Seven Keys To Finding a Successful Home Business

By Kim Beardsmore
Posted Wednesday, October 6, 2004

Many people are looking for a home business to give them financial freedom. With so many opportunities to choose from, how do you discern the truly great home biz ops from the wannabes? Rather than take a gamble with your financial future read on to find out exactly what to look for with these seven keys to home business success.

Key 1: 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.

Key 2: The industry trend.
What is the general direction of the industry? Is the industry expanding, staying level or worse still, shrinking?

Importantly, if the industry is expanding, you can get a sense for how long that industry will continue to grow.

When seeking out expanding markets, it can be useful to take a look at the generation of Baby Boomers. These 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 may have some significant future.

Key 3: The product.
Is the product one that people will use often? Look for a product that is consumed (used up) and is 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? People love products that save them time, or deliver a solution to a recurring problem. The product should also represent value for money and preferably, be one that people can’t get anywhere else.

Key 4: The delivery.
How is the product delivered to the customer? 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 than to allow it to be consumed 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: The 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!

Look for a business opportunity with well-designed marketing tools; efficient, automated processes and simplicity. A great business is one that even Homer can master!

Key 6: The support system.
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 business where someone will teach you how to run the business and if need be, show you how to develop as a leader and business developer. 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 credible, 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 business opportunities that have a greater potential of providing you with true financial freedom.

About the Author
Marek Taborsky, who runs a successful home business even Homer Simpson could work! To learn how you develop financial independence around your day job, visit his website now: (http://www.gainwealth.org) Our interactive information package will help you decide if you are suitable for a home business.