3 Home-Based Businesses with Startup Cost of Less Than $1000

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what home based business can i start

A number of people may harbor entrepreneurial interests, but only a few are able to actualize their aspirations. With time, it is becoming easier to establish one’s venture without many hiccups. For instance, you don’t need to worry if you don’t have sufficient funds to establish your business. There are several home-based businesses that you can try conducting without spending more than thousand dollars.

What Type of Home-Based Business Can I Start with Less Than $1000?

The idea of starting a business in less than 1000 dollars may seem like an unrealistic proposal, but it allows you to enter into a venture with minimum capital risk. This works in your best interest as you need not be skeptical of losing a large amount in case the business doesn’t click.

If you are interested in having your own business, you need to identify your current skills and talents, and do thorough research on the business opportunities you can align with. This will help you find a small business idea that you are passionate about.

Let’s talk about three interesting home-based businesses that you can start in less than $1000:

1.Daily Money Manager

Daily Money ManagerThis profession may not be among the most talked-about ones, but it is definitely lucrative. As a daily money manager, you will be managing daily financial affairs like navigating bills, setting budgets and keeping records for your clients. From paying bills to organizing financial paperwork such as medical bills and insurance claims, you will be responsible for fulfilling all sorts of financial obligations on the client’s behalf.

People with prior exposure to accounting and finance have an upper hand, and if you are keen to assist others with their finances, then this is the business to start. With appropriate training and in-depth understanding of accounting and finance, you can become a resourceful daily money manager.

You can undergo training programs from the American Association of Daily Money Managers that provides certification for individuals pursuing a career in money management. The non-refundable application fee for the first exam in Professional Daily Money Managers certification is $300 for members and $450 for non-members. You can even take a retest by paying up to $200.

2.Airbnb Host

Airbnb HostThis is a home-based business that doesn’t require intensive training or professional certification. If you reside in a city with beautiful tourist attractions and have residential space to lease out, you can always consider the option of becoming an Airbnb host.

With the e-commerce industry flourishing at an exponential rate, Airbnb’s culture is also riding the expansion wave by building its own community of guests and hosts. Of course, you need to be thorough with Airbnb’s business model, scope of growth, and the basic principles of the hospitality and tourism industry. Renting your house or a room can become an easy way to generate revenue.

To register your property, you need to key in the details in the “list your space” section of the Airbnb website. You need to come up with a transparent, creative and welcoming listing for your place. Go through the brief descriptions mentioned about each home type and select the one that best describes your place. Make sure you diligently follow the steps and are accurately adding details to your listing so that it appeals to the right target audience.

The website suggests a price for your place based on the information that you’ve provided and on the price range that is trending in the local market. Once the listing is completed and published, you can focus on driving your Airbnb listing towards more bookings with hands-off account management. When you are an Airbnb host, the terms and conditions of hosting guests within the property will be set by you. The company policies ensure that you have the right to enforce certain boundaries.

3.Bookkeeping

BookkeepingIt is a known fact that every business, big or small, requires accounting and finance management. It is also a fact that hiring a full-time finance manager can be expensive, especially for small businesses. This is where hiring a freelance bookkeeping expert comes into the picture. You can start a freelance bookkeeping business from home by investing less than $1000.

If you have a knack for financial planning for business operations, you must consider this profession. As a freelance bookkeeper, you will work on contract or assignment basis. Identify the key services that you will be focusing on and mention them on your business website for your clients to select from. Also, determine the price/rate for providing each of these services to make it easier for the clients to select.

If you aren’t a certified finance professional, it is better to obtain certification from the American Institute of Professional Bookkeepers or the National Association of Certified Public Bookkeepers (NACPB) after you have fulfilled the eligibility requirements.

Once certified, you need to invest in setting up your practice at home. Upgrade your computer/laptop with specifications that support the latest software installation requirements. Select bookkeeping software that can be customized based on your clients’ needs, is easy to use, and fits your budget.

Apart from financial advice, you need to be good at bank reconciliation, e-filing, service tax, calculation, payroll and financial report preparation, audit preparation, loan financial reports, business plans, and accounting software training.

Conclusion

With most global markets becoming increasingly interconnected, it has become easier to find innovative business propositions that cater to local and global businesses. This also diminishes the need to operate a business from a traditional workplace. You can run a successful home-based business with minimum investment and can gradually turn it into a large-scale project.

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