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.

Pull Them, Don't Push Them

This article is primarily directed toward people who work at home in a business that happens to involve network marketing.

I am often contacted by members of my business team with complaints regarding a lack of response or lack of action on the part of their affiliates. Their complaints typically go something like..."I send out lots of emails to all of them and I very rarely get any response and it seems like very few of them are taking any action. What am I doing wrong?".

There are many types of internet-based home businesses where feedback and interaction are quite important and getting anaffiliate or business team member to communicate with you is adefinite objective. It's not at all surprising that this can bea challenge when you stop to think that what you are trying to dois initiate a dialog between two complete strangers who have never even seen each other.

In the case of network marketing, it is of critical importance to build a sense of trust with your team members. Network marketing is very definitely a relationship business and each relationship typically starts out with two complete strangers sitting at their respective keyboards.

The team building aspect of network marketing is of vital importance to the success of each individual member and to the team as a whole. Two key elements of team building are trust andconfidence and these factors play a very large role, particularlyfor new team members.

With all that being said, many people love the IDEA of making goodmoney working at home in their own business and expect it to just "happen", but have no willingness to take any action or put forthany effort to make it happen.

Having been involved with team building and network marketing forsome time, I have come to adopt the following as my operatingcredo..."if you have the desire and are willing to put in the effort, I'll pull you along so you can go faster down the road to success, but if you don't want move on your own, I'm not going to waste my time trying to push you forward".

Its like working with a length of chain...pulling it along worksfine, but trying it push it forward only results in a pile offrustration.

You need to be able to distinguish between people that have a legitimate interest in developing a home based business and those lost souls that feel that they have just joined another chat group and only want to engage in an endless "debate" about the virtues of whatever business you are promoting, but never actually had any intention of establishing a business...you will have to develop your own method of reading people like this (its mainly a sense of feel...sort of a belly button thing).

You can help someone reach for success...but you can't reasonably expect to make them want to be successful. Its just another variation of that very old and tired cliche...that "you can lead a horse to water, but you can't make it drink".

Another way of looking at it is if you are trying to move peopleforward, you pull them from in front (a leadership position), butif you have to push them it will be from behind (not a position of leadership).

The Home Business Set-Up Guide

what we need to know about starting and running a home based business.

Legal Structures

The legal structure of your business is very important as it is a function of liabilities and tax deduction. The most common structures are:

§ Sole trader§ Partnership§ Company§ Trust

Sole Trader

When you are a sole trader you are personally responsible and liable for the business and its activities. Commonly you may start out as a sole trader, and as you expand, you will need to seek out partners or investors. Your accountant is the best person to advise you if this is the best structure for your business.

Partnership

This arrangement is where you and your partner are liable for anything related to your business. It is a very good idea to get a solicitor to write up a partnership agreement to avoid disputes down the track.

Company

This is a legal entity liable for the debts it incurs and paying tax on income. Your accountant can help you set a company up, or you can buy one off the shelf, which may be more cost effective.

Trust

Depending on your personal circumstances, and the country you live in, trusts can be useful in business and estate planning. They can be quite complex, and again, your accountant is the best person to speak too.

Registering Your Business Name

You can operate a business under your own name or register a business name. Registration of a business name allows you to operate under that name.

Select a name for your business that describes to your customer what you do. A descriptive name promotes and advertises your business more effectively.

Licences And Permits

Depending on your municipality, you may need licences and permits. Do the right thing and check with your local council. Doing the right things now will save you a lot of unnecessary leg work later.

Insurance

Often overlooked, insurance is an important part of your risk management plan. There are two types of insurance: general insurance for loss/damage of assets and risk insurance which is your personal insurance cover.

Ensure your business insurance is separate to your personal insurance.To establish the type and amount of insurance you need for your home based business, check with an insurance broker.

Managing Risk

You must have a risk management strategy for your business. Your SWOT (Strengths, Weakness, Opportunities, Threats) analysis from article one, will show what could expose your business to loss and what actions to take to reduce that loss.

Marketing

As a home business entrepreneur, you must understand what your customers want and give it to them. You must strive to have a service or product that meets and excels your customers needs and expectations. This is what makes them come back to buy from you, and this is how you grow your profit. Try and think like your customers and you will find they want:

§ Satisfaction§ Value for money§ Performance§ Reliability§ Presentation

Don’t confuse marketing with selling. In a home based business, marketing is much much more and involves all aspects of the business- pricing, advertising, customer service to sales.

Marketing Mix

Communication with your customers is essential and develops the framework for your marketing strategy. You must tell your customers these important bits of information

§ Product- describe it in full detail, its special features and of course how it will benefit the customer

§ Price – explain your pricing strategy, don’t forget to consider your costs, discounts you will offer, payment policies

§ Promotion – choose the most effective for your type of business. If you don’t know, think about what you would prefer if you were the customer. Eg: telemarketing, flyers, e-mail campaigns

§ Place – what place will your product be so customers can find it and contact you. How will you deliver the product to your customers? You may need to consider getting a website.

Your Business Image

Even though you are running a home based business, make sure your office is comfortable and professional in appearance. Your website also needs to project the same kind of professionalism

Location

Your home based business needs its own dedicated area. Very often the living and working areas muddle into one, not allowing you to distinguish which is for work and for play. Keeping these separate is essential for running a home business. You must ensure that all family members understand this too.A telephone is essential in your home office as it will be the first point of contact with your clients. Installing a second phone line separate from the personal line is essential along with a cell phone, answering machine and a pager. Talk to your telecommunications company, very often they have some great packages suited to small businesses.

Furniture And Equipment

Choose furniture that is comfortable and professional. This helps distinguish this area from the rest of the household.

Your office needs equipment and here are a few to get you kick started:

§ Computer§ Chair(S)§ Desk§ Fax machine§ Filing cabinet§ Mobile phone§ Telephone§ Heating/cooling§ Lighting

I hope this article has set you on the path to create your own home based business and empower you to reach your financial destiny.