Venturing into the World of Home Business

Published on

05 Nov 2016

Published by

National Library Board

Are you a retiree, working part-time, or a homemaker with adult children and more free time on your hands? Perhaps you are looking for ways to remain socially and mentally active, while earning an extra income. Or perhaps you prefer work that offers more flexible hours as opposed to a job with regular hours. If so, setting up a home business might be suitable for you; the above are some of the common reasons that people venture into home businesses.

So what are some of the home-based businesses that you can do? It could be a hobby or interest that you have, or could be related to your previous jobs. Your skills, knowledge, and experiences are valuable, so use them as a foundation for planning a home business.

For example, if you were a teacher previously, you can consider becoming a home-based tutor. Or if you have a passion for travelling, you can start a business curating travel itineraries. The possibilities are endless and limited only by your creativity.

Of course, you must also be cautious and not venture blindly into areas you are not familiar with. Do your homework to understand the market, your competitors, budget, and the scope of your experiences.

Publicity is also an important factor to get your home-based business up and running. Your marketing plan is dependent on who is your target audience. For example, social media sites like Facebook and Instagram are popular platforms to advertise your business to the Internet-savvies. The Internet is also a go-to place for many Singaporeans to read up about certain products or services before they make a purchase.

Online Business

As Singaporeans are indulging in online shopping more often, you may want to consider starting your business on the Internet. Online shops can come in many forms: a business page on Facebook, a website, or setting up an account on major shopping platforms like eBay, Etsy, Fiverr, or Qoo10. Explore these various sites to find out which is most suitable for your product or service. For example, if you are looking to sell crafts, you may want to consider using Etsy.com. Or if you wish to offer your copywriting services, you can consider using Fiverr. The benefit of using these sites is that they are often free or only require a nominal fee to sign up for an account. Without an actual brick-and-mortar shop space, you save costs on rental and furnishings.

The library is a good source of information on the different aspects of setting up your business. You can also learn to polish up on your craft skills (if that is what you are into), or find out more about signing up for and managing a social media account, or learn how to take interesting photographs of your products so as to make them more appealing to your customers.

Text by Tan Yun Xian

References

How to Start a Home-based Etsy Business

Gina Luker

Call No.: English 745.50688 LUK -[REC]

Start Your Own Home Business After 50 : How to Survive, Thrive, and Earn the Income You Deserve!

Robert W. Bly

Call No.: English 658.11 BLY -[BIZ]

How to Start a Home-Based Business

Bert Holtje and Susan Shelly.

Call No.: English 658.0412 HOL -[BIZ]

Starting a Home Business for Dummies

Rachel Bridge, Paul Edwards, Sarah Edwards and Peter Economy

Call No.: English 658.0412 BRI-[BIZ]

This article is first published on Time of Your Life: Good Reads for the 50plus magazine, published by the National Library Board (NLB). Read the magazine here

Availability of book titles can be found by using the NLB’s catalogue at http://catalogue.nlb.gov.sg/

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Venturing into the World of Home Business

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