Category: Entrepreneurship

Small Business Bookkeeping is just about one of the most important responsibilities a small business owner will have. If you are making money from self-employment full or part-time you are considered a small business owner and the success of your business depends on creating and maintaining an effective record-keeping system. It does not matter if your business is a sole proprietorship, partnership, or corporation.

The gig economy is based on flexible, temporary, or freelance jobs, often involving connecting with clients or customers through an online platform. The “gig economy” is a relatively new term for a traditional way of earning a living: being paid on a per-job basis for work performed directly for a customer.

Being hired to do a single short-term task, project, or job can be called a “gig.” This type of occasional work is part of what is now referred to as the “gig economy.”

A Brief list of Examples of work in the  gig economy is:

• Drive a car for booked rides or deliveries 
• Rent out property or part of it
• Run errands or complete tasks 
• Sell goods online including in Online Marketplaces
• Provide creative or professional services
• Provide other temporary, on-demand work
• Freelance work

People working in the gig economy use Digital business platforms that match workers’ services or goods with customers via apps or websites. This includes businesses that provide access to:

• Ridesharing services
• Delivery services
• Crafts and handmade item marketplaces
• On-demand labor and repair services
• Property and space rentals

Examples of Gig platforms connecting service providers with customers, or gig workers, are too numerous to list here, a couple of popular gig platforms are Etsy and Uber. Gig economy workers are generally classified as independent contractors.

In a gig economy, large numbers of people work in part-time or temporary positions or as independent contractors even in the corporate sector. Gig work can be a great way to supplement income, try out a business idea, or become self-employed. Gig work is also referred to as a side hustle.

According to a new law beginning with the tax year 2022 if someone receives payment for goods and services through a digital platform, third-party payment network such as eBay, Etsy, Uber, and others their income will be reported on Form 1099-K if $600 or more was processed. Keeping good records of money coming in and going out of your business will assure you are in compliance with your tax obligation!

The downside is gig work doesn’t offer traditional benefits like insurance or retirement plans. On the upside, some people are making six figures in online gig work. With that kind of money, you can invest in your own retirement plan and insurance!

What better place to start a business right now than online? The Internet offers anyone and everyone, the same opportunity to start a low-cost, highly profitable business online on only a shoestring budget!. The only limitation is your imagination!

Do away with the mentality that says you don’t have enough knowledge or money to start a business on the Internet. Been there done that! If you really want to make money online, there is nothing stopping you, the Internet has opened up the door to a world of possibilities! Opportunity is knocking, ordinary people are making extraordinary money online and becoming millionaires almost overnight. There has never been a better time to start an online business than right now!

I started a retail business online on only a shoestring budget and earned money beyond my expectations! If you are dreaming about starting a business of your own, stop right now and just do it! It just takes stepping out of your comfort zone, and thinking like a millionaire! Even if you are an ordinary Joe with Macy’s taste and only K-mart money in your pocket, you can do it!

During the last 20 or so years, large numbers of people have chosen to market their skills and talents from home. Recent studies estimate that over 50% of all new small business enterprises are operated out of the home, and this trend is growing.

Internet Users Profile:

Research has proven that high on Internet users to do list is Social Networking. Just look at Facebook, Twitter, Reddit, and Youtube, they all hold high rankings on the Internet. Facebook is #1 on the charts. Once people got a hold of Facebook it took off like a bat out of HE- double hockey sticks. The News and up-to-date happenings are also a crowd-pleaser, Twitter has been known to light up like a Christmas tree, with people exchanging tweets about what is affecting people right now, in various areas of the world.

YouTube is like having your own TV program and it has brought everyone out of the closet, from mom and pop to aunt Sally, in search of stardom. For some people Youtube is the first place Internet users go, to learn something new. Humorous videos are also a crowd-pleaser.

Money Making Ideas

YouTubers produce videos on just about any subject you can think of. By producing videos YouTubers can make a substantial amount of money through various channels including advertising revenue.

Selling online is one of the quickest and easiest ways to begin making money online and a part of my humble beginnings on the Internet. Internet Users love the convenience of being able to shop from home due to the convenience and the savings found on various products on the Internet. It’s estimated that consumers spend over $200 billion on all types of Internet-based goods and services. 

Creating Informational digital products is also a great way to make money on the Internet. What it all boils down to, is a large percentage of Internet users who love to socialize online, they are always in search of information and they don’t mind spending money online for goods or services!

Finding Your Money Making Idea:

Now as you begin to search for your money-making niche idea you will have to do your research. Your job is to figure out how to use what you are passionate about and knowledgeable about, to come up with a money-making idea that will coincide with what will turn on the bells and whistles of your target market.

Take a moment and think about how you can turn your talents or solutions to a problem into a money-making business idea?

-What is it you are good at?

-What are you passionate about?

-What problems or issues do you see on the Internet or in life situations you have a solution for?

Begin by writing down all the things you are passionate about and knowledgeable about.

The Internet is filled with millions of websites and almost any business idea you could think of. Some Internet business types are so common that the market is saturated and the competition is plentiful. But there is still hope!

