Ralph Waldo Emerson said, "Build a better mousetrap, and the world will beat a path to your door." When you're starting your own home business, there's no guarantee that your "mousetrap" is going to survive, especially in today's fast-paced business world. The sad fact is that nearly half of all small businesses fail within the first two years of operation. The number one reason for business failure is lack of or inadequate planning. The second reason is under-capitalization. So before you go into debt financing your business, or worse, mortgaging your house, you need to know if your business is going to do more than survive. You want to know if it's good enough to thrive! Here are three things successful businesses that have stayed in business for five years or longer have in common:
1) The idea. A successful business start-up always begins with an idea. Something that makes your business stand out from all the rest. So how do you know if you've got a good idea. The best home business ideas either fix problems (either real or perceived), or they increase your customer's pleasure. They create a repeat need for a product or service among the target market. You've probably got a good idea if you can answer yes to any of the following questions: Does your idea provide the solution to a significant problem for your target market? Does it satisfy a need or want? Does it create an opportunity?