95 Best Home Businesses of the 90's reviewed for the Noughties - [1-10]
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1. Abstracting Service
The main task of this home based business is to read articles from journals and other periodicals and condense them into a brief synopsis for computer storage and data retrieval. An abstracter will produce lists of relevant keywords that make it easy to find information.
Relevancy in the Naughties
Here is a classic example of technology superseding a profession. RSS (Rich Site Summary) feeds are now allowing every online magazine, blog and journal to be indexed automatically. As more and more publishers move their magazines and newspapers online this service will become redundant.
Expected Lifespan
5 years max.
2. Advertising Agency
This home based business allows people with skills in both marketing and computer design to offer a service to companies both big and small. Not dissimilar from the major industry players, a home business in advertising can search out and compete comfortably in well-fitting niches.
Relevancy in the Naughties
An industry that was once controlled by major players is now breaking down into smaller competitive niches. This allows smaller players such as home business operators to respond quickly to change whereas a big company would struggle. As online advertising gains momentum (it's only a baby industry at the moment) more and more opportunities will exist for this type of home business.
Expected Lifespan
Easily >10 years.
3. Association Management Service
An association management service offers small volunteer organisations administerial skills. When these small organisations grow beyond the willingness of volunteers to actively participate, or they just become too complex, this service can aid them to keep a handle on their regulatory obligations. This home based business may offer clerical help, updating membership lists, preparing meeting agendas and reporting to regulatory bodies.
Relevancy in the Naughties
As legislation continues to grow on the upkeep and transparency of any organisation, this home business will grow with it. Volunteers are less willing to actively participate in these areas because they can't keep up with the ongoing changes and aren't prepared to carry the possibility of being sued for negligence. Therefore, this business opportunity can only increase.
Expected Lifespan
Easily >10 years.
4. Bed & Breakfast Inn
Many small businesses are now popping up offering tourists an alternative to larger motel and hotel chains. Bed & Breakfast Inns allow a couple the opportunity to offer their home as an accommodation option. It requires the couple to host, serve and maintain the facilities to a level where guests feel they are treated well.
Relevancy in the Naughties
This is not a new industry and shall probably continue indefinitely. However, if the market share continues to grow larger hotel chains will find ways to enter it and will have larger advertising budgets to compete well. This may become harder to make successful.
Expected Lifespan
Indefinitely but becoming less attractive.
5. Bill Auditing Service
Many businesses pay huge amounts in utility payments and are often overcharged without knowledge of such. They realise that they may be paying more than they should but often don't have the time to audit these bills.
Relevancy in the Naughties
This is a growing industry as these types of home businesses are also offering competition analysis on bills. Many operators will take a business' bill and try and find other providers who offer more competitive prices for the same service. This opportunity should continue for some time but it won't be long before providers offer their own competitive analysis to businesses.
Expected Lifespan
Maybe 5-10 years.
6. Bookkeeping Service
This is a home based business that has been going for some time and is likely to continue indefinitely. It offers small business a way to have their financial records updated without having to employ additional staff.
Relevancy in the Naughties
Bookkeeping will always be with us and as labour charges continue to escalate and the keeping of financial records becomes more complex more businesses will opt for this service. For people with bookkeeping skills it's a great home business and can be operated around your own lifestyle.
Expected Lifespan
Indefinitely.
7. Business Broker
Like a real-estate agent for businesses a Business Broker facilitates the sale of a business to someone wanting to buy one. According to Edward's book 20% of businesses change hands each year in the US (and I wouldn't think that this number is much different in other western countries) so the need for business brokers is massive. It's a viable home business opportunity as many of the transactions are done without the need for rented office space anyway.
Relevancy in the Naughties
Businesses will always be for sale and brokers will be needed to sell them. Regardless of regulations the method of transaction will remain predominantly the same and therefore it will always be viable as a home based business.
Expected Lifespan
Indefinitely.
8. Business Network Organiser
A Business Network Organiser aids small businesses in networking with other relevant businesses so that they can exchange ideas and market their services. While Chambers of Commerce, Rotary Clubs etc offer similar opportunities this home based business service can organise more specialised networks.
Relevancy in the Naughties
I can't see this type of business lasting for too long as more businesses become connected through the internet. Places like myspace, Yahoo and Google Groups enable like-minded people to interact and find each other quite easily. As the previous mentioned services are all free and readily available most businesses won't be prepared to pay for a Business Network Organiser.
Expected Lifespan
<2-5 Years.
9. Business Plan Writer
A Business Plan Writer performs the service of writing business plans for smaller companies. The service involves meeting with the business to discuss their dreams and aspirations and then combine that into a workable plan with goals that can be accurately measured.
Relevancy in the Naughties
Businesses will always require this service and even though there are many software programs available to help managers achieve the same result discussing these plans face-to-face with a consultant will always be a common desire.
Expected Lifespan
Indefinitely
10. Caterer
This home based business allows entrepreneurial chefs and unqualified cooks to go out on their own and compete with in the catering market. Many businesses have catered functions outside of a restaurant or convention centre and require a catering service to accommodate their needs.
Relevancy in the Naughties
Catering as a home based business is becoming harder and harder to achieve. Regulatory bodies now require stricter food-handling conditions and to set yourself up in this type of home based business can be quite expensive. It is still a very possible option but of the other nine home businesses reviewed today, catering would be the most expensive to get into.
Expected Lifespan
Indefinitely but hard.
Tomorrow we will review the next ten from [11-20].
If you want more specific knowledge of setup costs, educational prerequisites and experience required then try reading the book - The Best Home Businesses for the 21st Century
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