Five Ingredients for the Best Home Based Business

The key aspect to starting the best home based business is to ensure that you are able to provide a product or service to a selected target audience, who want or need that product and service.

That audience have to be willing to buy it from you and there must be sufficient numbers of customers to buy the product or service. Also, and most obvious, you need to be able to make a profit or else you have no business.

The best home based business is one that is online. There has been a huge consumer shift over the past few 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 home business:

A Solid Business Plan

The best home based business model needs the perfect mixture of recurring income (when you sell something once and get paid every month, such as a membership website), affiliate income (when you sell items and get paid a commission) and high ticket income (products or services that you sell where you earn in excess of $1000 per sale).

A List Building Strategy

This is s system that allows you to build a list of customers who are interested in your product or service. You will need an autoreponder system and something of value that you can give away to encourage people to subscribe to your list (like a free report or DVD).

A Marketing Funnel

The best home based business marketing funnel follows on from you list building strategy. Once your prospects have subscribed to your list, the marketing funnel helps to build a relationship and trust so that your prospects make that all important first buying decision.

Paid and Free Traffic Sources

Customer traffic is the lifeblood to any home business and you must ensure that you have the appropriate skills to use both paid and free customer traffic that is relevant and will convert into customers.

Peer Group, Mentors and Mindset

If you want to build the best home based business you are going to need help. It is important that you invest in your home business education to learn from those that have gone before you. Learning from someone who’s already successful will make a big difference to your results.

The best home based business is one that does not have an expensive set up cost, has a huge audience of potential customers and allows you to offer specific and popular products without having to buy them first and hold 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 they are purchased. You do not need to buy the products first. You simply locate a vendor that has a popular product (and there are many of these) and sign-up as an affiliate for that product. This does not cost you anything. You then promote the product to your list of customers via email or online or offline advertising. When a person buys the product from you, the vendor will then pay you a commission. You do not have to worry about the product fulfilment or delivery, as the vendor will do this. Also, a good vendor with a good product will supply all the necessary training and marketing materials you will need to help you sell the product.

Many entrepreneurs want the best home based business as they have come to realise that relying on one salary from one job no longer provides fro a secure financial future with all current economic round of job cuts, pay freezes, fewer working hours and lower pay.

The internet offers the best home based business opportunities. To put this into some perspective, the holiday season online retail spending for 2012 was a 16-percent increase over 2011. This includes November 26 (aka Cyber Monday) which became the heaviest online spending day on record at $1.4 billion. Just having a small slice of this would good for any home based business!