Be your own boss (Image taken by Joya D)
Deep in our heart, we all wish to have financial freedom and be our own boss. Running your own business is one of the avenues of becoming your own boss. However, owning your business does have its pitfalls including personal liability (depending on the nature of the business setup), personal expenditure, goals and perseverance to achieve those goals. This article is an endeavour to bring to you some of the most convenient businesses you can run from your home with little or no outlay. Read on.
1. Bed and Breakfast – If you are the proud owner of a house with some spare rooms then you could consider running a bed and breakfast business. The prospect of the business doing well will certainly improve if you happen to be located close to a place of tourist attraction or a place endowed with scenic or historical values. You would need to complete a range of formalities like getting approvals for running a bed and breakfast place, an ABN, health and safety approvals and so forth. But if you succeed in establishing this business, it can be quite lucrative.
2. Baking – You could be a talented baker and may have awed many a soul with your fabulous baking skills. If your expertise lies in making sweets, cakes, muffins etc then you could consider baking these decadent delights and packaging them neatly and putting them up for sale through friends and families, colleagues, neighbours and various cafes and shops. Further, if you are member of a group or society like Mum's society, local tennis group or bush-walking group, you will enjoy a fantastic forum for increasing the goodwill of your business. Spreading the word can do you much good in promoting your baking business. The beauty of this business is that as long as you abide by the basic food safety guidelines and other incidental guidelines, the business itself lacks the difficulties of option 1. 3. Cosmetic sales – This is a fad which has wooed many people in recent times. You can run your own cosmetic sales business from the comfort of your home. Companies like Avon rely heavily on home-based sales and you could become an Avon Ambassador. As a rule of thumb this is a commission-based business and entails plenty of social networking to solicit customers. If you are bestowed with good people skill then you can easily earn a nifty sum of money.
4. Jewellery sales – You may be adept at arts and crafts and be quite skilful in making jewellery from paper, wood, plastic, metal, shell and so forth. You can sell your creations on websites like Ebay and Gumtree, through friends and families, through local markets, festivals like Go Festival and through your workplace. Word of mouth and perseverance are key factors in ensuring the success of your jewellery business.
5. Sell second-hand goods – This is another useful business that requires little formalities to be completed and can be run with a small outlay. You can start your own business by decluttering your house and selling off your trashes through garage sale, Ebay, Gumtree and word of mouth. Once you have finished selling off all your unwanted items, you can commence collecting redundant, discarded and other unwanted goods from family, friends, neighbours and other garage sales and then on sell them via your social network, online websites and word of mouth.
Please note that an ABN is necessary to run a business in Australia and you can learn more about ABNs by visiting the Australian Taxation Office website. Please also note that before you launch a business make sure to evaluate all the pros and cons as well as educating yourself about the legal formalities involved.