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Top 5 Home Based Business Opportunities

Top 5 Home Based Business Opportunities
  • On November 25, 2009

home-businessStarting a home-based business can be very rewarding. It offers great freedom and flexibility but also requires from a person to be self-motivated, self-disciplined and very good in organization. Just like any other business, home based business has its own advantages and disadvantages. Some of the advantages are flexible work hours, lower start-up costs, no commuting, tax benefits, etc. On the other hand, it may be difficult to get financing, attract customers and deal with added responsibilities. Being your own boss means that success of your business will depend largely on your ability properly manage it. 

Before you start your home based business, make sure you have a necessary knowledge of the product or service you plan to sell and that you have the skills your new business will require. Some general business skills are a must, since you will be responsible for record keeping, financial management and inventory control. You will also have to deal with many other decisions and tasks, such as designing a marketing and advertising strategy for your business. It is recommended to do a market research so you can estimate your potential sales. Identifying the competition and checking if there are local firms already selling products or services you plan to sell is also of great importance for your future success.

Most people who want to start their own home based business often battle with the lack of ideas and cannot identify the right home based opportunity for them. Sometimes it is because they are hoping to find an opportunity that will bring instant cash with not much work invested. Realizing that home business is not a hobby, but a genuine business that takes allot of hard work and effort is where many give up on the idea. Other times people just don’t know which opportunities are most likely to succeed given the current trends in the market, customer demand, etc. Like with most business, home based business trends change through time and picking up the opportunity that is gaining allot of popularity means high demand and better financial return. Here are some of the best home based business opportunities that can potentially be both financially and personally rewarding.

1) Home Renovation Services
Home renovation services is one great home based business opportunity, as people will always want to make their homes more comfortable, more functional and will invest in the home renovations when they are needed.

2) Catering Services
Catering services are in great demand since they are not reserved just for big social events any more. Busy couples and families are spending more and more on having food delivered to their homes for special occasions and every day dining alike. If you are excellent in planning and preparing good quality food, this is the best opportunity for you.

3) Cleaning Services
Currently there is a big demand for cleaning services, and the demand for domestic cleaning services will only increase. If you are  good at organizing and think that you can run a crew, this home business opportunity has the potential of being very successful.

4) Wedding Planner Services
People are getting married every day, meaning that this kind of home based business opportunity will never fall out of date.  If you are good at planning and have a mind for details, becoming a wedding planner could be the home business opportunity you have been looking for.

5) Products for Pets
Pet owners are spending allot on their beloved pets. If there is something new, healthy or entertaining they can afford to their pets, they certainly will. If you have an idea for a pet product that you could produce in your home, you have a chance to translate this opportunity into a true success story.

Comments

  1. MLM are also a great source, providing you choose the one that is right for you, has a product that you love, and you market and run it as a business, not as a hobby.

    I’ve been with the same company for 8 years and when I work it, it’s very profitable.

    But most important is to pick the one that you like, do your homework, make sure it matches not only a product you like, but the requirements and terms are something you are prepared to live with.

    Catherine http://www.myjestore.com/CatherineJames

  2. These are very useful and interesting informations.

  3. Looking for Home based networking agents for the Dallas Metroplex! Paying up to 25% for each lead closed! If you are interested in more information or know of a great networking individual in the Dallas area please let me know!

    pwelch@celebritywindowcleaning.com
    http://www.celebritywindowcleaning.com

    If you own a company and would like to trade links I am willing to do this as well!

    Thanks,
    Paul Welch

  4. The MLM or network marketing industry is certainly a great one to be in, especially when you do find a great new company that is in need of leaders to develop its expansion and growth. There are four key issues with a network marketing company:
    1) The training given to new business builders
    2) The products
    3) The market place in terms of timing for the products
    4) The Company and potential within it to take it to market and build a distribution network

  5. The network marketing industry is, in my opinion the best business to be in, especially when you do find a stable company that has been in business for ten or more years. There are few key issues you need to watch for:
    1. Must have residual income; that means you make the sale one time and you get paid on the same sale every month.
    2. have a product that is needed
    3. you provide help for people
    4. No inventory to carry and does not reqire big investment.
    5. The company gives you support and provide you with training and may be some leads.

  6. I was a bit surprised that Home Health Care is not included in your list. It is a rapidly growing business opportunity and there are certain franchises out there that allow you to work your business from your home. With the aging population this is the business to be in if you have a true heart for it.

  7. I’d like to include my business opportunity in this list and was also surprised that it was not included. My opportunity is Prepaid Legal Services, a company that has excelled for 37 years and currently has over 1,500,000 members.

    One of the most important things to consider when choosing an opportunity is the need for it. I agree with the comment submitted by Michael Rabie and the pointers he listed to consider. My business opportunity positively addresses all five areas. There is a need for legal assurance; the security and residual income Prepaid Legal Services provides.

  8. I believe that the health and wellness industry should have been included on this list. As our population began to age, there will be be greater resources directed towards this expanding segment of our population, thus creating greater opportunities in the market.

  9. Daniel Stitt

    Great information. Started a cleaning service 2 years ago, business slow but it is picking up.

  10. I’d like to include my company, Reliv International, to the list. We live in a health care crisis, as well as financial crisis. Reliv offers nutritional shakes that work by prevention, as well as targeted solutions for different health issues.. Reliv has proven itself as a great home-based business by being invited into the Direct Selling Association, and by being featured in Success from Home, Business Week and others. As distributors we can plug into health and business success stories daily. With our mission: to “Nourish the World”. The opportunity for financial success is great with Reliv’s compensation program..

  11. Jack

    it sounds great , home-based business is flexible,i also hope to have a business on line,like alibaba.com but i demands,so instead of planning to have a small one on taobao.com,it is for personal small business….

  12. Working independently and managing your own work is truly exhilarating, but it’s also challenging to your limit. I’m in the health and fitness business for over a year and find remarkable change for people lives, their body is in better shape and completely change the habit of eating, my goal is to help the need of every single American who is over weight and obese to manage their own health and soul, this is your body afterall and what is more important to your health.

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