There are various types of hands-off businesses available. Some old hands-off business ideas are car washes, vending machines, ATMs, Laundromats, self-storage, etc. But with times there has been a significant change in the concept of Hands off business. The latest hands-off business ideas are internet cafés, AdSense marketing, food vending, tanning salons, etc.
- Hands-off business requires fewer working hours so it can be an excellent option to earn some extra money
- An investment venture is an excellent hands-off business idea to make money with less effort
- With the use of proper software, you can turn your current business into a hands-off business
- In the USA, “Dog Wash Stations” is a very popular hands-off business idea and it is expected to grow 1-4% in 2023
- Bookkeeping & Tax Services is an $83.1 billion industry in the USA and it is expected to grow more than 2.5% by the end of 2023
What is a Hands-off Business?
Hands-off businesses are very popular among entrepreneurs and small business owners. There are lots of reasons this type of business is popular and one of them is fewer working hours. To start hands off a business you have to choose a product and find the suppliers; then you have to set up an e-commerce site. You must have a fulfillment house to manage the inventory and delivery.
How To Start Hands-Off Business
Traveling around the world while making money is a common dream among many people and one can make this dream come true thanks to the hands-off business. There are many ways you can start a hands-off business. Let’s check them out!
Make Big Investment
If you have a large amount of money then you can consider running a successful investment venture. With proper investment, you can easily earn money without much effort. But you have to understand the right steps to make your investment successful. However, not every investment has the same possibilities and requires much more effort than others. For example, if you invest in a property business then you can’t operate it from out of the country.
Convert The Current Company
If you have a running business then you can convert it and can operate it remotely. Your business might be not set up properly but you can definitely change that. In order to make the change; you have to choose the right technology and software for your business. If you pick the proper software then it will be a great help for your new and improved business model. There are different types of software available that allow you to train your team remotely through e-learning. So once you start investing in proper software you can easily convert your business to a remotely managed company.
Set Up A Website
You must set up a website for your business. There are lots of benefits of having a website for your business. One of the biggest advantages is you can maintain the website from anywhere in the world that has a solid internet connection. But it will be fruitful if you use the right technology. You can use a cloud server so that you will be able to access all the sources and data of your website from anywhere in the world. Moreover, having a website for your business will attract new customers to your business. So it will boost the growth of your business.
The Business Product
Choosing the right product is the key to long-term success in a business. You can pick digital products for your business because they can be sold online 24 hours a day and 7 days a week. Moreover, you don’t have to own the products to sell them online. Digital products can easily be delivered over the internet and you will get the commission based on the sale. These products don’t cost you for storing in the storehouse.
Best Hands Off Business Models
Dog Wash Stations
In the USA, people have a special soft spot for their dogs and they are more than happy to spend money on their fur babies to ensure that they look and feel good. So a dog wash station is a rising business and it is a great solution for situations where dogs hate to travel or are too old or sick to go to the groomers. For this business, you will need an initial investment of $10,000-$50,000 depending on what types of equipment you are planning to buy as well as your transportation. This industry is expected to grow at a rate of 1-4% in 2023 it surely is a profitable industry. A study shows that the average gross earnings for a dog wash station are $75,000-$100,000/year.
This is a very new trend in hands-off business. AdSense marketing might not make you a millionaire but you can earn lots of money without giving much effort or time. You have to choose a topic make a silo website and then apply for AdSense. Initially, you have to invest some time and money to promote your business and updated content to have your website rank organically. Once the website is ranked in the SERP you will start earning money from the website. While creating a website you have to make sure that your website covers something that people are interested in.
Create Digital Courses
If you are an expert in something or have knowledge about a topic then you can make online courses for people to purchase and download. This is an excellent idea for people who work a full-time job but looking for a passive income source. If you’ve got a talent like sewing, woodworking, technology, freelancing skills then you can make your skill and knowledge into a new stream of income. Once you publish your course and people started to download it then let it grow on its own.
Bookkeeping & Tax Services
No matter how digitalized we become, there is always be taxes to pay and books to be maintained. So there will always be a demand for bookkeeping and tax services. It’s an $83.1 billion industry and the projected growth rate is 2% in 2020. In this business, you will have versatile options like you can provide direct service or offer virtual assistance for your clients. The startup cost will depend on the structure of your business.
FAQs About Hands Off Business
1. Which business is the best in the future?
Below is a list of 10 businesses that will be best for the future. They are:
1. Affiliate marketing
3. Online therapy
4. Influencer marketing
5. Online shop
6. Recruitment agency
7. Selling hand-crafted items
8. Virtual assistant
9. Car charging stations
10. Relationship counseling
2. What Industry Will Boom In 2021?
Well, 2020 is coming to an end and we are approaching 2021. The coronavirus has brought a revolutionary change in our lives and it also changes the trend of modern business. Below are some business industries that will boom in 2021:
1. Online Grocery Shops
2. Cough & Cold Medicine Manufacturing Company
3. 3D Printing & Rapid Prototyping Services
4. Online Pet Food & Pet Supply Sales
5. Hydraulic Fracturing Services
6. High-Frequency Trading
7. Autonomous Underwater Vehicle Manufacturing
8. Stock & Commodity Exchanges in the US
9. Medical & Recreational Marijuana Growing
10. Video Streaming Services
3. What Business Should I Start From Home?
There are lots of businesses that you can start from your home. They are:
2. House cleaning
3. Freelance writing
4. Personal training
5. Virtual assistance
7. Digital Marketing
4. Which Is The No 1 Company In The World?
Saudi Aramco is the number one company in the world with a market capitalization of 1.68 trillion U.S. dollars. There are few tech brands in the top 5 list and they are Microsoft, Apple, Amazon, and Google’s parent company Alphabet.
5. Who Is The World’s Largest Employer?
Walmart is the world’s largest employer and they have 2.3 million employees in the USA and selected countries worldwide.
Last Updated on October 5, 2022 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.