10 Most Profitable Businesses To Start From Home in 2016

What are the most profitable businesses to start from home in 2016? Thanks to internet technology, starting a business from home has become easier than ever. There are so many ways that the internet has made commerce much, much easier and basically anyone can start a business right at the comfort of their homes.

But just because you can, does not mean that you should.

According to this statistic, 55% of small businesses fail during the first five years. While most of them fail to thrive due to the owners’ inexperience, one common reason is just simply because the business is a hard sell. With all that’s at stake in starting even a small home-based business, it is essential that when you do decide to venture into small business, you get into something that will give you the best chances of earning a profit.

Coming up with the list is fairly easy – there are tons of sources for great home-based business ideas: Business News Daily, All Business, Entrepreneur, The Guardian and INC to name a few. As it turns out, there are a good number of highly profitable businesses that you can run from home – especially that the internet and countless websites and applications make it even more doable.

The problem with coming up with this list is ranking the items. Unlike our other article on the 15 most profitable businesses to start in 2016 where the businesses are ranked by average profit margins, there are no available credible data sources for home-based business profits. To rank the items, we have instead identified their ‘profitability’ according to the size of the market for each industry/business. While it may not be a completely accurate gauge of profitability, the size of their markets is a good indicator of what businesses will sell and what won’t.

So, which businesses are well worth investing into in 2016? Read on to find out more!

10. Business Coaching

Business coaching is not a new concept but the internet has definitely opened up a larger market for this type of business. From self-published e-books to motivational speaking to one-on-one consultations, people with expert experience in different aspects of business – marketing, management, social media and online expansion among many others – can reach out to wannabe entrepreneurs for coaching and consultation for their potential or existing business and earn while in the process. Because this is one of those businesses where you are marketing your own personal brand, it can easily run from a home office.

9. Special Design Services

Special design services can include anything from graphic design, web layout design, print layout, illustration, and even interior design. If you have experience or talent in design, networking, marketing, and managing it, this business can be easily done right at home. With practically anybody from homes to offices and websites looking for design jobs done, there is a constant, growing, and varied market for this business.

8. Home Cleaning Services

The 8th spot on our list of the10 most profitable businesses to start from home in 2016 belongs to home-based home cleaning service business. It is just as big and profitable industry in 2016 as it was in the past years, with households (and even workplaces) constantly in need of upkeep. With low startup costs and easy marketing, this business can easily be run from home through online networking and marketing.

7. Event Planner

Event planners remain to be one of the most in-demand service providers in the country today. The business has also expanded its market from the usual weddings and birthday parties to corporate events like product launches, store openings, and other events. What makes event planning one of the most profitable businesses to start from home in 2016 is its potential for larger profit margins. Like most of the items on this list, a little online marketing can bring an event planning business a long, long way.

6. Senior Care Services

The last few years have seen a rise in the at-home senior care service niche. As many seniors opt to stay at home over going into special homes, their need for extra hand also rises. For seniors who need help in doing the groceries, arranging their benefits, paying the bills, and even nursing care, home-based senior care service businesses definitely come in handy.

5. Home-Based Daycare Centers

This is one business that is perfect for individuals who have a special inclination to children. Starting this business can get pretty challenging with the requirements on qualifications, structural safety, facilities, and the amount of physical and psychological dedication demanded. But it is also one of the most rewarding not to mention one of the most profitable not just in 2016 but of all times. It may take a while to earn the trust of parents in your area but once you get a good reputation, word of mouth – along with your marketing on- and offline – should bring in the profits.

4. Home-Based Food Business

Like most everything on this list of the most profitable businesses to start from home in 2016, home-based food businesses are getting some of the best benefits of the internet technology. Everything from home baked goodies to diet food deliveries to niche food market (i.e. breastfeeding treats, vegan treats, calorie-controlled meals, etc.) can be marketed through Facebook, Twitter, and unsurprisingly Instagram. With growing awareness of home-based food businesses through social media and the constant demand for food, there is no doubt that this business is not just profitable for 2016 but for all the years to come.

3. Office Administration

Whether you’re planning to run a one-man office management business or create an entire agency of virtual assistants, the internet is on your side. Outsourcing has remained one of the most important industries in the world today and to offer outsourced jobs in office administration will remain to be one of the most profitable home based businesses around.

2. Management, Technical, and Scientific Consultation

Last year, consultation businesses ranked 2^nd in the list of the most profitable small-business industries and listing over 15% in profit margins. This business can easily be run from home and even alongside a full-time job especially in the beginning of the business. Any expert in any field can offer consultation services – what you need is a great portfolio and a lengthy experience in your specific field of expertise. Because it’s mostly a personal brand job like business coaching, there is a bigger chance for larger profit margins.

1. Home-Based Tax, Accounting, and Bookkeeping

This business is certifiably one of the most profitable businesses in 2016, whether you open it at a small downtown office or in your home office. Every business and practically every tax-paying individual in the country may require the help of an accountant and/or bookkeeper at some point. There is also a growing number of businesses that prefer to outsource their payroll management tasks instead of doing it in-house opening a whole business out of doing another company’s payroll.

When starting a business, the one thing that’s more important than its profitability has got to be management. More than half of all failed small businesses – home-based or otherwise – have failed to thrive not because of a bad market but because of inexperienced marketing and management. Choose your investments wisely! Which of the 10 most profitable businesses to start from home in 2016 are you most interested in?