Finding Niche Home Business

Knowing that we want to have a business of our own is not enough. Many of us have struggled with the important question of what type of enterprise we would like to start.

Franchises offer a simple pre-packaged money making idea, but the cost of a franchise often makes it a prohibitive option to most folks who contemplate going out on their own.

There are literally hundreds of lucrative home business ideas for you to choose from, which will suit every type of personality and all levels of financing. From selling information on the Internet as a infopreneur, to growing delicious gourmet mushrooms for sale to restaurants and catering
companies; there is a pile of money to be made by filling a need, for these and a host of other necessary services.

Of course, actually liking what you do, will have a lot to do with the success of your new venture, so be sure to pick a home business that you'll enjoy running and that will keep you motivated.

Academia might not be your cup of tea, but maybe you are good with your hands --- having a creative genius where crafts are concerned. Craft items are red-hot sellers at swap meets,
country fairs and world wide over the Internet, and they can provide you with solid profits. If crafts don't interest you, then why not start a laundry service with pick-up and delivery,
or a shopping service for shut-in's--even a companion service or granny sitter or a doctor shuttle service; any of which, could be much in demand, in and around your neighborhood or community.

When brainstorming new ideas for your future home business, keep in mind the soul of any successful endeavor is providing a product or service that others will actually purchase in
quantities. Satisfy the needs of your target market, and your target market will keep you and your home based business healthy, happy and profitable.

Below are some suggestions for home business ideas that might help you decide on a suitable venture in which to invest.

Multi-level-marketing (mlm), floral/plant service for offices and hospitals, pooper-scooper service, dog walking service, answering service, vending machine service, gift basket service,
homemade soap maker, mobile windshield repair service, mobile tire repair service, income tax specialist, researcher, freelance writer, business card and letterhead designer,courier, shut-in/shuttle service, landscaping service, tree trimming service, wood crafter, carpenter, crafts and crafting supplies, pool cleaning service, plants/nursery starts, growing herbs, growing mushrooms, garage sale and swap meet vendor, proofreader, private investigator, typing service, interior decorator/designer, website design, wedding consultant, hot lunch/snack vendor at local courthouses, pet sitting service, pet grooming service, Internet entrepreneur, paralegal, gourmet catering service, new media production, mobile cosmetic technician, mobile nail technician, mobile hair stylist, aerobics instructor, personal fitness trainer, advertising
consultant, companion service, small printing service.

When you work from home, any business you start has the potential to explode into a perpetual gold mine! It just depends on how much your home business is in demand around your community or on the Internet. Your home business might start slow and steady, regularly picking up clients as you become more established. On the other hand, your chosen home business may take off like wildfire, quickly becoming too hot for you to handle by yourself (well done!). This is the time to enlist the help of willing family members to help you out in your time of need, which will make your business into a friendly, family concern. This will also help family members better understand your business and get a grasp on the mechanics of profit.

Love the Opportunity

Somebody said you have to love what you do, but that's not necessarily true. What is true is that you have to love the opportunity. The opportunity to build life, future, health, success and fortune. Knocking on someone's door may not be something you love to do, but you love the opportunity of what might be behind that door.

For example, a guy says, "I'm digging ditches.

Should I love digging ditches?" The answer is, "No, you don't have to love digging ditches, but if it is your first entry onto the ladder of success, you say, 'I'm glad somebody gave me the opportunity to dig ditches and I'm going to do it so well, I won't be here long.'"

You can be inspired by having found something; even though you are making mistakes in the beginning and even though it is a little distasteful taking on a new discipline that you haven't learned before. You don't have to love it, you just have to learn to appreciate America, appreciate opportunity and appreciate the person who brought you the good news; that found you.

Appreciate the person who believed in you before you believed in yourself, appreciate the person who said, "Hey, if I can do it, you can do it."
If you will embrace the disciplines associated with the new opportunity you will soon find that your self-confidence starts to grow, that you go from being a skeptic to being a believer. And soon when you go out person to person, talking to people, you will find it to be the most thrilling opportunity in the world.

