Freelance Business Ideas
Starting a work from home business is one of the best things that you can do to improve your finances. My wife and I have started several profitable businesses that are based out of our home! Honestly, nothing beats the commute from our bedroom to the kitchen in PJ’s!
The hardest part with starting any new business venture is the initial brainstorming process to come up with business ideas. You can have all the ambition and drive in the world, but if you don’t know what you would like to do then you will never get a project off the ground.
This article will hopefully help you to get started with a work at home business, especially if you have always wanted to start one but don’t really know what you could do.
This article will give you five of our favorite work at home business ideas that have worked well for us. We hope that you find at least one of these ideas inspiring enough to launch your own business!
These freelance business ideas don’t require much investment capital – usually less than $500 will get you started, in some cases much less will be required. So, without further ado, let’s get started.
5 Freelance Business Ideas
Blogging is our favorite work at home business. Many people don’t realize that a blog or website can be a passive source of income that generates money for you while you sleep. We aren’t talking chump change here either – bloggers can earn 6-figures a month from their blogs!
My wife and I currently earn anywhere from $5,000 – $15,000 per month from our two websites. We are still growing these online businesses, so hopefully we will eventually be earning a lot more. Pretty amazing right?
The best part is that it costs less than $100 to start a blog. Sure, you can spend some more money on courses and maybe a nice theme, but we started with about $100. All you really need is a domain (the name of your website .com) and hosting (an independent company responsible for keeping your website online). Hosting often costs as little as $3 per month, including a custom domain name.
What should you blog about? Well, people blog about EVERYTHING. Typically, it is not a diary but rather information about very specific topics. Popular topics include: parenting, personal finance, travel, fashion, and lifestyle. Any blog has the capacity to make you money through advertising, sponsored posts and affiliate marketing. We make most of our money from affiliate marketing – we get paid a commission for every product a person buys through out website links (these are tracked by a third-party system).
It is important to pick a topic that you are passionate about. The road to blogging success is not an easy one and you have to LOVE your blog topic, or you are unlikely to succeed. Blogging is not a ‘get-rich-quick’ scheme.
Blogging separates your time from your income. You don’t get paid an hourly wage, rather you put in some upfront work (e.g. writing a blog post) and you earn money from that post for years. It is the ultimate form of recurring/passive income. For example, 6 weeks ago I wrote a blog post that took me 2-3 hours. I have already made over $1000 in affiliate commissions from that post! I expect to continue to make money from it for a long time. This is the power of starting a blogging business.
Here are 6 great tips to help you start a blog.
#2 Freelance Proofreading
Freelance proofreading is one of the best ways for moms to make money from home. You don’t need to be an English major to learn the basics of proofreading and make a substantial income working from home as a freelancer.
There is a huge demand from proofreaders. For example, professional bloggers need online proofreaders to polish their blog posts. A proofreader doesn’t edit a document, they just put a final polish on it by correcting grammatical and spelling mistakes. Many bloggers start a side hustle as a freelance proofreader to help them pay their bills while working on growing their blogs earn money.
Most people have the ability to learn how to become a proofreader, but it is more suited for someone that pays attention to details. If you are one of the people that spots typo’s everywhere or you find grammatical errors very annoying – freelance proofreading could be for you! Needless to say, I am not one of those people – but thankfully my wife is.
I recommend taking a course to learn how to be a great proofreader and how to find clients quickly. One of the best courses that has helped thousands of people become full-time freelance proofreaders is called Proofread Anywhere. The author is an expert proofreader called Caitlin Pyle. Caitlin was able to generate $47,000 per year working part-time as a freelance proofreader from home. She claims that she can teach others how to make up to $65 per hour proofreading!
#3 Become a Landlord
In 2014, my wife and I started running an Airbnb business from our home. We rented our 3 spare bedrooms in our town home to people visiting our town (Bozeman, MT). We made some really nice money – several thousand dollars profit per month as we were able to obtain quite high rent from the rooms. We provided breakfast and other amenities to ensure our guests had a good time.
It was almost completely passive income! We loved it, but it could be difficult at times. For example, we had one tenant that went into psychosis and nearly burned our house down…but this was a rare and isolated incident.
Perhaps you have a spare bedroom that you could rent out? Or maybe you have a whole part of your house that could be converted into a stand-alone apartment! Being a landlord is one of the most passive and lucrative ways to make extra money. We benefited from the monthly cashflow, but we also made over $100,000 selling the house just 3 years later.
This side business will cost you almost nothing to start if you already own your house.
#4 Legal Transcription Freelancing
This is a relatively unusual home business to start. There is a high demand for people to transcribe the ramblings of lawyers. The way it works is that many lawyer’s audio record meetings, testimonials and court proceedings. They have to pay a transcriber to turn the audio file into a professional quality written document for their records.
There is a very high demand for this relatively unknown business. Apparently, it can be quite entertaining to hear the bickering between lawyers! Your job as a freelance transcriber is to make sure that you get the whole event accurately transcribed.
You can make about $60,000 per year as a freelance transcriber.
Transcribing is not easy, and it is imperative that you do it accurately. There are many courses that teach you how to type more quickly and how to use a foot pedal to control the audio file that you are listening to. This is a clever technique where you can type and listen to the audio, rewind, and repeat to ensure that any difficult sections are transcribed accurately.
You can provide transcription services to a variety of people online – some bloggers even prefer to dictate a blog post and pay a freelance to transcribe it for them. This is often cheaper than paying a writer, and it allows the bloggers articles to sound more conversational.
The costs of starting as a freelance transcriber are minimal but it is recommended that you take a course and invest in a foot pedal for controlling the audio. This is still a small investment considering the earning potential.
#5 Online Scoping
Most people have never heard of scoping! A freelance scopist is usually hired to proofread and edit a court transcript. The court records are usually very rough and written in shorthand. A scopist will edit the document to make it legible. Usually, court reporters will outsource this work to independent freelancers. There is a huge amount of work out there because it is something that court reports dislike doing! Many people don’t even know that scoping is a thing, which keeps demand high and competition low.
The only cost associated with starting a freelance scoping business is the cost of a good course to teach you how to do it. Typically, courses cost a few hundred dollars. This is a small price to pay considering the earning potential of $50,000 – $100,000 per year working from home.
Hopefully, we have provided you with some inspiration and ideas for starting your own home business. These ideas can be used by you to make some extra money part-time or full-time all from the comfort of your own home. They can also be scaled up to generate more revenue by hiring people to help you – such as writing articles or getting you more clients. The income potential is limitless!
Let us know if you have a work from home business – how much did it cost to start? Do you recommend it to others? We have made a full-time income working from home for several years now, and it has given us the freedom to travel and live the life of our dreams.
One final note: Be very careful if you are thinking about starting a home business with a multi-level marketing company. These types of businesses can be very risky and even an outright scam (just read this horrible experience with LuLaRoe!).
Good luck on your journey to work from home!
Russell and Maleah
Russell and Maleah run Unconventional Prosperity, a personal finance blog that aims to help people live an abundant life. They also run a stock trading blog (Stock Millionaires) that helps people learn to trade stocks. They reached their goal of financial freedom in their early thirties and their mission is to help other people to do the same.