These days, it is very popular to make money online and work flexible hours. A lot of people are now looking for opportunities to start a home based business and earn money from home. While for some people the main reason is to just earn extra cash, for others it’s the hope that the home business will replace their current full time job’s salary.
Before you start up a home based business, it is essential that you choose the right home based business that has huge potential to grow. This will ensure that you succeed with the business in the future.
What factors must you analyze if you want to choose the best home based business to get into?
1. A massive and expanding market.
For you to succeed with your home based business there must be a huge and expanding market for your product or service. If you want your home based business to have long term potential, it must be targeted at a huge market. So what are some of the growing markets with huge potential in the future? Work from home online, health and fitness, nutrition, e-commerce or personal care are some of the expanding markets.
2. Positive market and demand trends that are supportive to your business.
Starting home based business in a huge and expanding market is the starting point. You will also need to ensure that market trends are in a direction that supports your business. In terms of our home based business, key trends are that more people are seeking to work from home and retire early, a lot of people are aiming to have better health, and some people are seeking more money and financial security and freedom. Make sure that your home based business will meet some of these market trends. You will need to start a home based business for which there are positive market trends to ensure that it will continue being viable in the long term. This means you will always get some customers!
3. The product you offer must be useful and needed often.
A product which people will need regularly means more repeat business for you and a steady flow of income. Your product must bring a benefit or must solve a problem. All these factors will ensure that what you offer in your home based business will have constant demand which is good for the success of your business.
4. Simple, speedy and cheap delivery of the product.
If your home based business can be offering a product that you have to post and will take days to get delivered, this is time consuming and it limits your income potential. The best home based business is one where what you offer can be delivered automatically or electronically on the internet. This is cheap, quick and efficient.
5. A proven business system you can leverage on.
In internet marketing, time is of essence. You need to start a proven home based business with which you will quickly start to make some money. Ideally, the home based business must have integrated marketing tools and effective automated systems that will make it easy for you to get started to actually get some checks rolling in!
6. A stable and financially sound organization.
You will need to deal with an organization that is established and with a good reputation. Factors to consider are the duration they have been in business, their reviews, refund policies and remuneration promises among other factors.
7. A good support network to help you while you develop your home based business.
A home based business with which you can easily succeed is one where you can get some support. Forum networks, tools or mentors who can help you develop your home based business are essential during the initial stages of your business. You will want to make your learning curve as short as possible, so you will need all the support you can get.
If you make sure that the home based business opportunity you are considering has these factors; then you are most likely going to succeed.
Home Based Business
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Home Based Business
* What does it mean for a company to have a moat? What are the key drivers to valuation? Pat Dorsey will use examples to shed light on these, and more questions.
About the Book:
Capitalism works. That’s why most businesses with high returns on capital attract competition that forces down profitability over time. However, a small minority of companies are able to defy the laws of economic gravity by creating competitive advantages, or “economic moats” that insulate them from competition and allow them to maintain high returns on capital. After spending fifteen years analyzing thousands of companies, Pat has identified a handful of structural characteristics that create competitive advantage. He will discuss these characteristics, how management teams can create and destroy competitive advantage, and how he applies competitive analysis in managing institutional capital at Dorsey Asset Management.
About the author:
Pat is the founder of Dorsey Asset Management, which manages concentrated global portfolios for institutional investors. Prior to starting Dorsey Asset, Pat was Director of Research for Sanibel Captiva Trust, an independent trust company with approximately billion in assets under management serving high net worth clients.
From 2000 to 2011, Pat was Director of Equity Research for Morningstar, where he led the growth of Morningstar’s equity research group from 10 to over 100 analysts. Pat developed Morningstar’s economic moat ratings, as well as the methodology behind Morningstar’s framework for analyzing competitive advantage. Pat is also the author of two books — The Five Rules for Successful Stock Investing and The Little Book that Builds Wealth — and has been quoted in publications such as the Wall Street Journal, Fortune, the New York Times, and BusinessWeek.
Pat holds a Master’s degree in Political Science from Northwestern University and a bachelor’s degree in government from Wesleyan University. He is a CFA charterholder.
Pat Dorsey: “The Little Book that Builds Wealth” | Talks at Google
Home Based Business