Every person you meet - what could it be? Unlimited! Maybe a friend for life. The next person could be an open door to retiring. The next person could be a colleague for years to come. It's big time stuff. And sometimes in the beginning when we are just getting started we don't always see how big it is.

So, before you are tempted to give up or get discouraged, remember all success is based on long term commitment, faith, discipline, attitude and a few stepping stones along the way. You might not like the stone you are on right now, but it's sure to be one of the stones that lead to great opportunities in the future.

Article by Jim Rohn

Business Idea & Opportunity Evalution

In analyzing your business ideas you must be able to pass them through a test to determine if they truly are valid opportunities. All of your ideas must have a demonstrated need, ready market, and ability to provide a solid return on investment.

Is the idea feasible in the marketplace? Is there demand? Can it be done? Are you able to pull together the persons and resources to pull it off before the window of opportunity closes? These questions must be considered and answered.

Opportunity-focused entrepreneurs start with the customer and the market in mind. They analyze the market to determine industry issues, market structure, market size, growth rate, market capacity, attainable market share, cost structure, the core economics, exit strategy issues, time to breakeven, opportunity costs, and barriers to entry. Below are two models that entrepreneurs use to evaluate their business ideas and plans.

Fourteen Questions to Ask Every Time
To evaluate opportunities, entrepreneurs ask the following questions:

1. What is the need you fill or problem you solve? (Value Proposition)

2. Who are you selling to? (Target Market)

3. How would you make money? (Revenue Model)

4. How will you differentiate your company from what is already out there? (Uniqueselling proposition)

5. What are the barriers to entry?

6. How many competitors do you have and of what quality are they? (Competitive Analysis)

7. How big is your market in dollars? (Market Size)

8. How fast is the market growing or shrinking? (Market Growth)

9. What percent of the market do you believe you could gain? (Market Share)

10. What type of company would this be? (Lifestyle or High Potential, Sole Proprietorship or Corporation)

11. How much would it cost to get started? (Start-up Costs)

12. Do you plan to use debt capital or raise investment? If so, how much and what type? (Investment needs)

13. Do you plan to sell your company or go public (list the company on the stock markets) one day? (Exit Strategy)

14. If you take on investment, how much money do you think your investors will get back in return? (Return on Investment)

Let’s take the above fourteen questions and term them into an easy model that you can use to evaluate your business ideas you come up with. This is called the RAMP model.

6 Steps How to Start a Home Based Business

Many people dream about having their own home business in order to escape the hassle of commuting, friction with overbearing bosses and the stress of the corporate workplace. In the good old days, the ideal home business was some kind of mail-order business. However, in today's world an Internet-based business offers the best way to gain flexibility and economic independence. If you are not sure how to go about it, take a look at the following steps which all home based entrepreneurs must take:

1. Determine what you want to do
You know you want a business that is yours and based in your own home but you may not be sure what exactly you want to do. No one can decide this for you. You must pick an area of activity where you have a bit of knowledge and most importantly, a passion. After all, you are probably leaving your day job because you were not happy with what you are doing. Don't pick another type of work that will be a misery, rather pick something that you enjoy doing.

For example, if you are an avid athlete, maybe you will want to sell sports supplies, or some kind of information product concerned with sports. When it comes to online selling you have a choice: to sell a physical item that can be shipped, or to sell an electronic item such as an ebook or a service, such as proofreading or editing. Brainstorm and pick your area of interest and then follow it up until your business idea becomes clear.

2. Set up your home workplace
If you want to work at home you will need a separate area where you can work efficiently. It doesn't have to be a large office, but it has to be a place where you can work without disturbance. Once you have carved out your working area, you have to equip it. The minimum is an up to date computer with a good connection to the Internet. You will probably need software such as an html editor, an ftp program, and an art or photo editing program such as Adobe Photoshop. A good accounting program will also be required once you get rolling and the money starts flowing in.

