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The 10 Best-Paying Jobs You Can Do At Home

The 10 Best-Paying Jobs You Can Do At Home

The trend of working from home has grown tremendously in the recent years. Long gone are the days when employment was thought of as a strict 9-5 day, travelling to the office in the morning and returning back home in the evening. With advanced technologies and changing trends in the economy, freelancing has become more common than ever before.

Don’t get home-based employment wrong as a mere part-time job that pays only in scanty sums. You can earn as much as you’d earn working at an office if you possess certain skills and capabilities.

Below, we have listed 10 of the best-paying jobs you can do at home. No more are jackpots and lotteries the only ways of getting rich sitting back at home, enjoying the comfort of the couch and closeness with your family.

1. Translator

Average Salary: $132,000

As a freelance translator, you translate texts from one language to another. It’s a perfect job for telecommuting. Translation is a pretty straightforward job and you can do it all by yourself at home.

You might need to revise your work at times but if you possess enough talent, you’ll be able to translate the words and also include the feel of the original work.

This job comes with its fair share of challenges. The work can seem quite monotonous at times, and time management is a skill you must have to succeed in this job.

2. Voice Actor

Average Salary: $75,000

All voice actors provide voiceovers, but the purposes for voice acting vary a lot. You can do freelance voice acting for audiobooks, animation works, games, websites, videos, and more.

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Voice acting is fun work to do and pays plenty. However, you may need to condition and train your voice.

Voice acting is just like acting. You might have difficulty finding work as different businesses tend to search for a specific kind of voice only. And altering your voice is a pretty difficult thing to do.

3. Statistical Analyst

Average Salary: $69,000

As a statistical analyst, you have to interpret the quantitative data and also design statistical models for research problems. Maintaining databases and ensuring validity of data is also required in most of the cases.

Statistical analysis is a very broad field and you should work towards specializing in particular types of data. It will add great value if you specialize in marketing, health, economics, or engineering data.

This kind of work requires proper training, and in many cases, the employers require you to have formal college training as well. Certification of statistical training is asked for in almost all cases.

4. Infographic Designer

Average Salary: $76,000

Infographics are becoming more and more of a powerful tool to visualize detailed information. These days, no one really seems to have time to go through web articles thoroughly, scanning through each and every detail.

So as the demand for infographics is increasing, infographic designing has become a very rewarding vocation. However, you need to be good with data visualization tools and should be very careful to only use the correct data.

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If you have a knack for designing visually appealing infographics, you can earn as much just sitting back at home as you’d earn if you worked at an office.

5. Software Engineer

Average Salary: $94,000

The demand for software engineers has been ever increasing. And freelance software engineering opportunities are aplenty in the market.

Virtually all businesses want to have a website and app of their own. Add to that the ever present demand for desktop applications, and the future of software engineers looks very bright.

If you have sufficient skills and experience under your belt, you do not even need to have a college degree to succeed in this field.

6. Travel Agent

Average Salary: $56,000

Working as a home-based travel agent can be very exciting. You don’t actually need to have traveled to lots of places if you want to succeed in this field. However, you do need to understand travel well.

The internet has brought lots of changes to the traditional travel agent business. Even the most complicated trips can be arranged successfully at the click of a button.

As a freelance travel agent, you are involved in things like providing information to prospective visitors, driving traffic to a client’s website, and making arrangements for visitors.

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7. Financial Manager

Average Salary: $103,000

Financial management is a highly paying job that you can do from home. In this vocation, you are responsible for providing proper financial support to the clients, helping them to make suitable business choices.

Common clients are financial corporations, retailers, charities, universities, and general businesses. Freelance financial managers are preferred by many clients for whom it is not suitable to hire a financial manager on a permanent basis.

However, to land this job, it’s necessary for you to have formal training and college education to establish your credentials.

8. Writer

Average Salary: $52,000

There are plenty of freelance writing opportunities available out there. You can write both for printed as well as online publishing media. With the growth of internet, online writing opportunities have always been on the rise.

