What Makes A Home-Based Business Successful

If you’re looking to work from home you have many choices. There is no shortage of people willing to take your money in return for a home-based business opportunity. How do you know which opportunities are legitimate businesses and of those which one is right for you. Before you decide if the business opportunity is right for you here some things you should look at.

•The company
What is their track record, how long have they been in business, what is their standing with the Better Business Bureau?

•The product or service
Is this something people want or need, will you have competition, is it priced competitively

•Support and training
Are you completely on your own or will there be people and resources to help train and guide you

•Cost
Is the product or service priced competitively, is the cost of starting the business affordable for you and others

•Compensation plan
Is the compensation plan fair, understandable, and most of all can you make money

When researching the company check with the Better Business Bureau. If a company has no complaints that are no guaranteeing that they are a reputable company. Likewise, one or two complaints does not necessarily mean the company is bad. It’s just one more little bit of information. Remember anyone on the web can write about a company in a positive or negative manner, so you need to do more than just read anonymous opinions. It is best if you can talk to a person that you know and trust that has first-hand knowledge of the company. The key here is to be thorough and take your time; you should not feel rushed or pressured into making a decision.

When deciding whether to start a home-based business the product or service is very important. There is a difference between wanting something and needing something. If what you’re selling is needed by many people you have a much bigger market in which to sell and are more likely to be successful. The price of the product must be competitive. Some network marketing companies claim their products are a higher quality than similar products available in stores. And because of this their prices are a little higher. Even if their claims are true and their products have better ingredients you’re now at a disadvantage in competing for the sale. Another important factor is convenience. Not everyone wants to shop a month in advance for house daily household products. Or have to fill out paperwork, or have a small window of time in which they have to pick up their products. The process must be fast easy and fit into their busy schedules.

The company must provide support and training. The training should be ongoing, and you should have a mentor or person that has an interest in helping you succeed. They should provide websites and conference calls as training aids as well as one-on-one conversations with your mentor. Think of them as your business partner. They are there to help you but remember it is up to you to ask for help. The lack of a large paragraph here on training and sport should not indicate that it is not very important. In fact it is very important. The chances of you succeeding all on your own without any help or training are very low.

We have already talked about the cost of the product. It must be competitive! But the cost of starting and maintaining the business is important also. Does the price make sense to you, will others be able to afford it. The price range for home-based businesses range from just a few dollars to several thousand dollars. Only you know what is right for you. Just remember in order for you to be successful presenting this to others you must believe that the opportunity is a good one and that includes the price.

There are many different types of compensation plans. A few of the different types are unit level plans, forced matrix plans and binary plans. I am not going to go into detail of the different plans here, but you should know there are several out there and they differ greatly. If you are seriously considering starting a home-based business you should research that company’s specific compensation plan. If someone introduced you to a business they should give you specific detailed information about the compensation plan. It should also be on the company’s website, explained in detail and understandable.

There are many different home-based businesses out there and if you look hard enough you could find several people in each one that are very successful. But the bottom line is can you be successful? Is this the right business for you? Why do some people succeed in a particular business while others fail? Of course there are many reasons for this, communication skills, work ethic, financial resources and desire to name a few. I believe one of the most important factors if not the most important is your belief in the company and its product or service. It is very difficult to sell or promote your product if you believe it is overpriced, not needed or of poor quality. The same is true for the business side of it, if you don’t believe in the company or are unwilling to do what is necessary to build your business, you will have a very difficult time convincing others to do what you are unwilling to do.

