How to find the right business opportunity?
The good news that you need to take in right away that whenever there is an economic downturn home based businesses explode in growth.
What that means is that this is an excellent time for you to find the best home business opportunity for you.
Chances are that you have tried your luck at a home business before but have only ended up in failure and frustration.
But, that does not mean that you can never be a success. All it means is that you need to take a different approach. Most successful entrepreneurs failed multiple times before finally becoming successful.
You need to realize that even as you read this there are people out there consistently earning a 6-7 figure income from their home based business. If others can succeed, why not you? However you will need to realize that the road to success starts with you identifying the best home business opportunity for you.
The truth is that if you join the wrong opportunity then nothing else matters, you will fail. No matter how hard you work and what smarts you apply, chances of you succeeding will be very minimal indeed.
However, if you choose the right opportunities then it will be much easier for you to succeed, as long as you put in the time and effort.
And so this leads us to that all important question; how do you identify the best online opportunity that will work for you? There are a few critical features you will want to look for.
To start with you need to find an opportunity that deals with excellent products that folks will want to buy. One of the most common mistakes people make is to choose an online opportunity only because of the high commission and very attractive payment package.
While these factors are also important, it is more critical to start by examining the kind of products you will be promoting. And then you will have to ensure that the business model you are dealing with is Network Marketing, Multi-level marketing (MLM) or Affiliate Marketing. Do some research online if you are not familiar with these terms to get a clear understanding.
– The huge advantage with MLM opportunities is you will be able to easily earn residual income. This is the key to unlocking serious cash from your online business. Residual income is money that you earn continuously for something that you did only once.
– In Network Marketing opportunities, you will be able to earn continuous income from people you introduce into the business for as long as those folks remain active in the program.
– Affiliate Marketing lets you spread your wings wide but needs to be a done on a constant basis always depending on changes of the companies or products you are marketing. It’s like doing the hard yard for others, snipping off some of the profits.
Finally you will need to select the kind of online opportunity that boasts of excellent tools to help you quickly build your business. Some of these online tools will be able to help you sell more products faster or introduce more people into the business and make it grow much faster.
The truth is that there are not many home based business opportunities that have these critical features in abundance. Indeed only a few stand out above the rest. Here is one that may fall in the category of being the best home business opportunity for you: http://www.mylifechangebiz.com
Before rushing into something that might make you the most money, there's a lot to consider. Remember, this is a major life decision. If you don't choose a business well, you could lose your shirt. But if you make a smart choice, you could find fun, fulfillment, greater control, AND make lots of money along the way.
To help lead you down the right path, we have a few tips for you as you head down the path of choosing a business.
Think About It…..
The average person spends 40 hours a week at work. If you start working at 21 and retire at 65, that's approximately 91,520 hours of your life! That sounds like a lot, but contrasted with the hours you'll log running your own business, it pales in comparison. That's why it's crucial to choose a business that you're truly passionate and excited about. When you do something you love, you'll have a much better chance of success, and you will actually enjoy the longer hours. We were once told by a business sage that “if you love what you do, you'll never work a day in your life”, and this has absolutely been true for us.
It’s vitally important to think things through before jumping into business ownership. Don't be one of the many discouraged and bored entrepreneurs out there who failed to consider these various factors. Instead, take the time and effort to carefully consider your options and choose the right path. Trust me, the ultimate success of your startup business will make it all worthwhile down the road.
Common Mistakes in Choosing a Business
Failing to Verify Market Demand.
Success comes more easily if you do what you love. However, passion for a particular activity or product is not enough basis to start a business. You need to examine the market potential, competition, resources required to enter the market, and uniqueness of the idea. Most importantly, you need to consider the potential demand of your market. Turning your hobby or interest into a small business, for example, without first finding out if there is sufficient demand for the product or service is a sure way to fail. While there are exceptions to this rule, many hobby-based businesses have narrow and extremely segmented market that may not be able to support the business. Determining the potential demand and size of the market for your product is the first factor in choosing a business.
Starting the business without adequate planning.
Starting a business is not something that you plunge headon without stopping to think. You need to plan every step, every action, and every little decision that you make. Your success is not guaranteed because you have found a market opportunity that takes advantage of your skills and experience. Many home business owners are guilty of taking the process of business planning for granted. A well-written business plan provides the strategy map of your business. Following a good, distinctive strategy will ensure that the business follows a consistent direction towards your goals.
Resisting the urge to ask for help.
