How do you choose with 60 million choices?
Search Google for homes based business, home based business opportunity, or work from home and youll get a total of more than 60 million page results.
You are a member of the largest group at any time in history seeking to start their own business. And most of those 60 million Google results want to sell you a business opportunity or home based business advice or supply products for you to sell from your new business.
1. Pick a high income business opportunity
If youre going to put in all the hard work required to make your business a success, then pick one with a good potential for profit. By this I dont mean you should only sell high ticket items. You can make a fortune selling $5.oo items if theres a big enough demand.
Use the Yahoo/Overture keyword suggestion tool
Type in the product youre thinking of selling. Be specific. If you want to sell baseball caps to fit children, enter childrens baseball caps or little league baseball caps or some other related phrase. This will give you an idea of how many people looked for information on your product in the previous month.
Now go to your favorite search engine and type the same description. The number of results will give you an idea of the amount of competition you will have. Competition is good. It means there are profits to be made. You may need to offer something extra or refine your market to a smaller group or niche or come up with a new and better way to market your product to beat out that competition.
This exercise is beneficial even if your not going to sell on the internet.
2. Chose a proven income opportunity
For this requirement lets look briefly at Avon (this is not an endorsement either for or against Avon, just an example). Avon has been around forever (actually the late 1800s with the first products sold under the Avon name in 1928). They have a line of products that are in high demand. Their sales force is an army of independent business owners selling Avons products, using Avons catalogs and other marketing materials. Avon is basically a wholesaler selling to their independent retailers who in turn sell to you.
If you chose to associate with a company like Avon, look for one with quality products in high demand. A long track record is good, but not as important if the product is great and they have a solid marketing plan and tools to help you succeed. Look for testimonials on their website from others who have had success with the company you are researching.
3. Dont go broke trying to make your fortune
Unless you have a substantial nest egg built up to finance your business startup, then youll need to find a business with low startup costs. Most home based businesses typically involve selling over the phone, direct mail, home parties (such as Home Interiors) or the internet. Any of these can be started out small and part-time (while you are still working your job). As profits start to come in you can reinvest in and grow your company (and eventually quit that job).
Find a company that doesnt require you to fill your home with inventory or charge a huge membership fee. Also, make sure theres an easy way to end your business relationship if you find theyre not a good match for you.
4. Earn while you learn
Starting a business without doing the proper research and preparation would be like diving into an empty swimming pool. The results would be unpleasant at best.
Go to Amazon.com and pick out a book or two on starting a small business. Check out catalogs and websites of successful companies related to the field youre interested in. Subscribe to a few industry newsletters and/or magazines both on the internet and off. Use the information you get to set goals for your business and plans to reach those goals.
If the company you associate with offers any marketing plans or materials thats a big plus. Theyll have invested money, time and testing into developing those materials to give you a jump start. They know that whatever helps you will help them also.
Then get started. Dont succumb to paralysis by analysis, where you become so overwhelmed by incoming information that you cant decide where to start. Jump in, get you feet wet, apply what youve learned. Keep applying what you learn as you grow. The learning never stops. When youve reached your original goals, youll be looking to expand or diversify your business.
5. Make it fun
This may be the most important requirement in selecting a home based business. Do something you really enjoy. Yes, rolling in money is fun, but thats not going to happen for awhile.
You wont have a boss making sure you show up for work every day in order to collect your paycheck. Selecting something you have a real interest in and really enjoy doing will be a great incentive to showing up for work (at home) every day so you can collect your big paycheck.
Copyright 2006 Keesee-Bennett Company |
