6 home-based business ideas
Explore new career paths that offer strong growth potential as well as the freedom to work independently right out of your home. Presented by Chase for Business.
More people than ever are working from home these days. But even after the days of social distancing are over, there will always be certain businesses that are just a good fit for operating out of your home.
If you’re looking to start a business, consider these nine business ideas perfect for working from home. They have growth potential, and you won’t need a physical office to get up and running. When you find your new career path, check out how a Chase for Business bank account could be the right solution for your new business venture.
1. Web development
In this growing industry you’ll help clients build, update and maintain their websites. Web developers take responsibility for both the look and function of the pages they build, although many specialize in one or the other. You’ll also collaborate with specialists who create elements like graphics or audio.
There’s also opportunity to grow your business. According to the United States Bureau of Labor Statistics (BLS) , computer systems design and related services are poised to remain one of the fastest-growing industries in the near future. Through 2028, the agency projects 2.2% annual growth. Starting your web development business now could put you ahead of the competition as this industry continues to boom.
2. Medical coding and billing
Medical coders and billers work with doctors’ offices to update patient records and submit claims to insurance companies. This process involves reviewing doctors’ notes for patient diagnosis and treatment, adding standard codes to records and following up to receive payment.
Special medical coding training programs can help you learn what you need to know to get started. Since the BLS projects major growth for physicians’ offices, outpatient care centers and medical laboratories, demand for this type of business is likely to grow.
3. Managing rental property
As a landlord, you’ll own, manage and maintain rental property, which makes this a natural home-based business. Landlords can pursue a range of opportunities, from renting out entire houses or apartments for long-term rental, to renting just a room or two for short-term rental.
Of course, the most important thing is that you own property that you can rent. You may also need access to a rental platform and reliable transportation to travel to and from your properties. Landlords also need to perform (or hire someone to perform) repair and maintenance work. Since residential construction and home maintenance services are two of the nation’s fastest-growing industries, working as a landlord lets you take advantage of this booming market.
4. Data entry
As a data entry specialist, you put raw information into a format that is useful for companies and clients. You might also use applications like QuickBooks or SalesForce to import data and ensure that it appears accurately and completely.
Data entry doesn’t usually take special training or skills. But if you have additional experience with clerical work, social media management and administrative support, you may consider expanding your business to offer virtual assistant services. Staffing agencies may be able to offer placement assistance.
5. Delivery driving
You can work independently or with a third-party company to transport packages from sellers to buyers. Often this involves a route between a warehouse or hub and the delivery destinations. All you need to start this business is a car — you most likely won’t need a home office. Ride-sharing and food delivery companies all contract independent drivers, so the need for delivery contractors will likely increase.
6. Online reselling
As an online marketplace reseller, you purchase goods at wholesale prices and sell them online for a profit. You may not need extra space for inventory since some marketplace providers will allow you to store your inventory in their warehouses.
Before you get started, research some of the most profitable items to sell via online marketplaces and what kind of financing may be available to you. You can also focus your business on exciting and unusual trends to help you stand out within the industry. With relatively little startup capital, you could build a thriving company in resale.
With a great idea, a smart business plan and adequate funding, you have the power to launch a company from your living room. Make a plan to start your home-based business and get a head start on these emerging trends. Once your business is underway, you can open a business checking and business savings account and see what kind of financing is available to you by meeting with a local business banker.
For informational/educational purposes only: The views expressed in this article may differ from those of other employees and departments of JPMorgan Chase & Co. Views and strategies described may not be appropriate for everyone and are not intended as specific advice/recommendation for any individual. Information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy. You should carefully consider your needs and objectives before making any decisions and consult the appropriate professional(s). Outlooks and past performance are not guarantees of future results.
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