Build A Lucrative Home Business


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Building a home business is lucrative with the right mind set and tools.

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Build A Lucrative Home Business

  1. 1. ==== ====Build A Lucrative Home Business ====Uncertainty in the economy is evident in rising interest rates and the increasing cost of energy,health insurance, food, and tuition. The resultant unrest causes an increasing number of people toconsider alternatives for supplemental income. Many stay-at-home moms are considering startinga home based business. Others are looking at leaving their current job to start a new career wherethey can avoid the daily commute and focus on a home business that may meet their long termgoals. There is clearly a risk in leaving the "security blanket" of an existing job for the dream ofbeing able to make money at home. However, with some expert guidance and some realisticexpectations, many of the risks can be minimized. There are some basic principles that deserveconsideration.Principle #1: Quick And Easy Generally Isnt Quick And Easy!The reality is that no small business startup is as quick and as easy as one would like it to be. Itgenerally takes longer and more money than anticipated. There are several basic questions that aperson should consider before jumping in with both feet:Do you have the financial safety net to pay the bills if it takes twice as long to get your business offthe ground than expected?What if it takes four times longer to achieve profitability?What market are you going to sell products to? Do you really understand this market in terms ofwho the customers are, what they buy, why they buy, from whom do they currently buy, and whytheyll buy from you?Is this a new market or is it an existing market with competition? New markets are hard to getstarted! Competition is not bad!Is your market a hot target market in which you can expect to reach your financial projections evenif you capture a small percentage of the market share?Take time to do research to get answers to these questions. Failure to do this is a recipe fordisappointment. Financial goals are generally met quicker and easier if the proper homework wascompleted up-front.Principle #2: Find A Hot Target Market.Most every small business owner has high expectations for their product. They are hopeful it willbecome a hot product. Unfortunately, very few products ever achieve that status. The chances forexception success improve significantly if the product is being marketed into a hot target market.In a hot target market, customers are actively and sometimes aggressively buying products in
  2. 2. large numbers. This defines a "hot target market".Examples of hot target markets are NASCAR souvenirs, high tech computer games, certainchildrens toys (e.g. Webkins), specific athletic shoes, designer jeans, and high definitiontelevision. Even with competition, participation in a hot target market generally can be verylucrative. Beware: some hot target markets are short-lived. For example beanie babies were hot atone time but no longer.Principle #3: Identify And Study The CompetitionStarting a new market where there is no competition sounds attractive. Generally, its not. Its verydifficult to create a new market. Customers are hesitant to buy products in a new market. Likewise,investors are very reluctant to invest in businesses in unestablished markets. If its a new marketor if there is no competition in the market, beware! The presence of competition is the sign of ahealthy market that can stand to have multiple competitors.Study the competition. Football team coaches spend countless hours studying game films of theirupcoming competitors. They want to know their strengths and their weaknesses. They use thatinformation to formulate a marketing strategy that will give them the best chance of competing andwinning. Thats a good model for the business world as well.Conclusion:Prospective new home-based-business owners need to manage their excitement and carefullyanalyze the opportunities, the risk, and the alternatives that can lead to the financial success andpersonal satisfaction they desire. The risks can be managed. The rewards can be life-changing.Online marketing resources for small business and home based businesses that market theirproducts or services online. Resources are provided to help clients find business opportunities[] to help them withtheir small business startup [] needs, and to assist them in growing their business.Article Source: ====
  3. 3. Build A Lucrative Home Business ====