Writing opportunities spread over multiple disciplines, from health, education, and career counselling to sports, music, and politics. If you can write, you’ll always find something that interests you.

This job pays significantly and you don’t even need to have formal education and college training. If you can show your adroitness with sample works and draft a solid cover letter, you are likely to land the job.

9. Graphic Designer

Average Salary: $52,000

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The demand for freelance graphic designers is also increasing day by day. It’s a perfect home-based job opportunity as you’d like to be on your own while doing something creative.

Graphic designers are constantly wanted by corporations, advertisement agencies, newspapers, retailers, and websites. You can soon turn one client into many.

This is also a great opportunity that doesn’t require official training. Your creations speak for themselves, and if your clients fancy your work, you’ll land the job. Pretty simple!

10. Animator

Average Salary: $69,000

Freelance animator is a quite pleasing job to have, at least for those who really dig animation and don’t see it as work.

You need expensive resources in animation software, as well as computer hardware to be able to create swift animation. However, once you start getting clients, your initial investments will make far greater returns.

Animation is a quite challenging job, and often you’ll be working with a team of fellow animators rather than alone. You may find teamwork challenging or rather uplifting.

All the above average salaries have been taken from Indeed.com.

Featured photo credit: Work from home/Flickr.com via farm9.staticflickr.com

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Nabin Paudyal

Co-Founder, Siplikan Media Group

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Published on December 13, 2018

How to Start a Company from Scratch (A Step-By-Step Guide)

How to Start a Company from Scratch (A Step-By-Step Guide)

If you’ve ever thought about starting and running your own business, you’re not alone. Being your own boss, having flexibility with your schedule and keeping more of the financial rewards that come with business ownership are all good reasons to own your own company.

But as you might expect, it’s not all vacations and fat bank accounts. According to the SBA, 2/3 of businesses survive at least 2 years and approximately 50% survive 5 years.[1] So why is the failure rate so high? At least for the businesses that fail early on, lack of, or poor planning can be a major factor.

So how to start a company?

Starting a business from scratch doesn’t have to be hard or complicated, but it does take planning and work. Here are the first and most important 9 steps to take when your are starting a company from scratch.

1. Do an Honest Evaluation of Yourself

Do you work better in a structured or unstructured environment? Does a daily routine reduce your anxiety? What kinds of things are you good at? Does public speaking or making presentations make you nervous? Are you good at accounting and numbers? Can you handle the rejections you’re bound to get when selling or cold calling?

These are all important questions to ask yourself, in fact it’s a good idea to get other peoples opinion about their perception of you in each of these situations.

Whatever the answers you come up with for your evaluation, remember that’s all it is, an evaluation of where you are now. Think of it as a way to identify both your areas of strength and weaknesses.

You maybe good at public speaking which can help when raising money, but bad at accounting which just means that you’ll need to find some kind of help with that area of the business.

2. Evaluate Your Idea

If your business idea involves a new product or service (or even an enhancement to an existing product or service), it needs to be evaluated. This is technically called market research.

There are firms that specialize in doing market research for new products, but if you are on a tight budget, you can do this yourself.

First, if you can build a prototype for people to use, touch and look at that’s the best option. If a prototype is not possible or it’s a service business, then offer a highly descriptive presentation of the business plan complete with it’s unique benefits and how it’s different from the competition.

Then listen! Remember that this is not about others liking your product, this is not your baby that they are talking about. You want honest market research that gives you the best chance for a successful business. Take notes, when someone tells you that they didn’t like a feature or some aspect of your idea tell them ‘Thank you”.

After several rounds of market research with different groups of people, you should see patterns emerging about things that they both liked and didn’t like. Use this information to tweak your product or service and do another round of market research.

Keep in mind that you’ll never come up with a universally loved product, your job is to produce a product or service that appeals to the broadest range of your target market.

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3. Make a Business Plan

I know, I know this isn’t the “fun” part of starting your own business, but it is an very important step in creating a successful business!

