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Aug 12, 2008

7 Attributes of a Successful Home Biz Opportunity

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.

2 comments:

  1. Hmm... I like this post. I'll keep this in mind since I plan on running my own business soon. I know it'll be tough, so I can use all the help and advice I can get. More recently, I've been thinking about buying a business instead of starting one from scratch. Maybe a franchise? Home based? I’m not sure. Do you have any suggestions or advice? Thanks.

    ReplyDelete
  2. @N.Broome - Yeah, running a business will be a bit challenging regardless if you start from scratch or buy a business. If you do want to buy a business though, there are a lot of resources available for you to use. There's one website called BizTrader.com. It's this online global marketplace where you can buy or sell a business. You can also use it to find a lender, broker, etc.

    I also suggest checking out books and magazines. They can provide up-to-date information and tips. And it might be beneficial to join a small business group in your area.

    Good luck!

    ReplyDelete