|
6_Attributes_of_a_Successful_Home_Business
| 6 Attributes of a Successful Home Business
6 Attributes of a Successful Home Business by Linda McCauley
Very few people actually know what makes a home business
successful. Many budding entrepreneurs wind up starting a home
business that really has very little chance of surviving. You
need to understand the critical factors that make a home
business successful - you will fail to find a business that has
the potential of delivering you amazing results. So, when you
are looking for a home based business that is truly going to
deliver you additional income, or better still, replace your job
income, read on to find out exactly what you should be looking
for.
Attribute 1 – It must have a huge expanding market Whichever
business you chose it must tap into a huge expanding market.
This is one that can serve the needs and wants of potentially
millions of people – most importantly the baby boomers which are
those born between 1945 and early 1960. The baby boomers are the
largest consumer base with the highest disposable income base.
Therefore, you would be wise to find an industry where they are
focusing their money. Their main area of spending is: To have
better health, To assure a good retirement, Home business
opportunities – (burnout and redundancy), To look and feel
younger, To spend more time with their families - more time
freedom or time flexibility, To be financially secure. You will
also need to find an area that isn’t being adequately serviced
by current products. How about laundry detergents, toothpaste,
food storage containers, pots and pans or even computers. Now
don’t get me wrong, I am sure that you can get very fine
products like these from a work from home entrepreneur, but high
quality brands are available in retail stores everywhere. And
when a better detergent or mobile phone comes along you will not
be able to compete with major brands and their advertising. Most
people will buy these types of products from the biggest retail
store. Don’t get fooled by cool gadgets and novel ideas. You
need to learn to think clearly about what will give your
business success.
The largest expanding markets in the world today are: •Home
Based Business Opportunity Industry - $400billion •E-Commerce
Industry – Internet marketing now exceeds $1 trillion
•Mail-order/catalogue sales and marketing Industry - $350billion
•The wellness Industry $200 billion and projected to reach an
incredible $1trillion in the next handful of years. •Personal
care and grooming Industry - $80billion. People are continually
searching for ways to look and feel better.
Attribute 2 – It must have a Unique Consumable Product What
would you rather market? •A product people will buy from you
month in and month out for many years? •A product once purchased
never required again or for several years? If you can find a set
of products that are unique because of a patent or similar
protection, then you have a real business winner. Preferably, it
should also be one that people can't get anywhere else. This
will be the type of product that will generate repeat business
and create a steady flow of income. People fall in love with
products and services that save them time, or deliver a solution
to a recurring problems. The product should also well
established and represent value for money to the consumer.
Attribute 3 – It must employ the concept of leverage The concept
of leverage in business simply means to employ methods and
procedures that will give you the ability to accomplish more
than one person could normally accommodate on their own. Let’s
talk for a moment about what kind of business you might want to
own. Do you want to own one where you have to work as hard as an
employee or do you want one that allows you to work smart. The
only way to get rich or to make a good living without working
yourself to the bone is to figure out how to get into a business
with leverage. Leverage allows the entrepreneur to build a
strong business part time around a busy lifestyle with the real
possibility to retire wealthy in a few short years. You need
leverage and can’t afford to be without it – because leverage is
absolutely critical for a successful home based business start
up and for long lasting lifestyle advantages. Let’s face it –
you are already using all 24 hours of each day doing something
aren’t you? Now to start a business you have got to add more to
your plate. Attribute 4 - The Product/Service must have an
automated delivery Capability
Whatever product or service your home based business provides,
if you physically have to deliver it to your customers, you are
significantly limiting your time and therefore, your income
potential. The best solution is to find a business where the
products or services can be ordered electronically over the
Internet and delivered directly to the consumers by the parent
company - without you having to be involved, other than placing
the order.
Attribute 5 – You should choose a business system that offers
full support & Training Most new entrepreneurs enter into a home
based business without any knowledge or similar experience. As
they will understandably want to get their new business off the
ground as quickly as possible they must chose a well designed
plan and one that has an excellent support network available to
them. The marketing tools, and automated website processes
should be easily understood and shouldn’t require a business
degree to get started. Their support network should be readily
available to them on any occasion. It is critical for the
success of your home based business that you can also receive
continual follow up training on your product or company. You
should be able to tap into the training at consistently. This
important fact is the key to the success of your new business
Because being left alone on your own without this follow up,
support and training is crucial and could mean the failure of
your business. Attribute 6 – The Parent Company must have a
credible and stable background. You should be able to find
adequate information on the Parent Company that you chose. You
should be able to ask questions and receive answers from them.
You should take the time to get to know the company behind the
product and the service.
Questions like: How many years have they been established? Who
is at the helm? Does that person have a good business record?
Are they well respected in their industry? Is the company well
respected? Have they been able to establish a loyal customer
base? Do they meet all government standards and qualifications
in the countries they operate? Is there a refund policy? Can
they deliver on their remuneration promises?
Each and every day we are hearing the words Work From Home, and
as you would know there are many home business opportunities
available. After reading this article you should be well
equipped to sorting your way through the business opportunity
maze and choosing an opportunity that will help you towards your
financial independence. Linda McCauley is operating a successful
Home Based Business. If you are Interested in finding out what
vehicle she has chosen to drive her towards financial freedom,
please feel free to visit www.wealth-security-freedom.info A
professional Business Presentation is available on request.
About the author:
Lives in Kiama on the Beautiful South Coast of NSW,Australia.
Mother of 3 daughters, who no longers works as a cleaner but
work full time with her business at home.
|
|
| |
| |