How would you like to discover the ideal topics, products, or services for your business that people are actually searching for? Finding your Niche Market is the key, that will unlock the door to making money beyond your expectations!

To be successful you have to come up with a unique idea or a better solution to an idea already available online! Targeting a niche market is an ideal way to build a profitable business on the Internet, which requires less overall investment.

What is a Niche Market?

A niche market is the subset of the market on which a specific product is focused. The market niche defines as the product features aimed at satisfying specific market needs.

For example, there are all types of dolls and materials and methods used to make them, “dolls” is a small segment or niche of the toy manufacturing industry and the doll collectors industry. Instead of focusing on the Doll industry as a whole, you would build a profitable business on a small part of that industry, an example is handmade dolls. Handmade dolls are a small segment of the doll industry!

There are two important ingredients that go into finding your million-dollar niche market, it should be something you are passionate about! Your passion will keep you pumped up and energized through the ups and downs of the business. You will not want to give up so easily if it is something you are passionate about! And of course, it should be something you are knowledgeable about!

In the following example, Ms. Mary Flower-head (not a real person) researches the profit potential of her Niche business idea! Ms. Mary Flower-head is an ordinary person, just like you and I. She is a teacher by day and a hobbyist by night. Her hobby is making “handmade dolls” which she is passionate about!

One day an idea struck her so powerfully, that it almost blew her brains out! She could make and sell handmade dolls on the Internet, she thought! Ms. Mary Flower-head is actually targeting a niche market.

I think we all can agree that one of the biggest advantages of business is knowing what people want. Surveys are based on the idea of gathering information that would lead to the discovery of what people like and want.

Google Trends

Google Trends makes it easy to research what people are actually searching for. Simply put Google Trends- is a window into what people on the Internet want. It is a great tool for market research to identify topics to write about hot selling products and even services people are looking for.

GoogleTrends allows you to tap into Google’s database of searches. Google Search, shows how often a particular search term is entered relative to the total search volume across various regions of the world, and in various languages. To begin using Google Trends visit https://trends.google.com and enter into the search bar your desired niche business idea, topic, or product you want to sell.

In this example, I will enter handmade dolls. If there is enough interest in the search term “Handmade Dolls” Google Trends generates a report. The Google Trends report answers the following questions based on the search term entered:

The interest Over time in Handmade Dolls, by default the past 12 months is selected you can select a different time period by clicking on the drop-down arrow. If you run your mouse over the peaks in the chart you will be able to see which months have the highest interest.

Listed below, Interest by subregion answers the question of which regional areas have the most Internet users searching for handmade dolls, listed by the state. In the chart below you can see that treading right now people from the New Your State area have a big interest in handmade dolls.

Scrolling down the page under the related queries which means they are showing up for the first time. A lot of people are searching for this particular query at this time you can see Waldorf dolls are trending.

In The Related topics Section, you get an upfront advantage of knowing what related topics people are searching for. Knowing what people are interested in and searching for can trigger solid business ideas.

Is it a Profitable Business Idea?

The next step is to research the competition. Internet competition is a key factor in determining if an Internet Business idea has the potential to be profitable. Million-dollar niche ideas will be the ones with little to no competition.

We will turn to Google.com for the answer. Google.com is considered the top search engine used by millions to search the Internet.

Armed with all the information gathered on possible niche business ideas, topics to write about, and or products to sell enter your search term into the search engine. In my example, I will enter Handmade Dolls. Below you can see there’s a lot of competition for Handmade Dolls 97,900,000.

Keep in mind that a potentially profitable business idea will be the niche market idea that people are searching for, that has little or no competition on the Internet.

Continue to use this method, until you find your niche business idea that people are searching for that has low competition. Try experimenting with various search terms related to your niche idea. The lower the competition the greater the success rate!

On the Google Home Trends home page you’ll see the popular topics people are talking about. Google provides you with a list of all the hot topics and it’s a good way to stay informed about what the internet is talking about.

 

The Crafts Industry is experiencing a significant surge, evolving into a $14 Billion Dollar Business and showing no signs of slowing down, as indicated by a recent study conducted by ASU. With the majority of crafters launching their ventures from the comfort of their homes, the industry has become a thriving ecosystem for creative entrepreneurship.

In the United States alone, it’s estimated that over 126,000 individuals sustain themselves through the products they craft, illustrating the substantial economic impact of this sector. Surprisingly, many craft households outperform the average American family economically, boasting a median income of $50,000 annually compared to the national average of $39,000.

Moreover, the realm of arts and crafts presents a plethora of opportunities for business ventures beyond the creation of crafts themselves. Entrepreneurs can explore various avenues to enter the crafts industry, even if they don’t directly engage in crafting activities. With such versatility, this vibrant sector continues to attract innovative minds seeking to capitalize on its immense potential.

Sell Your Crafts Online:

Selling online is also one of the quickest and easiest way to begin making make money online. Selling handmade products in online platforms like Etsy, eBay, or Amazon Handmade offers a low-cost way to begin selling your handmade products online from the comfort of your home.

Sell Crafts On Your Own Website:
You can use WordPress WooCommerce to set up an online store and cut out the middle man and save on fees charged by online marketplaces.

