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.