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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.
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