7 Attributes of a Successful Home Biz Opportunity
By Kim Beardsmore
Many people are looking for a home business to give them financial
freedom. With so many small business opportunities to choose
from, how do you discern a truly great home business from the wannabes?
Rather than take a gamble with your
future financial security read on to find out exactly what to
look for with these seven keys to home business success.
Key 1: How big is the market? What type of people would be interested
in the products and services? The businesses that go further
are those that can serve the needs and wants of potentially millions of
people; are not restrained by demographics and that appeal to people
with disposable income. Many small business opportunities would satisfy
one or two of these criteria but few satisfy all three. The
more people interested in your products the more money you will make.
Key 2: What is the industry trend? What is the general direction of
the industry in which your business will operate? Is the industry
expanding, staying level or worse still, shrinking? Are people finding
alternatives to your products and services? Do you remember some
years ago the explosion in home entertainment through videos? For
a short time having movies at home on video was highly lucrative but has
been quickly replaced with DVDs. Be aware that a product or service may
be considered *hot*...but for how long?
You will need to look for an industry that is expanding as well as a
highly desirable product or service. If the industry is expanding, it is
possible get a sense for how long that industry will continue to grow by
taking a look at the generation of Baby Boomers.
Baby Boomers are the people born between 1945 and 1960 who have
caused significant industries to emerge in the past. For example,
as they have aged, the following industries have expanded: baby foods,
station wagon cars, tertiary education, computers and IT. Baby Boomers
are approaching the latter part of their working lives and are interested
in products and services that promise financial security, health
and flexible lifestyle.
A home based business satisfying an emerging need of the Baby
Boomers is one that will have some significant future.
Key 3: The nature of the product or service itself? Is the product one
that people will use often? Look for a product that is consumed (used
up) and needs to be replaced regularly. This will give you
repeat orders from the same customer and create a steady flow of
income.
Do customers fall in love with the product or simply use it? The
best home business opportunities are with products that people love, rather
than simply, like. People love products that save them time, or deliver
a solution to a recurring problem. The product should also represent
value for money and most importantly, be one that people can�t get
anywhere else.
Key 4: How is the product delivered to the customer? This is an important
point as you will want to leverage or use your limited time in the most
effective way possible. If you physically deliver to your customers,
you significantly limit your income and market potential. No business,
even your own will pay you for delivery. Businesses pay on
generating sales! Your time is much more valuable spent in lead generation
than to allow it to be squandered in delivering the product.
Look for a business where the products can be delivered electronically
over the internet, or are delivered directly to the consumers by
the parent company - without you having to be involved, other than
placing the order.
Key 5: Is there a proven business system? Is there a successful business
system you can plug into? Let's face it, you want to get up and running
and be making money as soon as possible, not creating a business
system! Or, worse still trying to make
a bad business system workable!
Look for a business opportunity with well-designed marketing tools;
efficient, automated processes, simplicity and track record of creating
business success for newbies. A great business is one that even Homer
can master!
Key 6: Is there a support system? Is there a support structure you can
plug into until you grow your business and learn your businses to stand
independent? Once you get started, are you going to be left alone
or will there be someone there
to guide you?
Choose a home business where someone will teach you how to run
the business and if need be, show you how to develop your own leaders.
Make sure there is a mentoring system in place so you have the opportunity
to regularly learn from
successful leaders who have gone before you.
Key 7: The credibility factor. Is the organization believable, stable
and have a track record of delivering on their promises? Have
a good look at the people who are in charge and ask the following
questions.
How long has this organization been in business? Is the
company well respected? Does the company make unsubstantiated claims?
Have they been able to establish a loyal customer base so far? 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?
You should take the time to get to know the company you will be
relying on. Don't just be dazzled by the so-called income testimonies!
Now there are a number of home business opportunities out there
all vying for your attention. Armed with these seven success
factors you are well equipped to sort out those work at home business
opportunities that have the best potential of providing you with
true financial freedom.
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