Work from home. These days it seems as though everyone is talking about these three words. If you don't understand the critical factors that make a home business successful - you will fail to find a business that has the 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.
Success Factor 1 - Is the market expanding?
Whatever business you choose, you must tap into a huge, expanding market. Do you want to put all your energies into a market that is shrinking?
The business will need to be one that
can serve the needs and wants of potentially millions of people from a
wide variety of demographics but most importantly the baby boomers. -
those people born between the 1945 and the early 1960s. Baby boomers
are the largest consumer demographic with the highest disposable income
Success Factor 2 - Is there a market trend in your direction?
Not only should the market be huge and expanding, you should also look at just how far that market has to grow. This is where market trends are important because you will want to identify huge shifts in consumer spending. Not only is the market growing, but better still, people are diverting spending away from other products and services in preference to yours!
Market trends occur when massive volumes of people's spending habits are all moving in a similar direction. This may seem like something the average person cannot readily see for themselves, but fortunately, you don't have to have a degree in economics to get a good idea of spotting a potential a market trend.
Here's a hint to where baby boomers are shifting their spending:
- To have more money and financial security
- To have better health
- To assure a good retirement
- Home business opportunities - corporate burnout
- To look and feel younger
- To have more time freedom or time flexibility
To find a home based business that satisfies an emerging need or want of the Baby Boomers is to find a business that has an increasing likelihood of being in an industry that has some significant future.
Success Factor 3 - Is the product one that people will use often?
You will also need to look for a consumable product or service that is replaced regularly. Preferably, it should be one that people can't get anywhere else. This will be the 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 problem. The product should also represent value for money to the consumer.
Success Factor 4 - How is the Product/Service Delivered to the Customer?
Whatever product or service your home based business provides, if you personally have to physically deliver those products/services to your customers, you are choosing to significantly limit your income potential out of that business. This way you are not limited by your own resources and can operate in a global market through the internet.
The best solution is to find a business where the products/services can be delivered electronically over the Internet via automation, or are delivered directly to the consumers by the parent company - without you having to be involved, other than placing the order.
Success Factor 5 - Is there a successful business system you can plug into to leverage your time?
Let's face it, you want to get up and running and be making money as soon as possible.
A business with a higher potential of success is going to be one that allows you to maximize your personal effort. This means there must be well designed and integrated marketing tools, and efficient automated processes that don't require a financial degree to understand.
In order to get operational you don't want to have to spend your precious time figuring out how to do the business. You need to find something that provides you with a clear business plan and an automated business process for you to follow.
Success Factor 6 - Is there a support structure you can plug into while you learn your business?
Once you get started, are you going to be left alone or will there be someone there to guide you? Choose a home based business that also offers a strong support structure - without additional setup expenses! Make sure someone will be there to mentor and guide you - especially in the early stages.
Success Factor 7 - Is the organization credible, stable and have a track record of delivering on their promises?
is an old saying - "a fish rots from the head". Meaning that if you
want to assess the quality of an organization, a good place to start is
with those who are running the organization.
Have a good look at the people who are in charge and ask yourself the following questions.
How long has this organization been in business? Who is at helm? Does this individual have a good business record? Are they well respected in their industry? 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 behind the product and the service you will be relying on to make your decisions about your business. Don't just be dazzled by the so- called income testimonies!
There are a number of home business opportunities out there all vying for your attention. Remember, the home based business industry is one of the emerging mega trends, so the range available is going to be expanding. Armed with these seven success factors you are well equipped to sort out those business opportunities that have a greater potential of providing you with financial freedom.
Kim and Gavin Beardsmore are successful home based business operators. To learn how to create an income stream from your own home to replace your job and develop true financial freedom, visit: www.free2liv.com/?refid=7