The major home based businesses fall under the following groups:
- Home based sales and general services which includes the whole gamut of normal businesses conducted from the confines of one’s home
- Internet, mail order and publishing services that includes online works, programming, data entry, transcriptions, etc.
- Manufacturing. Click here for some home based manufaturing options.
- Maintenance, repair and recycling services.
Characteristics of a Perfect Home Based Business
The idea of a perfect home based business varies from individual to individual, depending upon the reason for the home based business.
For most people, a home based business is an avenue to earn residual income over their regular job, and for them, the best home based business is one that does not involve regular commitment at all times.
Some people rely on their home businesses for their main income, and for them, a perfect home based business is one that enables them to get a steady and regular income. Many people opt for a home businesses over a regular job because of the need for flexible working hours, inability to get along with colleagues, lack of marketing or interpersonal skills along with other reasons. Such people find home businesses that allow them desired flexibility and yet provide them with a regular source of income.
Whatever the situation, a perfect home business is invariably something that interests the entrepreneur, and something that he or she is willing to do all the time. Receiving payment for doing what one loves to do is an additional bonus.
Scope of the Gift Basket Business
One home based business that suits almost all situations is the business of creating and selling gift baskets.
People recognize the important role the human element plays in the success of an enterprise. Simultaneously, people have also recognized the value of maintaining good interpersonal relations. Most businesses and individuals therefore tend to gift others at various occasions to create a sense of closeness and foster commitment.
More and more people looking for that “perfect gift” tend to choose gift baskets as gift baskets are suitable for just about any occasion and any budget. Gift baskets are becoming the gift of choice for birthdays, weddings, special events, anniversaries, housewarmings, and romantic occasions. Gift baskets are a way of expressing thank yous, sympathies, and congratulatory messages for a new baby, and other celebratory milestones in life. Businesses that send gifts to their employees and clients on general occasions or on recognition of landmarks also prefer gift baskets.
The gift basket business has enjoyed a tremendous growth in popularity over the past few years, with the total sale of the industry around $3 billion a year. Potential annual revenues for a home based entrepreneur range from $10,000 or more annually, depending on the effort taken to conceptualize and market the product.
Please click on Page 2 to read about the advantages of a gift basket business.
Image Credit: The Business of Gifting (www.free-stockphotos.com)
Advantages of the Gift Basket Business
The biggest advantage of the gift basket business is the low entry barrier. The gift basket business is a low cost, low overhead business that is easy to set up and requires little investment. Making the baskets upon receipt of orders negates the need for maintaining huge inventories.
But how to start a gift basket business from home?
Success in the gift basket business depends not on education or contacts, but on skill. The key skills required for success are knowledge of wholesale shops to source the ingredients that go into the basket, and the skill to design and make attractive baskets.
A major advantage of the gift basket business is that it makes a perfect home based business where the entrepreneur has the freedom to decide upon his or her own pace and time. If the entrepreneur is looking for a major source of income from this business, he or she can hire assistants and intensify their marketing efforts by making more baskets. If the entrepreneur is looking to supplement his or her regular income, he or she can do likewise. In shorter, the harder the entrepreneur works, the more the income.
In most cases, the entrepreneur can set their own deadlines, and schedule tasks such as manufacturing baskets and interacting with clients at their own preference. The entrepreneur also has the freedom to stop work during the off season, and resume operations at a later stage without any major impact on the business or cash flow.
Image Credit: Gift Basket (https://www.freedigitalphotos.net)
The Business Markets itself
Another major advantage of the gift basket business is that the business markets itself. The gift basket is purchased by one person and given to another person, but is seen by most people at the recipient’s location or those who visit the recipient’s house. If the basket is attractive enough and of high quality, chances are all the people who view the baskets will come looking for similar baskets when it is time to find a perfect gift. Personal referrals and the quality of the product itself are the best forms of marketing.
All these advantages suggest that the gift basket business is a resilient home business idea and a perfect home based business idea irrespective of the entrepreneur’s situation or need.