Basically, you can think of a business plan as an outline or blueprint of your business. A good business plan should have the following elements:

  • Executive Summary – This should lay out the businesses product or service and the problem that it solves for the consumer.
  • Market Evaluation – This should talk about the market you are serving. Is it an expanding market, and how does your product better fulfill the consumers in that market.
  • Market Strategies – How are you going to penetrate the market and sell your product.
  • Operational Plan – How will the company run from day to day? Who are the key employees and what are their specific rolls. Do your key players have specific goals set for them in advance?

A final word on making a business plan: while lying is never acceptable especially when you are using the business plan to raise money, it is acceptable to “put your best foot forward”.

Playing up the positives while minimizing the negatives is almost expected in a business plan.

Besides, banks as well as professional investors will both do a more in-depth analysis before investing any money into your idea.

4. Decide on a Business Structure

You have many options here, and discussing them with your accountant or financial adviser is really the only way to know what’s right for you. But just to give you a quick rundown of the types of business entities and their pros and cons we will briefly go through them:

Sole Proprietorship

This is a common way for small businesses to get started.

The pros being:

Relatively low costs to set up (usually a business license and sales tax license).Owners normally do not have to set up a special bank account, they are allowed to use their personal one. Any income earned can be offset by other losses (check with your state!). You as the sole proprietor have complete control over all decision making. 

Finally, sole proprietorship’s are relative easy to dissolve.

The cons of using a sole proprietorship include:

You as the sole proprietor can be held personally responsible for the debts and liabilities of the company. Some benefits, such as health insurance premiums, are not directly deductible from business income.

If you need to raise money, you are not allowed to sell an equity stake in the company. In that same vein, hiring key people maybe more difficult because you cannot offer them an equity stake in the company.

Partnership

A partnership is formed when two or more people decide to start a business. Although there is no legal requirement for any documentation to form a partnership, it is my advice that you never enter into a partnership without having a partnership agreement. (Remember, spending $1500 now can save you $150,000 in legal fees later!).

The pros of a partnership include:

Being relatively easy and inexpensive to start. Hiring key employees can be easier as you are allowed to give equity ownership to as many partners as you want.

For tax purposes, partnerships are relative simple as any income is treated as “pass through” meaning that each partner pays tax on their individual portion of the partnerships income (As of this writing, always check with your tax adviser).

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As far as the cons go:

It can be difficult for some general partnerships to raise capitol. Because it is a partnership, the actions of one of the partners can obligate the entire organisation. All profits must be shared according to the partnership agreement regardless of the amount of work done by any single partner.

Some employee benefits may not be able to be deducted on income tax returns.

Limited Liability Company (LLC)

This is a very popular business entity for small to medium sized businesses. The reason for this is the cost of set up is not prohibitive and there is a separation between the owners and the company.

The pros of an LLC include:

Limited liability for the partners, unlike sole proprietorship’s and partnerships where the owners are held responsible for all of the companies debts and liabilities, an LLC provides some protection against certain debts and liabilities that are solely the companies.

Simple taxation, just like the sole proprietorship and partnerships, income is considered “pass through” and is only taxed once on an individual level.

There is no limit on the number of shareholders in an LLC. An LLC requires fewer fillings and administrative requirements than a corporation.

Corporation

A corporation is much more complex and expensive to set up. And a corporation is legally considered an independent entity that is separate from its owners.

The pros of a corporation include:

Complete separation between the owners and the company. Because the corporation is considered its own legal entity, owners can not be held personally responsible for any debts or liabilities of the company.

A corporation can raise capital much easier just by selling more shares in the company.

Cons of corporations include:

Much higher administrative costs than any other business entity. Corporations generally have a higher tax rate. Dividends are not tax deductible for corporations. Income paid in dividends is taxed twice, once by the corporation and again by the shareholder.

Again, this is just a short summary of the pros and cons, always check with your tax adviser about what will work best in your situation.

