Now that you have had that internet home based business idea and have decided to start a business from home, selecting the right business opportunities is as easy as 1-2-3, well maybe 1-2-3-4!
1. Decide to Market a “Consumable” product
When trying to decide which internet home based business idea you should develop, just think about this for a minute – every time anyone gets out of bed each day and goes to work, someone makes money. Every time you pick up the telephone, someone makes money. Every time you eat, turn on the water, start your car, use a bar of soap, or get a haircut, or go on a vacation, someone makes money. Imagine transactions of hundreds or even thousands of dollars and also millions of $3 or $4 sales several times a month, year after year, after year.
The ideal internet home based business idea which develops into a turnkey home business is one that markets consumable products or services in such a way that after your initial effort is done; repeat orders, sales and commissions come to you for that effort on a continuing basis.
2. Be ahead of the major Market Trends
A “Market Trend” is really an economic movement, meaning that large masses of people’s spending habits are moving in a uniform direction. The effect the baby-boomers have had and will have for years to come on the American economy is a good example.
One leading economist likened the effect the baby-boomers have had on the economy since birth to a basketball running through a garden hose! That fact along can be a major factor in generating profitable home based businesses and should certainly be considered when developing our internet home based business idea.
When developing our internet home based business idea, the question we must ask ourselves is: Are we positioned in front of the basketball or behind it?
History shows that those who identify these trends early, and are able to meet the needs of these trends, are able to create abundant wealth for themselves. In essence, they get in front of an economic wave and ride it to financial freedom!
The key is timing. Get in front of the wave and take the ride of a lifetime.
Current research shows, that what most people want out of life is feeding the current market trends and should be considered in your internet home based business idea:
1. Owning Their Own Business
2. Having Tax Advantages
3. Being Financially Independent
4. Being Healthy
5. Being more environmentally conscious
6. Having A Rewarding Career
7. Owning Their Own Healthy Home
8. Looking & Feeling Younger
9. Losing Weight
10. Traveling
11. Improving Their Lifestyle
12. Personal Development Training and Support
Mega-Trends
These are the wants and needs of some very large consumer groups. In fact, some very large trends are gathering momentum as you read this. They are so large that they can accurately be called “Mega-Trends”.
One of the mega trends is in the area of Health and Wellness- An Internet Home Based Business Idea Because of the economic influence of the Baby-Boomers, economists are predicting that this industry will be the next Trillion dollar industry within the next ten years. Paul Zane Pilzer, an internationally known author, college professor and economic advisor to two presidents, predicts that there will be 10 million new millionaires in the Health and Wellness internet home based Network Marketing industry within the next 10 years. Now that could be a basis for an internet home based business idea!
I guess the question we need to ask ourselves is: Will we be one of them?
Another of those trends is in Travel – an Internet Home Based Business Idea and recreation. Some estimate this industry to be 7 trillion worldwide with expectations to double within the next 6 or 7 years which is over 20% faster than the US economy. Other experts estimate that travel in the US along exceeds 1.3 trillion.
I have read that there are more cruise ships to be built within the next 5 years than in the previous 45 years total. Baby-boomers are swarming to the luxury resorts around the world and this activity is expected to increase as the boomers experience the inheritance of their parent’s money and also begin to draw on their own retirement plans.
With the baby boomers currently retiring at the rate of about 1 per second and increasing, increase in travel could very well be the largest mega-trend we will experience in our lifetime!
The combination of these Mega-Trends is causing one of the most explosive economic waves in history. Now there is another potential internet home based business idea! All Wealth is first created in the Mind and then transformed into reality by the application of known Principles! – Think and Grow Rich! – Napoleon Hill
3. Leverage your time
Leverage, through the process of duplication and multiplication, allows us as entrepreneurs to develop a successful internet home based business idea, part-time, around our busy lifestyle. In essence, leveraging our time allows us to get more done in a shorter period of time with less effort. This concept applied in your home based business means you can accomplish more than you could normally accomplish on your own.
When effectively incorporated into an internet home based business idea, computer and internet technology can multiply leverage thousands of times. That means in the right system, networking and internet technology can do the work of thousands of people, and you get paid on that work! Imagine developing a business part-time, which can grow to a full time career, that wouldn’t interrupt your present circumstances, and provides you a flow of income while you spend time with your family, travel, go to the beach, or even sleep! That’s the power of leverage.
4. Market Selection
Before choosing the right internet home based business idea, one must first identify the fastest growing industries as well as the most profitable home based businesses. Some of the fastest growing industries today are:
Greeting Card Industry – 7 billion greeting cards are purchased every year. Annual retail sales of greeting cards are estimated at more than $7.5 billion. Nine out of every ten households purchase greeting cards each year.
Working From Home – $401 Billion Dollar Industry.
Internet Marketing – exceeds $523 Billion according to a study done by the McCombs School of Business and is expected to reach 7 Trillion within the next 3 years.
Mail Order Marketing – $350 Billion Dollar Industry and growing.
Wellness Industry – $200 Billion Dollar Industry and expected to reach $1 Trillion within 10 years.
Nutrition Industry – $4.2 Billion Dollar Industry and exploding.
Weight Control Industry – $33 Billion Dollar Industry fueled by epidemic size obesity levels. An estimated 70% of the U.S. population needs to lose 10 – 50 pounds.
Personal Care Industry – $72 Billion Dollar Industry.
Cosmetics Industry – 8 Billion Dollar Industry – and steadily growing.
Travel and Vacation – $860 Billion and growing.
When developing an internet home based business idea into profitable home based businesses, it is not necessary to pick an industry which we already have an affinity for, although it certainly is desirable. However, as you will see in upcoming pages, if you have the Desire to build a business and new lifestyle, there is a fit for you out there. Again, the challenge is to select the right business and company when you start a business from home.
Not only should the market and marketing concept fit you, but in order for a business to be real it must have the right: Product, Market, Timing, Management, Company, Compensation, and Benefits and Rewards.
We should not look for get-rich schemes! If you are serious about your goals of personal development and building a long-term residual income and work diligently towards goals you will succeed.