The Best Home Businesses to Start

Bookkeeping

People with financial talents are in high demand during a slumping economy. Feeling overwhelmed by the tax code's complexities, many businesses are convinced that having an outside company or person review their figures makes the most sense. Helping friends untangle their tax issues is one of the most common entry points into the profession, according to "Entrepreneur." For long-term survival, targeting new businesses is the smartest route -- since they need more help than established businesses.

Technical proficiency provides a return that exceeds many other types of home businesses. Web designers, networking experts, programmers, repair and upgrade specialists and systems engineers are always in demand, according to "Entrepreneur." Aspiring entrepreneurs start by subcontracting their services, followed by a move into some type of consultancy. The latter option is more lucrative, because it allows entrepreneurs to charge per project, rather than on an hourly basis.

Guiding companies through many issues, from environmental remediation to marketing, consultants are playing an increasingly visible -- and profitable -- role in today's economy, "Forbes" reported in October 2008. Profit margins average 10 percent, fueled by the consultant's ability to charge per project, and to recoup their expenses. Not being tied to a home office is another plus. Pricing the business is a major challenge, as well as finding clients, since consulting firms get most business through referrals.

Like their private sector counterparts, home-based experts in finance industry jobs rank among the top earners nationwide. Commodities and securities brokers, for example, earn an average pretax margin of 14 percent, "Forbes" magazine says. Entry requirements are higher than in many other fields. Approval from the Financial Industry Regulatory Authority is required, plus a $5,000 registration fee, trial balance sheet and business plan. Brokers must also pass several exams to get licensed. However, the work is lucrative for those who can pass these hurdles.

The explosion of online commerce through sites like Craigslist, eBay and half.com has opened many opportunities for online resale business, "Entrepreneur" observed. Several different models for success are possible, from selling used goods, to buying goods wholesale, or using a drop shipping service. The ability to seek new customers online eliminates the costly overhead of supporting an office, while allowing the reseller to focus on their most likely prospects for repeat business.