3 Critical Elements for Every Home Business

Filed under: Financial Fitness

Ah, the freedom…

Man in home office using computer and smilingBeing able to wake up in the morning, throw on your slippers, a pair of sweatpants, grab a cup of coffee and walk 20 feet to your computer and begin work for the day.  It’s the ambition of millions of clock-punchers across North America (and beyond) to escape the rat race of traffic, bosses, meetings, quotas, lunch hours, and schedules that come with the corporate world and retreat to the friendly confines of their home office without sacrificing their income.

But can it really be done?

As someone who has successfully been working from home since 1997 and has helped hundreds of people to get started with their own home businesses, I’ll be the first to tell you that it can most definitely be done.  And while there may be dozens of reasons why entrepreneurs fail or succeed at working from home, my experience has shown me that these three tend to be the most critical.

1.  Problem-Solving Products and Services

There are thousands of products or services you can elect to sell from home.  From nutritionals to pet supplies to cell phone service, the list is probably endless.  You can sell products to men, women, teenagers, businesses, retirees, families, married couples, and plenty of other demographics but the bottom line is this…

Your product or service must help someone solve a problem in their life.

Let’s bottom-line it right here…  if you’ve got the solution to a problem people have, then you have a product/service that has a chance at being successfully sold.   The more people that happen to have that problem, the better your chances of success.  And if your product or service solves that problem faster, easier, cheaper, or better than similar products and services, then you really could be on to something great.

But let’s face it, plenty of people have gone broke marketing great products.

Most often, that’s because they lacked the following attribute:

social-media-facts-and-statistics2.  An Effective Marketing Strategy

In my 18 years of home business experience, I’ve seen thousands of people fail who had innovative, exciting, problem-solving products and services.

The primary reason?

They had no plan in place for marketing their wonderful product line.

Can we be brutally honest for a minute or two?  The absolute best product or service combined with a lack of marketing strategy typically results in a ton of wasted effort and little, if any, profit.

So the very first question to ask yourself once you identify that “can’t live without it” product is “How am I going to get the word out to the masses?”  Until you can appropriately answer that question, your home business is in peril.

Now here’s a hint for you…

If you aren’t already a master marketer with tons of experience, chances are you will need to learn some new marketing strategies and really educate yourself.  This will definitely require some time, effort, and most likely a monetary investment.  But at some point you have to face the reality that no one out there became successful at any business (home-based or otherwise) without investing time, effort, and money.  Hey, if you find a profitable business that doesn’t require these three things, PLEASE email me and let me know!

I believe that in today’s world, social media provides the best opportunity for the home based entrepreneur to create income from home, but just because you have a Facebook page doesn’t mean you know how to turn social media into dollars.  You’re still going to need to learn from someone, develop a plan, implement the plan, and stick with it for an extended period of time.

For these reasons, essential element #3 comes into play:

3.  Building a Support Team Around You

teamworkI’ve spent the last 8 years building a team around me that can provide the support I need to successfully run my home business.  So even though I have 18 years of experience working from home, I won’t kid myself into thinking that I can do it without working with a talented, motivated, experienced, and dedicated team of professionals (who, by the way, are also all working from home).

I’m sure you’ve heard the expression “Don’t reinvent the wheel” and boy is it ever true with your home business.  It really doesn’t matter what your product, service, or industry is, there is someone out there who has already done it successfully.  Joining and working with these like-minded individuals who are already having success will shorten your learning curve and allow you to reach profitability sooner.

This typically means you’ll need to be coachable and follow the lead of someone else for a while, but if you commit to learning everything you can, you’ll transition from the student to the coach before too long.

You can avoid becoming a statistic…

Most people that launch a home business venture will fail when they lack one or more of the three elements I’ve detailed in this article.  When you make the decision to embark on your home business, be diligent enough to put all three of these elements into place and you can drastically improve your odds for success and reduce the risk of becoming part of the group that “tried and failed”.

Click Here to Discover Our Home-Business Solution That Already Has the 3 Critical Elements in Place for You!


GregPreite-smallArticle contributed by Greg Preite, founder and creator of The iFit Zone and owner of Online Profit Strategy, a home-based online marketing firm that assists corporate level clients in developing and expanding their internet presence through web design, social media management, content development, and search engine optimization.

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