Most people do not usually ask for advice in choosing a business, either because they are too proud, afraid someone else will steal their idea, or simply don't know help is available. Help is out there; you just need to look for it. The non-profit organization, SCORE, in cooperation with the Small Business Administration, has chapters and offices all over the country and provides advice to budding entrepreneurs for free. Other small business entrepreneurs are all too willing to tell you the lessons that they have learned in starting a business - provided of course that you are not a direct competitor or asking for trade secrets. If you cannot find a knowledgeable person willing to give you information about the business, you can always work as an employee or an intern in a similar business. Not only will you be receiving compensation, but also you are getting on-thejob training and valuable insights on the business that you want. One word of caution: good advice is always helpful, but don't let other people tell you how to run your business.
Trying to start a business with too little money.
You may have the passion for the business that you are planning to start, but can you afford the business? Is the cost of your business within your reach? Where will you secure funding to support your production, marketing and operations? If you do not have the cash to support your venture, there is a high likelihood that your business will end up as a failed start-up.
The Benefits of Owning your Own
Business…
Take a moment to daydream and in your dream consider all of the positive things that are involved with owning your Own Business and just simply taking total control of your life. Doing this in a way that is totally positive.
Just imagine in your everyday life, you are running a business that you Totally Enjoyed. You would do everything possible to make sure that it was a total success. It would be a positive force in your life.
Now, also imagine that you were eating better all of the time. That you were totally in control of your finances. That Life as a whole was just moving along a lot smoother. Therefore, you would have some type of super energy that helps you to get these things accomplished. This is a Positive Energy Force. Home business ownership can do it for you.
But what if you're NOT interested in running an Internet Business? What if you want to start and run a home business the old-fashioned way? Where do you start?
Actually starting any home business is the easy part. The hard part's deciding what that business should be.
So how do you even start the process of deciding on the right home business for you? The key is to be methodical, realistic, objective and patient.
10 examples to earn money through a
traditional home business
1. Antiques
The buying and selling of antiques has been and should continue to be a very productive business, financially, for those that do it. Here, you only need an extra room in the house, or the use of your garage -- and you have an office!
If you have a large home that has some antique furnishings, you might consider turning it into a showroom for your antique acquisitions and sales, providing you satisfy any local zoning regulations. The interest in antiques will survive into the foreseeable future. Many people choose to spend their free time on the weekends "antiquating" from place to place to try and pick up a few odds or ends and maybe a jewel or two. If you know anything about antiques, this may be a great opportunity for you.
For more information:
2. Baking
Have you ever been told that you have a recipe that people would line up to get if they could? Ever had anyone tell you that you should be selling those cupcakes you make?
There are a number of success stories about people who have launched successful businesses by cooking at home and then marketing to local people first. You may specialize in on just one well-tried and tested food product; or you may innovate on a product that you created yourself and which has never been marketed before. Having perfected the recipe you then turn to packaging and marketing. Word of mouth on a good product may start to get restaurants or bakeries interested in acquiring your culinary masterpieces. Then you progress to selling them statewide and you're on your way to a profitable home-based business.
For more information:
3. Bed-and-Breakfast Proprietors
Have you ever stayed in a bed and breakfast and thought, "Hey, I can do this!" You probably went on vacation and simply chalked your thought up as one of those pipedreams one gets when they stay in a beautiful spot.
Don't toss that thought away! While it's not easy work as the hours can be long and it's usually a seven days per week business, it's often something that you can work into a daily schedule. After all, it's merely an extension of doing the housework for family, right? More and more people are taking after Europeans and opening their homes to travelers.
If you have an extra room or two since the kids moved out, you can start a bed and breakfast in your own place! Bed and breakfast popularity will continue as more and more vacationers and business travelers seek a different accommodation away from the predictability of the average hotel room. If they enjoy their stay, many become "repeat" customers, coming back to the same familiar surroundings time and again.
If you don't need to do any major renovations in the house to accommodate this type of establishment, you can be off and running with very little money invested, other than advertising and some new "guest room supplies". If your dream is to buy a bed and breakfast somewhere in a vacation paradise, there are probably houses for sale that will work for this purpose.
For more information:
4. Childcare
Due to the financial pressures faced by many families today, parents work outside of the home to bring in enough income to pay daily living expenses. A single parent is obviously working but all too often, both members of a two-parent family are in the workforce. This creates a home-based opportunity. Children must be watched, all day if they're not in school, or, otherwise, for a brief time after school before the parents finish work for the day. Most parents want their children immersed in a more stimulating environment than is usual with the average babysitter. You can begin small at home, offering a more stimulating and educational environment setting for client children.
