Home Based Business Opportunity Seekers – Does Your Business Meet These 7 Requirements?

What?

You mean my home based business has to meet seven requirements in order to be successful?

Sorry, but, YES.

Any home business that doesn’t meet the following seven requirements is much less likely to succeed. You’ll see why when you read them.

1. Your home based business must be profitable enough to pay you the “salary” you want, with enough left over to reinvest in the business. If you want to earn a good full-time income of say $50,000 per year or more, make sure your business is capable of providing that level of profit. If all you want is an extra $500 or $1,000 per month, that is fine too. But, you still must have some extra profits to reinvest so your business keeps going, and hopefully growing. If you don’t reinvest some of your profits in your business, it may just surprise you by drying up and blowing away. Pooof!

2. Your business must seem easier to you than most other ways of earning money. Though no business is really easy, your business should almost feel like it isn’t work. That only happens if you love what you do in your business. You love the topic your business focusses on. You love the products involved. You love the market you are providing products to. And, you love the people who are your prospects and customers. If you have a passion for your business and you love it, then your business, and all the so-called work involved, will seem easy to you. When it seems easy, you will almost certainly be more successful.

3. Your home business must provide real products or services that have real value to your prospects and customers. I’m sorry, but multi-level marketing schemes that focus more on the “opportunity” than on the products, don’t seem real to me. Neither do envelope stuffing schemes, get-rich-quick scams, and so on, and so on. Do make sure your products offer real value and help people solve their problems, meet a need, or satisfy a strong desire. Price your products fairly according to the value they provide. Be honest in all your dealings with your prospects, customers, and suppliers.

4. Your business has to enable you to, or at least allow you to, live the lifestyle you desire. If you are working 16 hours a day at your business every day without a break, if you can’t get away for a vacation without your business drying up, if you have no time for your spouse and kids, is that any way to live? No, decide up front what kind of lifestyle you want. Then, make sure your home business fits with that lifestyle. Otherwise, your business won’t be successful long-term.

5. Your home based business needs to make use of the internet as a marketing channel. Yes, you can succeed in some businesses without a strong online internet presence. And, you definitely should also consider some non-internet “offline” marketing methods. But, in today’s business and marketing world, if you aren’t using the internet to market your business and your product, you will be much less successful than you could be. If you haven’t already done so, make sure you select a good domain name, obtain web hosting, create your website or blog, and do a good job of search engine optimization for your site, so it will more likely be found by the search engines like Google and Bing.

6. Your business and your products or services must be better in some way than those of your competitors. In other words, your business must be competitive. Think of it this way…if your prospects can get everything you offer from ten or twenty other companies, why should they buy from you? Your home business and the products you provide must enable you to create offers that are better than your competitor’s offers. Maybe you offer a better value. Maybe your products provide more information or perform better. Maybe your guarantee is better. Maybe your product is provided in a better and different form. Whatever the difference is, you will be competitive if your offer is virtually irresistable. It should make the prospect feel like he would be foolish not to buy your product. A better product and an irresistible offer will result in long-term success for your business.

7. Your home business should be set up so you can test your products and your marketing methods at very little expense and very little risk. A traditional business on main street, or a new factory, can cost hundreds of thousands of dollars or much more. Many such businesses fail within 5 years. All that money and time and effort down the drain. Make sure your home business is the kind of business that allows you to test a new product or a new marketing method quickly and at low cost. Then, throw away or stop using the things that don’t work. Invest more and more in the products and marketing methods that succeed and return a real profit to you.

The Home Based Business that meets all seven of these requirements will be successful.

As a side comment, the only business I have personally found that meets all seven requirements is the business of selling information products (like books, ebooks, courses, audios, videos) using the internet and email for marketing.

A Starter Guide for Starting an Online Business

The trend now is to go solo, off-the-grid and to be free from the 8-to-5 routine. This is the reason setting up an online business is getting momentum. With the economy showing no signs of positive development in the next few months, it seems that starting an online business may prove to be a valid alternative for many people tired of the usual rat race and now under-employed and unemployed. The nice thing about setting your own online business is that you can follow your passion. In fact, this is the first thing that you should keep in mind and do when you are starting an internet business. For the rest of the other steps that you should take note, consider the listing made below.

Find your passion. If you are going to start your own venture, make sure that you love what you are doing. You should have the enthusiasm to sustain the business during its slow days. It’s not all the time that the business will bring in the money. Just like a normal curve, there’s an ‘up’ and a ‘down’ in business. If you love what you are doing, even a business faced with troubles is worth running. Do you love to write and have the passion for writing? You can consider an essay writing service or dissertation writing service online your own niche. Here you can offer writing services on demand, and you can charge by the page or number of words.

Research your chosen niche. Find out what is the need of the market. An important requirement in business is that there should be a demand for your product or service. When it comes to an essay and dissertation writing service, you can be sure that there will always be students who will need help with their admissions essays or need help for their course work.

Once you are ready with your niche and you are armed with a market study then that’s the perfect time to set up your presence online. You should buy a URL for your site that will let the people and your students know that your service is now available. This is the time when you will start making some purchases that include a domain name and hosting service. These are necessary investments for your own online business. You can use the free services offered by WordPress.com and Blogger.com. Once your blog is up and running makes sure that it is updated regularly with news, photos and articles related to your chosen niche.

Pay attention to the blogs and articles that you will post. Normally the posts should be between 350-1000 words. Make sure that the articles are helpful to your targeted clients. Well-written and helpful articles and blogs will prove you as an expert in your chosen niche and it would be easier for you to sell your services in the future.

Take advantage of social networking when starting an internet business. This is where your customers are and you want to be near them. Join Twitter and YouTube and create a profile on Facebook.com. Social media participation and marketing are now critical and used by many businesses to broaden their customer base.

When starting an online business its best to start building your email listing as well. Provide a page or form on your home page where they can sign up for your list. As a ‘Thank You’ for their participation, you can offer a free gift for them for leaving their email address in the form of free e-book or access to some of the resources on the site. It is important to have your own list since this is your captive market and potential customers and clients as well. Start by sending those updates and newsletters at least twice a week.

Consider submitting your articles with a link back to your site. This is article marketing and considered as one important way of spreading the word about your business and establishing yourself as an expert.

Starting an online business takes time but all these listed steps should prime you up for the job ahead. There are other specific steps that you can take, and you can take these as soon as the business is already established online.

Dany Cooper