3. Make sure that you have a back up income
Setting up a successful home business is harder than it looks and harder than the advertisements would have you believe. In the first months you may not make any money. Budget some money to cover the initial period when sales are likely to be zero or very low, and plan your first year realistically so that you can survive during the starting period.

4. Pick a proper domain name and register it at a reputable registrar
Your domain name is your brand name and it will become your online identity. The name should describe what you do and it should be memorable. Another thing to consider when deciding on a domain is to try to include a search keyword that your likely customers would use when finding you.

Many of great domain names are already taken. The best way to find out is to go to one of the reputable registrars such as Godaddy, Yahoo or Directnic and put your idea into the search box. You will find out if the domain name is available and also find alternatives. Don't be tempted by low cost registrars that are not well known. If they fold, then you could have trouble maintaining your domain name.

5. Find a reliable hosting service for your business
As with the domain registration, choose a hosting company that is well known and that has good customer support. Check to see if they have 24 hour phone service or an online chat service. Pick up a hosting package that has enough space for your needs. Generally most websites only use a small portion of the web space that is offered. If you are not sure which package to get, ask the sales departments of a few of the leading hosting firms to see what they offer.

6. Design and Promote Your Website
Your website is your store-front. It is your sales representative and it is your business suit all in one! You can make a good impression with a professionally designed site, and whatever you invest in a good design will be repaid later on. So don't skimp on your website, have it designed professionally or purchase a striking web template and customize it to fit your needs. But even the best website can't bring you sales unless it is promoted online. Advertise your site with paid ads, through high search engine place, by participating in online forums and by distributing articles with a link back to your site.

Follow these six steps and you will be on your way to fulfilling your dream of having a home-based business.

Article by David Bond

Business Growth Much Better

Once your business is up and running and things are going fine, you will start to look at how to grow. There are many ways to expand a good business, but first make sure you have your current circumstances under control. It makes no sense to start opening new stores if you are still struggling with customer service or accounting issues.. it would simply increase your worries.

Besides the usual marketing plan and good customer service that we already have installed for the organic growth of our business, here's a few more ways to kick start business growth.

Increase Products and Services
Look for opportunities to introduce new products and/or services that our current customers could use. Ask customers how you could help them or see if there are other products that they would be interested in purchasing from you. Improving or updating current products and services can also encourage growth.

Open New Stores or Buy Existing Businesses
Depending on how much risk you are willing to take, purchasing existing businesses or opening new stores can be a fast track to massive business growth. It's important to digest new acquisitions before you end up biting off more than you can chew though. Too much growth can sometimes be just as stressful as a lack of growth, so be sure to consolidate after each purchase.

Going Online
Very few businesses cannot benefit from going online. The benefits will vary quite a bit, depending on your industry and the products or services you provide. If it is done properly, you may start to see your Internet profits catching up to and surpassing your bricks and mortar business!. The Internet is open 24 hours a day with millions of potential customers worldwide.

Franchise
Not every business is suitable to franchise, but if your business systems are in place and you are willing to put the work in to getting started as a franchiser it can be an excellent source of growth.

Look for New Types of Customers
Is your target market too specialized? If you cater to a niche market, look for ways of reaching out to a more diverse customer base. If your products cater to just women, look at ways to reach men also. If you have mostly young people using your services, look for opportunities to reach elderly customers. Some businesses cater to a very niche market and that's the reason for their success, but often with a little imagination you can increase your possible market.

The surest way to successful business growth is to know your business, know your products, and to know your customers. With confidence in these three aspects of business you will be more confident in making decisions when it comes to pursuing growth.


"I think that our fundamental belief is that for us growth is a way of life and we have to grow at all times." Mukesh Ambani Quote

Article by Michael Dylan