Caring for one additional child may not be that lucrative, but taking care of several children can certainly be a full-time, financially successful business. Often, taking care of several children is made somewhat easier as the youngsters often will play together. You can do this at home for only a small investment in basic equipment and toys for the kids in addition to the advertising of your business.
For more information:
5. Computer Specialist
The advent of the computer age has changed the concept of self-employment. Having a computer at home has opened a number of opportunities for running your own business utilizing this equipment. Companies everywhere are "outsourcing" work that can be done by someone else on their computer, out of their own home.
If you are a whiz in computers, you may end up working as a consultant, writing programs for companies. If you are a beginner, you may find yourself able to obtain work as a writer, using your computer to produce copy that is easy to edit. You can also keep accounting and payroll records for companies on your computer's database.
Word processing software can be used not only for writers but for those that can offer secretarial services out of their house. Desktop publishing software can allow you to do newsletters for businesses and other organizations. If you can operate a computer, you can find work in the information age today.
Of course, the advent of the Web has opened a lot of business opportunities for the enterprising individuals. If you have skills in lay-outing and graphic design, you can be a website designer. Website designers earn significant amounts of money nowadays.
For more information:
6. Gardening
If you like working in your garden each year , it's a definite possibility for home-based employment. Imagine clearing a little more space and growing more items that you can sell directly to the consumer. You can produce vegetables, bedding plants, bonzai tree, exotic plants, flower trees, herb, house plants, landscaping plants, orchids and many more.
Most produce stands will buy from you if your product is one of high quality. If you enjoy gardening, this could be your ticket! If you have some more land to use, do it! Plant what you can, when you can! Contact your local produce stands to ascertain their buying habits.
You can even inquire about your own produce stand if you have enough product. The more space you have on your land, the more likely you will be able to generate enough crops to run the business. People love homegrown vegetables. They just do not have the time or want to be bothered doing it themselves. That is your open door!
You can also engage in selling other gardening products and supplies such as compost, earthworms, herb boxes, beneficial bugs, or drip irrigation systems.
For more information:
7. Importer and Distributor
There are a substantial number of products manufactured in other countries that can be bought inexpensively and sold in your country at a profitable level. The Government and the formation of international trade organizations have made it easier to bring in other products from other countries.
This is a business easily operated out of the home, depending on the types of stock you're carrying. You may have to rent some storage space, but the capital required to start should essentially be limited to the products you're buying to sell here.
If you know the type of product you want to import and the market most likely to purchase your goods, you have great potential for a successful home-based business.
For more information:
8. Interior Decorator
Interior decorating is a business that will require you to be mobile, constantly meeting with customers. It offers flexible hours, a good variety of activities, and a very lucrative return. If you have a fascination for decorating a home, this could be your line of work. Many people do not know where to start when they are remodeling or buying a house for the first time.
If you have the knowledge of colors and patterns and what looks good together, plus the expertise of knowing where to get materials and furnishings, this can be a winning homebased business for you. To be able to decorate a room so that it conveys the mood that the homeowner wishes will be your goal. Strive for the skillful, personal touch in all you design.
For more information:
9. Photographer
The sky is the limit here! Armed with your trusty camera and some good advertising, you can do weddings, models, family portraits, passports, student photos, local newspaper coverage; almost anything that requires a picture!
You can easily start this work, part-time, and work into fulltime work based on your success and inclination.
Not much equipment is necessary to get going as a camera off the store shelf can often do the trick today. Picking up a tripod and having a room sufficient for developing your pictures, and you're in business -- at home!
For more information:
10. Sewing and Alterations
Many people love to sew. If you are one of them, consider offering this service out of your home. When someone buys a new outfit, it rarely fits perfectly, meaning some kind of alteration must be done.
People look long and hard to find reliable individuals to do their alterations. If you can sew, you are well on your way to opening the doors of this type of business.
For more information:
Where to Start and what You
should ask Yourself
What's my "heart's desire" when it comes to work?
Think big! Or at least wide. If you're contemplating turning your interest in gardening into a career, expand your horizons to include as many forms of possible work in such a field as you can imagine; from as general as owning a retail garden center to as specialized as inventing and marketing a gardening tool to serve a unique niche such as elderly gardeners. Hand-in-hand with this question is one that often gets overlooked in the excitement associated with being an Entrepreneur can you imagine doing such work for extended hours and to meet the approval of your customers/clients or would this potentially take away from the enjoyment you now have for such a passion/hobby?