Many successful micro-entrepreneurs run home-based businesses. If you are considering what type of micro-entrepreneurial business you can start from home, consider the following the following categories. When making a decision about what home-based business you want to start, remember that when people decide to buy from you, they’re deciding whether to buy from you or your competitor — so keep your personal skills and qualities in mind.
Problem solving as a home-based business
When you solve problems, you make money. When people have a problem, they pay to have that problem solved. Micro-entrepreneurs excel at finding profitable ways to solve problems. Think about what problems exist in society. The public reads today’s headlines and it sees problems; micro-entrepreneurs see those same headlines and see opportunities.
For instance, consider the headline “13 million adults in America are illiterate.” The public reads that headline and sees a problem. Entrepreneurs see that same headline and think of the opportunities it presents.
When the world perceives you as an expert at solving a particular problem, marketing is much easier and getting clients is much easier.
Anticipate megatrends to create a home-based business
To create a successful home-based micro-entrepreneurial business, you can look at trends and offer releated products or services. You may think that you can’t readily forecast or see a megatrend coming, but all you need to do is see what megatrends are unfolding right now before your eyes and do some common-sense analysis of wants and needs that would logically arise from those trends in due course.
A megatrend is a development that involves millions of people (or entire countries) and impacts social, economic, technological, or political change. This change is deep-seated and usually lasts for years and possibly decades. Those with foresight and planning can make a fortune by anticipating the wants and needs of people as megatrends unfold.
Imagine for a moment that you’re looking at the cover of Time magazine’s “Man of the Year” issue from 1982. That year, Time couldn’t think of any man or woman, so it named a “thing of the year” — the computer.
Several hopeful entrepreneurs saw that cover and rushed out to open — you guessed it — computer stores. But many of those computer stores went out of business because there were too many computer stores. Who made money from this megatrend? The nimble micro-entrepreneur would looked at that cover and said, “If millions of people are buying computers today, what will those same people need tomorrow?”
In that same position, you as a nimble micro-entrepreneur, might consider these ideas and their potential:
If millions of people own computers, that means that millions of people will ultimately need training and education.
If there are millions of computers, it means there will be demand for computer repair, computer accessories, computer cleaning, and so on.
If there are millions of computers, there will be need for software for a variety of functions, such as word processing, spreadsheets, and so on.
Eye former or ongoing megatrends to create a home-based business
While other businesses are competing in markets in the here and now, forward-thinking micro-entrepreneurs can prepare for opportunities that come tomorrow. Some examples of past (and/or still ongoing) megatrends include the following:
Baby Boomers: This group of folks was born during the post−World War II era (1946 to 1964). As of today, they number more than 85 million. Now they’re an aging group that will need retirement planning, healthcare services, and so on. Micro-entrepreneurs also found opportunities in re-training middle-aged folks to re-enter the workforce, start businesses, teach and train on Internet technologies, and so on.
The Internet: Generally starting in the late 1990s, this far-reaching technology has impacted every corner of society (and the world) and has ignited an explosion of change touching on information, technology, business services, customer service, and much more.
Debt and more debt: In recent years, millions have become over-indebted, which has had an impact in slowing economic growth in recent years. As of 2012, college debt hit $1 trillion. States and municipalities racked up billions in debt and ended up laying off many workers.
Some cities even closed down their police departments. All of these events contributed to some of the worst economic times in history, which meant that micro-entrepreneurs had opportunities in helping folks find ways to save money, find jobs, and lower debt.
Create a home-based business by combining former and anticipated megatrends
You can combine the previous two sections and launch a business that solves a problem and also anticipates megatrends. You then have two powerful factors helping you make money.
Years ago a micro-entrepreneur did this very thing. It was 1997 when he took a class on zero-cost marketing. He was an affiliate to a program that helped bankrupt consumers gain credit cards. At the time, 1997 was the first year the United States had total bankruptcies of one million or more.
He marketed a program that both solved a problem (gaining credit) and was a megatrend. That business generated seven figures in revenues, and it was only a website!