Become an information broker or market researcher; a realistic view in this home based business idea

Becoming an information broker or embarking into the market research industry is quiet easy and rewarding for the talented, experienced and marketing savvy individuals. This can be the best home based business choice for the retired people and for the ones who look for an extra revenue scheme to fulfill their lifestyle requirements. However, if you want to start the business in a big or even in a medium scale, then it will require some startup costs that probably can be settled down with 5000 dollars.

The optimistic fact is that this industry requires high labour intensiveness where capital is not seen as an important fact while accepting the vitality of the investment in human capital. If you want to enter into this industry as an individual working from home, then having some specific software products such as Lexis-Nexis and WestLaw and other vital sources of information (journals, e-books and industrial reports) can be really converted as the well-performing assets of the business. Here are some tasks that information brokers do perform:

1.      Providing market research for companies

2.      Providing marketing information such on competitors, other new entrants and on the newly formed market trends

3.      Collecting information for individuals regarding their family backgrounds

4.      Providing firms with some financial data such as how much competitor is earning, their revenue sources etc

5.      Providing data regarding customer satisfaction

Special skills needed to become a successful information broker or market researcher

Some research can be done with secondary data collections such from journals, books, annual reports and some other conference papers. However, some other projects necessarily require primary data solutions such as interviewing, surveying, and focus group observations. Also, the findings should be outlined in the forms of statistical outcomes such as graphs, summery tables and ratio percentages. Hence, it requires the researcher to be not just well enough in his/her analytical skills but also to be comprehensive enough in summarizing the financial information to a clever conclusion. Some companies or clients even look for the suggestions of researchers or information brokers and are willing to listen to their advice as well. Hence, you need to first understand the type of clients, what they expect from you and you ultimately you have to provide exactly what they wanted paying respect to their preferences.

Techniques to succeed

Just having enough analytical skills doesn’t necessarily mean that you are an expert in all kinds of research projects. Hence, one need to specialize in a research area and have to find a specific niche that hunts for the need of such research product. Specialization is the only technique to succeed in this industry.

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Vitality of competitive intelligence: can’t imagine a business life without competitors

Come on, it is time to wake up and to ensure where you stand smarter than your competitors do. To determine where you are standing and how much your uniqueness catches the eyes of your customers, you will need to see your world from your competitors’ eyes. The term ‘competitive intelligence’ refers to how much you know about your competitors, your familiarity with their strengths, weaknesses, their opportunities, their trends and technical advancements. Nowadays, no business would go on the right track without the concern on competitive trends, which denotes the importance of competitive intelligence. Most people just misinterpret the scope of competitive intelligence inside a small circle that lacks to look into wider aspects of competitive intelligence such as:

1.      Inclusive observation of competitors on their abilities of gains and vulnerabilities of threats

2.      Implementing strategies to guard our business if they beat us with their strengths and to beat them using their vulnerabilities

3.      Coming up with a killing product or an idea that influences in their demise  

4.      Incorporating the strategies with promotional campaigns to best inform why our business is unique, best and valuable from all our competitors.  

5.      Practice the strategy of networking for the sake of being industrial friends and to make some of our competitors as the supply chain integrators

Bearing the above concerns, it is clear that competitive intelligence is not just a matter of collecting data about competitors but it has more than to do. Some companies use internet as the prime source of gathering information about competitors, some others go for annual reports and other published data from competitors. However, some of the companies send their employees as the investigative work forces into the competitors’ organizations...somehow these blacksheeps often get caught by the organizations later and will be punished for their illegal deal.       

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KFC’s bargaining with billions of customers; can you become the next best franchiser?

KFC-the ever-best choice for anyone who has money and love to start a profitable franchise business. The name KFC itself creates a gratitude for their business and saves big time and the cost in spending for branding, building awareness and building a unique business theme. However, the success of any franchiser is pre-confirmed bearing that each 14,000 franchisers from eighty countries do approximately get more than twelve million visitors every day.

One big flexibility in becoming a KFC supplier is that this firm also allows a bit of localization for its franchisers though the firm says that it practices fully standardization. For an example, KFC franchisers in Asian countries do localize their menus though they strictly maintain standardization in other policies..it allows them to be the successful players in their local markets with globalized business standard.

A common question asked by many stakeholders of this concern is that how much capital is needed to gain this golden duck. The minimum rate of franchising fee required to gain the franchise is 25,000 dollars. However, it is not just enough to start a KFC franchise..it needs further initial capital that ranges from 1.1 million to 1.7 million dollars. Here is a snapshot of assets that cost such a huge amount of capital.

·         Construction equipment

·         Utility deposits and business license that costs around 7000 dollars

·         Supplier negotiations costs

One major challenge of being a KFC franchiser is maintaining good supplier standards. All KFC franchisers are expected to purchase from authorized suppliers who maintain a good standard of animal rights.

