The key aspect of starting the best home based business is making sure that you can provide a product or service to a selected target audience, who wants or needs that product and service.
That audience must be willing to buy it and there must be a sufficient number of customers to buy the product or service. Also, and most obviously, you must be able to make a profit or else you are out of business.
The best home based business is the one that is online. There has been a huge consumer shift in recent years of people buying products and services online and this new digital economy is growing at a phenomenal rate.
The five fundamental ingredients that the best business from home has:
A solid business plan
The best home based business model needs the right mix of recurring income (when you sell something once and get paid every month, like a membership website), affiliate income (when you sell items and get paid commission) and high ticket income (products or services you sell where you earn more than $1,000 per sale).
A list building strategy
This is a system that allows you to build a list of customers who are interested in your product or service. You’ll need an autoresponder system and something of value you can give away to encourage people to sign up for your list (like a free report or DVD).
A marketing funnel
The best home based business marketing funnel stems from your list building strategy. Once your prospects have signed up to your list, the marketing funnel helps build rapport and trust so your prospects make that all-important first purchase decision.
Free and paid traffic sources
Customer traffic is the lifeblood of any home business and you need to make sure you have the right skills to use free and paid customer traffic that is relevant and converts into customers.
Peer group, mentors and mindset
If you want to build the best home-based business, you’ll need help. It is important that you invest in your business education from home to learn from those who have come before you. Learning from someone who is already successful will make a big difference in your results.
The best home-based business is one that doesn’t have a high cost to set up, has a large audience of potential customers, and allows you to offer specific, popular products without having to buy them first and keep them in stock. This form of home based business is called online affiliate marketing.
Online affiliate marketing is where you, as an affiliate, sell products and services and receive a commission when you buy them. It is not necessary to buy the products first. Simply find a vendor that has a popular product (and there are plenty of these) and sign up as an affiliate for that product. This costs you nothing. You then promote the product to your customer list via email or online or offline advertising. When a person buys the product from you, the seller will pay you a commission. You don’t have to worry about fulfillment or product delivery as the supplier will take care of it. Also, a good salesperson with a good product will provide you with all the training and marketing materials you’ll need to help you sell the product.
Many entrepreneurs want the best home based business as they have realized that relying on a salary from a job no longer provides them with a secure financial future with all the current economic round of job cuts, pay freezes, reduced hours of lower wages and jobs.
The Internet offers the best home based business opportunities. To put this into some perspective, holiday season online retail spending for 2012 was a 16 percent increase from 2011. This includes November 26 (also known as Cyber Monday), which is became the biggest online spending day on record at $1.4 billion. Just having a small portion of this would be good for any home based business!
