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A home-based business is an interesting venture in which you can apply your own creativity. However, this does not mean it will prosper in creativity alone. If you want your home-based business to grow, you need to determine a superior product, assess its lucrative possibility, determine an effective strategy, and have proper time management. Likewise, if you are able to achieve these three essential factors, you will come up with the best home-based business in Australia.Superior ProductBeing a prospective business owner means familiarizing yourself with what the consumers want. You are after a successful home-based business opportunity; therefore, your company must be able to withstand the tight market competition. And to do this, you need to know what the consumers want by putting yourself in their shoes.Usually, consumers want affordable, yet first-rate products and services. If you can provide them with these types of products and services, then dominating the market will be easy. In addition, you need to make sure that your products and services are accessible, effective and safe. Of course, this is easier said than done. Thorough and careful market research is necessary.Lucrative Possibility and Effective StrategySupposing you have already studied the market and discerned which products can withstand competition, now you need to assess the lucrative possibility of your business. Can you steadily sell your products and services and earn profits for a long time? If the answer is yes, then engaging with your chosen business has a lucrative possibility.Engaging in an Internet home-based business has only one objective, and that is to profit. If you think you will not benefit from a business, then why bother investing all your hard-earned money into it. Business is a risk. For that reason, you need to think prospectively.Similarly, this is also the reason why successful businesses such as those involving network marketing require strategy, extensive experience and connection. For example, having a rich connection with various people can induce more members to a network marketing company.Recommendation is absolutely the best form of promotion. Instead of paying for online and offline advertisements, banners and flyers, the word-of-mouth promotion is simply more persuasive. Of course, people trust more recommendations because this means that a particular product or service has been effective and enjoyable.Time Management and ConvenienceTime management is required for any job, and a home-based business is no exception. Since most people who engage in home-based businesses may have other commitments, they can only do so much with time. So definitely, time is the key to a successful business. You need to learn how to divide your time with your other appointments. Otherwise, you will just end up without any supplemental income.However, you must remember that best home-based businesses must be administered without any hassle. Since you are at home, you need to be convenient with your own pace. There must be no need to rush. You must still have the freedom to do other duties.In conclusion, a home-based business will succeed if you allot a specified time on it. But of course, it does not mean that it should take away all your free time.