Start a Craft Membership Site

A craft membership site is an online business that limits access to its content to paid members. Membership sites can provide a way to fund ongoing projects by offering exclusive content to paying members. For example, visual artists can allow paid members to be part of the creative process while working on long-term projects. Membership sites can also be a way for video content creators to monetize their work beyond YouTube ad payouts or direct sponsorships. 

Membership sites typically require paid memberships on a recurring basis, such as monthly or annually. The content can include a variety of types, such as exclusive videos, blogs, articles, podcasts, webinars, screencasts, and white papers.

Start A Craft Blog
You can offers tutorials, shares crafting tips, Monetize a crafting blog with affiliate programs and earn money. It is a great way to earn extra money which can lead to a full-time career!

Sell Crafting eBooks
Publish and sell downloadable craft e-books on your topic of expertise. How-to books have always been popular even before e-books hit the market. People are naturally hungry for information. This could include step-by-step instructions, templates, and tips for completing specific crafts.

Sell Craft Patterns

If you have a popular craft product, then selling digital patterns for various crafting projects including step-by-step instructions, could be a good money maker for you. You could also develop patterns for publication in magazines and books.

Sell Craft Supplies and Materials

Craft supplies are in high demand! If you have a knack for sourcing materials or making crafting supplies, you can sell them online or in-person. Craftsmen, both amateurs, and professionals need craft supplies to produce their products. Craft supplies are hard to find in rural towns, making selling craft supplies a high-profit potential online business idea ! This could include selling yarn, fabric, beads, tools, patterns, quilting supplies and so much more.


DIY Craft Kits
Create and sell DIY craft kits that include all the materials and instructions needed for a particular project. This appeals to individuals who enjoy crafting but may not have the time or expertise to gather materials and plan out projects themselves.

Crafting Subscription Boxes
Offer a subscription service where subscribers receive a curated selection of craft supplies, tools, and instructions on a regular basis. This provides a steady stream of income and keeps customers engaged. You can promote the subscription service on your own website.

Customization and Personalization
You could offer personalized or custom-made crafts tailored to individual preferences. This could include monogrammed items, custom jewelry, engraved products, or personalized artwork.

Teach Workshops or Classes Online

Share your skills and expertise by organizing workshops, classes, or craft parties. Topics could range from basic crafting techniques to specialized skills like quilting or glassblowing. There are several platforms where you can teach craft classes online and potentially make money.

Teach From Your Own Website

You can create and sell your own craft classes directly through your website. You can use WordPress and free Learnpress plugin to sell digital products like online courses on your own Website.

Skillshare
Skillshare is an online learning community where users can take classes on a variety of topics, including crafts. As a teacher on Skillshare, you can earn money through royalties based on the number of minutes watched by premium members of your classes.

Udemy
Udemy is a popular online learning platform that offers courses on a wide range of subjects, including crafts. You can create and sell your own courses on Udemy and earn money through course sales.

Teachable
Teachable is a platform that allows you to create and sell online courses. You can design your own course materials, set your own pricing, and keep a larger percentage of your course sales compared to some other platforms.

Patreon:
Patreon is a membership platform that allows creators to earn money from their fans through monthly subscriptions. You can offer exclusive content, behind-the-scenes access, and other perks to your patrons, including craft tutorials and workshops.

Host Live Virtual Craft Classes
Zoom can be used to host live virtual craft classes and workshops. Topics could range from basic crafting techniques to specialized skills like quilting or glassblowing. While Zoom is not a dedicated online learning platform, You can charge participants a fee to attend your classes, either through a third-party payment processor or by sending invoices directly to your students.

Teach Craft Classes Offline
There are craft shops that offer free classroom space to promote their products in your craft projects. Check with your local craft shop for teaching opportunities. Earn extra money teaching craft classes at a college or university through their community-based adult enrichment program. There are many retired people, who want to make good use of their leisure time and would enjoy learning new crafts.

Teach crafts as a freelance craft teacher or recreation aide in a retirement home. There are some churches that will allow you to teach a craft class to their members as a fundraiser. You would share a small percentage of the money charged, such as 10 to 20 % of the fee charged per student.

Craft Events

You can organize or participate in crafting events such as craft fairs, markets, or pop-up shops. This provides an opportunity to showcase and sell your products while networking with other crafter’s and potential customers.
 Check with the local chamber of commerce or search your State’s website for listings of upcoming shows and fairs.

Many local colleges hold annual craft fairs. Some independent craft show promoters set up craft shows at local churches. Some churches host their own craft fair as a fundraiser.

Other event ideas is to offer crafting activities or workshops for corporate events, team-building exercises, birthday parties, or other special occasions.


Sell Your Crafts On Consignment

Selling on consignment is a practice frequently used by artists and craftspeople. It literally means that you are giving over your work to someone in the business of selling handmade products, such as a craft consignment shop. The retailer keeps a percentage of the sale price as a commission once a sale is made.

The travel and tourism industry is the third-largest employer in the United States, supporting over 5.85 million travel-related jobs. Selling your crafts to tourists is a great way to earn an extra income. Check out local shops selling to tourists and see if they are willing to sell your handicrafts on consignment.