Home Business opportunity – The products

This is part of a 7 step business opportunity assessment checklist I have developed to assess home business opportunities which can also be applied to other business opportunities. 

The second step is to understand how compelling the products are:

The product you offer HAS to be compelling and good quality otherwise you will not be able to build a sustainable business. 

Remember, we are not looking for a quick buck  but a long term vehicle to generate passive income. 

Here are some key areas to look for and explore:

• What is the market position and brand offering?
• How differentiated is the product to other offerings in the market?
• How do you rate the quality of the product and the packaging?
• What is the strength of the consumer value proposition?
• What specific needs of the consumer does it address?
• How good are the testimonials and market feedback?
• Is the product a consumable . i.e. one customer would reorder multiple times.  If so, what level of reorder rate is there?
• How protected are the products from competitors entering the space? Look at patents, copyrights?
• Do they come with strong guarantees to increase consumer trust?
• Is there market acceptance and real data supporting their market strength or is it just unproven hype?
• Is it premium product with high margins and or a commodity product that competes on price?

Let us look at the last point in more detail as it easy to overlook this.  You want a high margin business.  High margins mean more profit mean more to give out.  Commodity product business are typically going to be a constant price battle scenario.  Look for something that has real value for customers.

Of course, whilst not essential, it is going to be an advantage if you are personally excited by the products of the business you are involved with.

The next key question is around the status of the company and product lifecycle.

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Home Business Opportunity – The products

Home Business opportunity – The market

This is part of a 7 step business opportunity assessment checklist I have developed to assess home business opportunities which can also be applied to other business opportunities. 

The first step is to understand the market in which they operate.

Growth is vital in terms of the longevity and future passive income of your business.  Remember the ideal business has a long term passive income and this will be impacted by the market in which you operate.  What does passive income mean? It means income is generated without you having to work for it.

You can get a handle on the market by looking at key population trends linked to their areas of interest.

• As large populations e.g. baby boomers move through their cycle their interests will change creating new expanding markets. 
• Another example is with westernisation of Asian markets creating expanding markets as demand for Western products increases.

Look for data and stats about the industry you are looking at to confirm trends and growth prospects.

 So, the first checkpoint is to assess whether the business is in a compelling market?  Of course you need something to offer to this market, so the next check is whether or not the business has compelling, differentiated and high quality products.

Click here to access your FREE expert downloads

Click here to look at a LIFE CHANGING business opportunity

Home Business opportunity – The market