6 Attributes of a Successful Home Business by Linda McCauleyVery 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
critical factors that make a home business successful - you will fail to find a business that has
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
needs and wants of potentially millions of people – most importantly
baby boomers which are those born between 1945 and early 1960. The baby boomers are
largest consumer base with
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
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
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
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
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
consumer. Attribute 3 – It must employ
concept of leverage The concept of leverage in business simply means to employ methods and procedures that will give you
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
bone is to figure out how to get into a business with leverage. Leverage allows
entrepreneur to build a strong business part time around a busy lifestyle with
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