7 Things You Must Know About a Home Based Business

By Wayne McDonald

Do you want more income every month? Over 80 percent of all Americans would love to be self-employed. But just wanting to start your own business is not enough.

According to the Kauffman Foundation, most start-ups don't see revenue in their first year of business and more than half show a loss during their first year. A new business needs thousands of dollars for start-up to cover expenses like a management staff, employees, payroll, marketing, website design, advertising and the list goes on.

Let me tell you a secret. There are several industries you can earn a part time income. Thousands of people have been very successful in the health industry. But there is one other industry that is ten times larger than the health industry and has caught the attention of Donald Trump.

Now, imagine doing what hundreds of people are doing every month and earning a part-time income in your first year in business. By the time you finish reading this article you could already be set-up with a home based business while working at your current job and working part time on building your fortune.

Here are Seven Things You Must Know About a Home Based Business:

1) Do you have to buy inventory each month?

2) Does the company have a viable product that is consumable by everyone (men, women, seniors and families)?

3) Can you build this business part-time, while working at your current job?

4) Is there training available both online and locally?

5) Does this business have a marketing system and materials in place that would allow you to build your business?

6) Does this business have professionally designed replicating websites?

7) Does this business have outstanding income potential with a low start-up cost?

I was shocked when I was researching a home based business. There are over 2,000 health network marketing companies. All of these companies are competing for the same customers and dollars. In addition, a large percentage of these companies have a line of vitamins and skin care products. Many of these companies require purchasing product each month and meeting quotas. The health industry is very saturated and although the products are consumable, they have a very narrow range of customers. This is both good and bad.

You can be successful in the health industry if you learn how to specialize and discover a niche group to sell your products. The downside is if your potential customer doesn't use vitamins you do not make a sale and you are at a dead end with nothing else to sell.

Donald Trump says, "Look for and build a network of people that can help you distribute a viable product to the marketplace." And that is what he is doing. Donald Trump is amassing a new fortune.

If you are like me, you probably are wondering can I make my fortune part time in a home based business? Yes you can! Anybody can start a home based business --- all you have to do is a little research. Robert Kiyosaki says, "The richest people in the world look for and build networks, everyone else just looks for work".

Wayne McDonald is the owner of several profitable websites. He is passionate about helping other people build their fortunes part time. Find out more about starting a home based business at http://www.part-time-residual-income.com