Bringing up young children can be the best time of your life, and it can also be the hardest. Before I started my home business, I remember juggling childcare and commuting to work as an Engineer. I needed a low-risk business idea to take the plunge and from home.
Taking huge risks to start a business from home just isn’t an option for most people. Yet what if you could come up with a low-risk business idea and test it out before quitting your bill-paying job? These are my suggestions for low-risk businesses to start…
Starting a business from home was my way of getting my life back. It was a chance to work on my terms, minimizing time away from home and spending as much time as I could with my child. And I’m not alone. We’re going through a work from home revolution.
? Think it’s just parents who want to work from home? Think again. Congested roads and exorbitant house prices are driving people out of the cities.
Working from home, in a rural location, is a win-win for most people. Plus, even here in the English Lake District, you can get a half-decent broadband connection…
What if the only thing stopping you is the fear of failure? The fear that if it all goes pear-shaped you’ll be left with nothing.
What you need is a low-risk business idea…
Finding A Low Risk Business Idea
Unless you have a very understanding boss, (and it’s worth asking), working from home means starting your own business. There’s every chance that what you do at the moment in your day job can be turned into a business idea.
For example, if you currently work in admin, you could exploit the increasing demand for virtual offices. Just think of all those new home-based businesses needing some extra office support.
✅ Rather than completely reinventing yourself, take stock of what you’re already good at. Do you have skills you can translate into a low-risk business idea?
What about your interests and hobbies? Can you use this knowledge to be creative and come up with an idea that appeals to other people? Something people will pay money for?
Start Small, A Blog Is A Low Risk Business Idea
It can be a big leap of faith leaving a bill-paying job to start a business. This is why I suggest starting with the smallest version of your business idea you can think of.
Come up with an idea you can start and promote by blogging. You can test out if people like your ideas and start building a following.
Thinking about becoming a freelance content writer? A blog will showcase your skills.
What to be an interior designer? A blog can demonstrate you have good taste and know what you’re talking about.
Looking to work as an accountant from home? A blog can build authority and promote your capabilities.
✅ Interested? But no idea where to start? Take a look at my FREE start a blog guide.
7 Low Risk Business Ideas
While a blog is a launchpad for many low-risk business ideas and a good way of promoting a business, not everyone will want to go down this route. Here are some other low-risk business ideas to consider.
#1 Start An Etsy Store
If you love crafting and creating products my tip is to sell on Etsy. It’s a wonderful community of home businesses.
Just like any business, promotion is essential. Most Etsy store owners promote extensively on social media, especially Pinterest.
You could also sell crafts from your own website. I recommend using Shopify. It’s an easy way to set up your own eCommerce store.
#2 Become An Online Tutor
Gone are the days when you had to travel to tutor your pupils. Instead, tutor online from the comfort of your home! There’s a big choice of platforms to choose from such as Zoom or Microsoft Teams.
You can find work through a tutor network or promote your services on social media.
#3 Virtual Assistant
With a rapidly increasing number of online businesses, there’s a huge need for support services.
When home businesses start to grow, they suddenly find they need some assistance. You’ll find desperate requests for good VA’s in most Facebook blogging and small business groups.
This is where you can step in to help. From admin to bookkeeping or servicing social media accounts there’s a whole range of services you can offer.
#4 Freelance Services
A variation on virtual assistants, freelance services cover everything from content writing for blogs and websites to graphic design or digital marketing.
✅ Fiverr is the best-known place to look for business. The trick here is to have a low-cost offer with lots of add-ons to bump up your prices.
LinkedIn is the best network for growing business contacts. Build credibility by posting articles and working on growing your network.
#5 Affiliate Marketing
Affiliate marketing is where you promote goods or services and receive a commission when people sign up using your links.
Having a blog or website is the best way to go about affiliate marketing. It’s not the only way.
Social media channels such as Instagram can work well for affiliate marketing. Find out more here. You just need to avoid spammy behavior.
#6 Digital Products
From printables to ebooks or online courses, the scope for making money from digital products is endless.
If you’re knowledgeable about something or a whizz with graphics packages, you really need to think about this option for a low-risk business idea.
Dropshipping certainly isn’t for the faint-hearted, but it continues to be a viable low-risk business idea. You may see headlines such as “dropshipping is dead” but this is far from true.
Instead, a lot of startups just get the model wrong. You need to be good at promoting your products (I suggest becoming a whizz at SEO) and product choice is everything.
One of the big issues with dropshipping is the delivery times. These can be huge, 2-3 weeks rather than the next-day delivery internet shoppers have come to expect.
The only way around this for a low-risk business model is to source unique products. The type of item customers won’t mind waiting for – not something they can easily find on Amazon.
✅ Shopify is a good source of dropshipping information.
Starting a business from home is a big undertaking (but in my view definitely worth it). However, quitting your job and going in all guns blazing with everything at stake, is a high-risk strategy.
✅ It’s best to start with a low-risk business idea. Start a blog and convert your followers to future paying customers. Start small but think BIG!
Frequently Asked Questions
If you want to start a business with very little risk it’s best to do something online. Blogging, dropshipping, freelance services, affiliate marketing, being an online tutor, virtual assistant, selling digital products, or starting an Etsy store are all good ideas if you have a low budget and want to avoid risk.
The best business to start with a low budget is a blog. A blog has so many different uses – selling freelance services, being a virtual assistant, selling digital products such as ebooks or courses, promoting an Etsy or dropshipping store, making money from affiliate marketing or advertising.