5. Address Finances

Again, not one of the “Sexier” parts of starting your business from scratch, but very important nonetheless.

So, you’ve done your business plan and an estimate of your start up funding should be included. It should include the amount of funding you’ll need to get you through your first full year of operations.

Now, how do you get that money?

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Self Funding

If possible, self funding is the easiest. You won’t have to go to banks and investors with hat in hand, or give up ownership or control of your company. But as we know, this is not a reality for most people. But don’t worry, there are still plenty of options available.

Friends and Family

They can be a good source of funding your business if they can see and understand your vision.

Remember that business plan? Pass them out to everyone you know. Then follow up, be prepared to tell them the total amount of money you expect to raise, the minimum investment you are looking for and what you will give in return for the investment.

For example, you give a friend your business plan and follow up with him/her a few days later. You can explain that you have secured funding for $80,000 of the $100,000 you need. You are selling a 2% share in the company for every $2,000 investment. How many shares would he like?

And when he/she tells you no, thank him/her and ask if he/she can think of anyone off the top of his head who might be interested? Tell him/her you really appreciate his/her time and if he/she does come across someone who might be interested to let you know.

Banks

These guys are happy to lend you money when you don’t need it, but all of the sudden they get stingy when you actually need a loan! This is where preparation comes in.

It’s a good idea to go over your business plan with an expert and maybe even have it rewritten by an expert before you approach either a bank or professional investor. Both will want to go over your business plan with a fine tooth comb, verifying all the numbers and data you provide.

You should also brush up on everything in the plan so that you can answer any questions they have with authority.

Crowdfunding

Finally, there is crowdfunding through sites like Kickstarter or GoFundMe. Crowdfunding helps to build interest, community spirit, and a customer base. It’s also an efficient way to raise funds. You can take a look at these tips to find out more:

6 Crowdfunding Tips To Get Your Project 100 Percent Funded

6. Register with the Government

As stated earlier, different types of business entities have different filling and administrative requirements. At the very least, you’ll probably need a business license as well as a state sales tax license.

Unless you are forming a corporation, there are many good resources on the web that will do everything for you at a minimal cost.

7. Assemble Your Team

Remember when we evaluated your strengths and weaknesses? Here is where we fill in the gaps!

Do you hate sales and cold calling? Great! There are people who love selling and wouldn’t want to do anything else.

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Bored to death with accounting? There are a ton of small accounting firms out there that will take care of that for you.

What about marketing? You can hire someone in-house or out-source that too.

Your job is to keep on top of all the different aspects of the business to make sure they are all running smoothly and getting the results you need. If not, it’s your job to figure out the problem and implement a solution.

Check out this guide and learn how to delegate effectively:

How to Delegate Work (the Definitive Guide for Successful Leaders)

8. Buy Insurance

No matter what kind of business you start, you need insurance! Yes, I know, no one likes to buy insurance, but it can literally be the difference between having a minor inconvenience and declaring bankruptcy.

We live in a very litigious time, even a minor slip and fall at your place of business could bankrupt you without insurance. If you need help finding a good agent, check with your local trade organizations or fellow business owners.

9. Start Branding Yourself

Has anyone ever ask you for a Kleenex or a QTip? We all know what they are because of branding, Kleenex is just a brand of tissue and QTip is just a brand of cotton swab. It doesn’t have to be as widely known as Kleenex or QTip, but you can make your brand a common name within your niche.

I once owned a manufacturing company that developed a product that was so popular that my competitors started co-opting my brand name for their products.

If you aren’t sure how to kickstart branding yourself, check out these ways:

5 Ways to Build your Personal Brand & Make More Money

The Bottom Line

Starting a business from scratch can be one of the most rewarding experiences a person can have.

But do you know what’s even more rewarding? Having a business that succeeds, is profitable and provides a good source of income for you, your employees and their family’s.

More Resources About Entrepreneurship

Featured photo credit: Tyler Franta via unsplash.com

Reference

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