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
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 market? What type of people would be interested in products and services? The businesses that go further are those that can serve 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 more money you will make.
Key 2: What is industry trend? What is general direction of industry in which your business will operate? Is industry expanding, staying level or worse still, shrinking? Are people finding alternatives to your products and services? Do you remember some years ago explosion in home entertainment through videos? or 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 industry is expanding, it is possible get a sense for how long that industry will continue to grow by taking a look at generation of Baby Boomers.
Baby Boomers are people born between 1945 and 1960 who have caused significant industries to emerge in past. For example, as they have aged, following industries have expanded: baby foods, station wagon cars, tertiary education, computers and IT. Baby Boomers are approaching 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 Baby Boomers is one that will have some significant future.
Key 3: The nature of product or service itself? Is 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 same customer and create a steady flow of income.
Do customers fall in love with 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.
