There is bad news and good news in starting a home business.The bad news is 95 % of all new businesses fail within a short time.
The good news is
home business industry has reached $427 Billion annually, and is growing at an amazing rate. And, 80% of all millionaires today are self made.
So, there is a chance your home business will succeed but only after you have given careful thought as to what that business will be.
Here are some of
attributes of an ideal home business that will improve your chances of success.
The Ideal Home Business:
1- Sell to
Entire World The ideal business must have an unlimited global market, not just local or regional exposure.
2- Is not cyclical Your product/service does not rely on cycles to be in demand. The demand is constant, regardless of time, or price.
3- Product is Original Your product must be unique. It cannot be easily substituted or copied.
4- Minimal Labor Requirements A large portion of capital is not tied up in high labor costs.
5- Low Overhead Total overhead cost must be minimal. No high priced rent, power, labor, shipping, etc.