Top 10 Home-Based Business Ideas and Opportunities for 2017

top-10-home-based-business-ideas-opportunities-2017

With 2017 just landed a few days ago, most of you are probably looking forward to starting a new career or business opportunity. Whether 2016 was a disappointment or a fresh revelation, you will have another 365 days to build on the successful venture you started or another entrepreneurial journey to begin.

There are many great home-based business ideas and opportunities for 2017 that you can consider. How do you know what home based idea to work on or business to start in 2017?

Research

Find out which businesses or industries are showing potential for growth. I would not recommend putting too much emphasis on established industries. Look for a niche that is still in its fledgling stages but has a nice, stable upside for growth.

What’s Your Passion?

Some people say passion is overrated; that you do not have to be passionate about your business idea to succeed. I disagree with that.

In my opinion, passion drives business to succeed because it fuels drive, determination, and commitment. As Confucius said, “Find something you love to do and never work a day in your life.”

Trust Your Intuition

Numbers and research alone are not enough to determine the viability of business. What does your gut tell you?

The “gut” is often referred to as your instinct. A good number of entrepreneurs and businesspeople have relied on their intuition to make a good judgment call on a business opportunity. These include Roy Disney, Sir Richard Branson, Elon Musk and Howard Schultz.

The strategy follows numbers but sometimes you just have to trust your intuition.

When you have decided on the home-based business ideas and opportunities for 2017, bear in mind these five valuable tips before commencing activity:

  • Register Your Business – If you want your business to be well-received, noticed and respected, register it as a legal entity. You can negotiate better terms if you are authorized to enter into trade agreements.
  • Invest in a Website – In a mobile-dependent economy where consumers search information online, you cannot hope to succeed without a website. Your website must be mobile responsive, accessible, fast and fully functional.
  • Conduct Online Marketing – Industries have become highly competitive. Set aside a budget for online marketing activities.
  • Moderate Expectations – It is not realistic to expect great success at the get-go. There is a Learning Curve to respect and challenges to overcome before the business starts to gain traction.
  • Get Help – You cannot hope to do everything yourself. And even if you could, you shouldn’t. Get help by hiring people to run parts of your business. This will free up your time to focus on the business’ core functions.

The top 10 home-based business ideas and opportunities for 2017 listed below are based on studies and research I have done throughout 2016. There are notable absences which were excluded with good reason:

  • Cell Phone Loading Business – Margins remain small at 7% per load. There have also been complaints about the delivery of the load which the proprietor has no control over. Then there’s the inconvenience. You’re eating lunch then it comes, “Pa-load po!”
  • Food Delivery Service – Saturated market; not many interesting new concepts. However, the segment listed in this article is growing and developing a good-sized niche.
  • Photography – There are too many photographers competing for the same job. Investment in equipment is very high. I know people who sold their equipment at a loss.

The business ideas listed here, in my opinion, offer more potential for you to grow a career with.

1. E-Commerce

An Internet-based business is the closest thing to having guaranteed success in 2017. The only reason why you can’t guarantee success is that an idea is only as good as its execution.

But make no mistake about it e-Commerce will be; to quote US President-elect Donald Trump, YUGE! This is why it is number 1 on my list of top 10 home-based business ideas and opportunities for 2017…and beyond!

In 2016, global e-Commerce sales are on track to generate US$22 Trillion. Although market analysts expect growth of annual sales to decline gradually, they estimate e-Commerce to hit US$27 Trillion in global sales by 2020.

Asia Pacific remains the largest market for e-Commerce accounting for US$1.1 Trillion of global sales in 2016. The top 3 e-Commerce markets in Asia Pacific are China, Japan, and India. China accounts for 74% of all sales in the Asia Pacific market.

What are the top 5 online retail items?

  • Consumer Electronics – 69%
  • Books – 67%
  • Fashion Apparel – 63%
  • Household Goods – 38%
  • Office Supplies – 30%

With an e-Commerce business, you are not limited to retail items. You can be a proprietor of any product or service that can be conducted online. Here are other prospective ideas for an e-Commerce business:

  • Graphics Design
  • Blogging/ Writing Services
  • Virtual Assistance
  • Software App Development
  • Social Media Marketing
  • Business Consultation
  • Back Office Services

If you plan to go into online retail, the challenge will be to find credible suppliers or wholesalers that can give you competitive pricing and reasonable payment terms.

Go to the manufacturer and ask for a list of accredited wholesalers. If you pitch a sound business plan and ask nicely, the manufacturer may even give you an endorsement.

2. Real Estate Agent

Real estate is an investment that pays out over time. Demand for real estate property remains consistently high in the Philippines. This is why even if the property does not look viable today it may do so in the future because of gentrification.

Local governments invest in gentrification activities to increase the market value of its real estate. You may have noticed this around your neighborhood. You can see the local government fixing roads, putting up street lights or allowing more permits to open up businesses along the main streets.

Real estate remains a valuable asset because it represents ownership of land from a country. You can buy property in an area with low real estate value and given time; it could appreciate and payout dividends multiple times over what you paid for it.

As a real estate agent, you can represent the seller and become a Listing Agent. Or you can represent the buyer and be a Buyer’s Agent. You could also look for people who prefer to invest than live on the property. Another option is to become a Property Manager for condominiums and commercial spaces.

Agents are paid commissions that are calculated on the final sale price of the property. The amount of your commission can range from 2.5% to 3% depending on the location of the property.

If you want to become a real estate agent, the first thing you should do is to sign up for a 120-hour course on the real estate market from an accredited real estate training center. Once you’ve completed the course, you can take the licensing test from the PRC or Professional Regulation Commission.

As a real estate agent, you have to build your leads list constantly. Networking is a very important activity. Attend open houses, auctions and listings as often as you can. Introduce yourself to developers or real estate and connect with reputable real estate investors.
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