There is bad news and good news in starting a home business.
The bad news is 95 % of all new businesses fail within a short time.
The good news is the home business industry has reached $427 Billion annually, and is growing at an amazing rate. And, 80% of all millionaires today are self made.
So, there is a chance your home business will succeed but only after you have given careful thought as to what that business will be.
Here are some of the attributes of an ideal home business that will improve your chances of success.
The Ideal Home Business:
1- Sell to the Entire World
The ideal business must have an unlimited global market,
not just local or regional exposure.
2- Is not cyclical
Your product/service does not rely on cycles to be in demand. The demand is constant, regardless of time, or price.
3- Product is Original
Your product must be unique. It cannot be easily substituted
or copied.
4- Minimal Labor Requirements
A large portion of capital is not tied up in high labor costs.
5- Low Overhead
Total overhead cost must be minimal. No high priced rent,power, labor, shipping, etc.
6- Does Not Require a Large Cash Outlay
The ideal business does not tie up capital in all kinds of equipment.
7- Cash Only
The business should be cash only. No money is tied up, or lost, in accounts receivable, and bad debts.
8- Free of Government Regulations
No business will ever be 100% free of all government regulations, but these should be kept minimal.
9- Portable
The ideal business should be easy to relocate, and can be operated from anywhere in the world.
10- Intellectual Satisfaction
It must be a business that challenges your intellect in order to provide self-satisfaction.
11- Free Time
The ideal business should allow you to have lots of free time for other interests that are important to you.
12- Unlimited Income
Your income is not limited to your direct output. In other words, you work less…but earn more.
13- Easy to Learn
The ideal home business should be one that is fairly easy for an ordinary person to learn, no matter what their age, or level of education.
So far I have found only one business that fits the above criteria, and that is trading the futures markets.