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Love to research? Start your market research business right from home

Yes, writing business proposals, marketing strategies and market research reports can turn to be a profitable business if you really love research. The only asset needed in this business is your intellectuality and the marketing capacity of promoting your intellectual asset. However not as many other businesses, this business requires a lot of previous experience and an already established recognition to succeed as an individual in this industry. The best benefit here is that this business can be done from home and the actual challenge starts in finding the real customers. A home based research professional should start his/her business with the small business firms that outsource their market research function. Nowadays, it seems most of the small companies outsource their functions such as R&D and bookkeeping considering their limited ability to undertake such vital tasks internally.    

Hence, the logic here should be understood is that they just outsource their functions in order to minimize their operating costs, which absolutely necessitates a market researcher to practice a competitor based pricing or even a price penetration strategy if necessary. However, it is not to say that only small firms do outsource their marketing research but also some big players do it for several purposes. Their intention is not that they don’t have the ability to undertake such functions, but outsourcing is one part of their business considering their back-office supply chain operations, established business networking, Just In Time quality management practices and their time management operations.  

However big crocodiles always target some big fishes and this logic says that big companies always will focus to outsource their R&D with big BPO players in the global industry such as RR Donnelley. Hence, as a small home based researcher, you will have to always approach small fishes and have to find the best ways to keep them with you for a long time.

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A beautiful way to start your own business; let’s embark on the cosmetics business

Home based cosmetics business is in a skyscraping demand nowadays, which denotes a logic not just about the ladies who love to maintain a pretty appearance but also about the men who love to express their handsome in a pretty way just by walking to a closed by beauty parlor. This demand ensures a success for those who love to start their own business in this industry. Many people misinterpret that cosmetics industry is just limited to starting a beauty parlor but there are several ways in which one can choose to enter into this industry. Here are some low cost ideas to enter into this industry.

1.      Become a distributer of a popular cosmetic company in your area

2.      Become a consultant of people, give them some tips and advice them on their beauty needs.

3.      Become a cosmetics products affiliate in click bank

4.      Start your blog about cosmetics products and monetize with advertisements and affiliate programmes.

5.      Start your own beauty parlor

6.      Manufacture a cosmetic product and market it (it is only applicable only if you have some money)

Hence, entering into cosmetics industry is not just limited to start manufacturing a cosmetic product and it has a wide variety of selection.

Here are some strategies to become successful in this business:

Product specialization strategy: concentrate only on producing or distributing or promoting one or two product lines, which will help in focusing the efforts into one place for a better bargaining.

Study the market gabs before deciding on the business: study your customers, study your existing markets, competitors and other trends in the industry. Then you will find what your market really requires, where your competitors have drawbacks and where you can value your customers than your customers.

Ask why and answer from your customers’ point of view: before entering into your business, just ask why you are doing this…..and try to answer from your customers’ point of view and if that answer sounds logic, then yes…you are on the right track.

Try to add some unique value to your product: This is the point where you differentiate yourself with your competitors and convince them why you are special to them. You might promise your customers that your products are natural, which is unique from the other products that are unnatural.  

At last promises are promises so don’t over promise if you can’t. Major lacking with several businesses is that they seem to overpromise their values than actually what they can. This will be a desecration to gain customer satisfaction and to keep staying them with you for a long time.

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Time to take your junk cars; convert scraps into cash

Cities are junked with cars….new models just come and go…new models dominate the car world that necessarily has made up a situation where old cars are kept away from home in the garages. Yes…here is the huge business opportunity if you are just hunting for an everlasting business idea…remember your industry is going to be junk car industry and not car industry.  Nowadays, it seems car owners die to sell their old model cars, which owe an absolute forecast that no one is going to buy them. So..it’s time for you to take those fishes, fry them with spices and sell them to someone. Translation: negotiate with some scrap car owners for a free or low cost deal of purchasing them, crush those cars using a crushing plant and separate the metal from other unused parts of the car and sell the metal for a fixed price per ton. That’s it…now you are to start your deals and for some hot bargaining. Here is a snapshot of what you will be doing with your junk car business. 
Product (what you sell to your customers?)

It’s going to be recycled or crushed metal and not cars

Who will buy them (your target audience?)

Ultimately you are going to target someone who need metal and who don’t mind if it is a used or recycled metal. Yes, there are manufacturing companies that promote the concept of green in their production cycle…so you need a hunt on the internet and on the offline markets about such companies and of course..you need to smart enough to negotiate with them to become their metal supplier.

Your value proposition (what makes you unique than other metal suppliers)

It is recycled metal….you can show yourself as a guardian of this earth and environment. ‘Recycled metal’ promotes you as a green supplier so that the universe will have no worries to buy from you.

 Some places where you might start your business

Car manufacturing companies (just ensure whether they don’t mind that you provide used metal)

Some big metal suppliers (these suppliers are used to sell fresh metals so you can make a deal for a bulk sale with them in a discount)

Assets of your business

You will need an old garage to keep your junk cars doesn’t matter if it is in your home, crushing plant to crush metal, recycling technology and related plants

Some rewards to the idea

No need huge investment, employees and a functioning office for a crocodile rent

Annoyance?

Yes, you have to handle the recycling process properly..if not you will end up with something related to metal but not metal.

Take your guts and invest in this idea, if not find other ideas in our blog.

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