I believe if you find a solid company with a product you believe in that is priced competitively there’s no reason you can’t be successful. Network Marketing has received some bad press over the years and to many people it has a bad reputation. Don’t misunderstand me there have been some less than truthful companies over the years. But the Network Marketing business model is a legitimate one. Personally I like companies with very few restrictions and a lot of freedom. One example of this is a company that does not require you to bring new people into the business. Of course it is always an option but you are not required to do so. In other words you could choose to market the product or service and make a nice income without recruiting others. Some companies don’t allow this, they require you to promote the product and recruit others into the business in order to make an income. I like knowing that I can make an income from marketing the product without recruiting. This is very important to me because this makes the business legitimate. The product is real. People want it because it benefits them. It has value. Otherwise you are just in the business of recruiting people. You get two people to join who get two people and so and so on. That’s not a real business. The foundation must be a product or service that has value to people.I think this option also makes it more appealing to others.

So take your time and do the research. Find a good company with a great product and join those who supplement their income working part- time from home.

7 Things to Look For in a Home Based Business

What are the things you should look for when you choose a home based business? That is a question often asked to me. Now, I’ve tried many different things, made a lot of mistakes, and also I’ve wasted a lot of money online. In my opinion, it is okay to waste money trying new things but when you waste money on things people already tried and failed on, then you’re just being a complete idiot. I’ve failed many times and wasted a lot of money, so learn from my experiences and failure so you don’t need to fail anymore.

So what are the things you should look for when choosing a home based business:

1. A Unique Product

The first thing you should look for in a home business is a business that offers a unique product. You should never join a business that product is already filled with competitors, where the niche is already saturated. Perfect examples for this are vitamins, juices, pills, and lotions, these kinds of products are often found in MLM opportunities.

These kinds of old school marketing niches are bad businesses or products if you want to get a decent amount of income online or a successful business going for a long time.

Now, what you want is a product that appeals to many people but doesn’t have too many competitions yet. When you sell pills to lose fat, you can only sell that to fat people, correct? Try finding a product that can be sold to all people.

2. A Great Support Team And Network

The second thing to look for when you choose a home based business would be a great support network. Unless you’re someone that is an expert on Internet Marketing or you’ve many experiences you would want to choose a home business that offers a great support network that you can rely on when you run into problems and you need solutions.

A great support network would be like a forum, this is the place where you get personal and specific solutions for you problem. A 1-800 number would be perfect, it allows you to call and talk directly with the support team. A personal sponsoring consultant or mentor like me, I often get questions from my members and it’s my responsibility to help them and answer them. So having a personal sponsoring consultant is a great idea. Webinars and live conference calls that is held on a daily basis would be great too, this is the place where you could interact with the other members here.

So when you choose a home based business, make sure that your business has all of those. Those are the things you must look for in a home based business.

3. An Honest Company Management

The third thing would be an honest company management. When you choose a home based business to start on, make sure you know the company management. This is a must when you decided to be on a long term business with the company. You would want to know what type of individual runs the company. A person with a good track of success record and good reputation is someone you want to work with.

Now, you don’t want to wake up one day and watch that your CEO has ran away with all your money in the news.

4. A Great Marketing System

The next one is a great marketing system; this is a really important thing to look for in a home based business. Now, it doesn’t matter if you have the greatest product in the world but you’re not marketing it or you don’t have a great marketing system to help market your product, it’s useless. It’s completely useless because you won’t be making any success or any money if you don’t market your product, which having success is the whole point on why you are in this business.

Now, let me give you an example, my mom makes a better burger than McDonald but McDonald makes billions where my mom don’t make any money. Why? Because my mom never markets her product, that’s why she never make money from making burger.

There are three things you want to look for when choosing a great marketing system:

1. Would you want to do it?

The first thing is you need to ask yourself would you want to do it. Now, you need to know a lot of old school MLM systems actually tell their members to go out and chase their friends and families. Now you ask yourself, do you want to do it? Are you thick skin enough to go and chase people to buy from you? Now even if you are thick skin enough, you would not want to do that for the rest of your life, correct?

2. How would you respond to it?

The second thing is you ask yourself how you would respond to it. If somebody chases after you with that kind of old school marketing method, harassing you until you buy their product or maybe join them in their business, what would you do? Would you buy from them? I don’t think you would. If you don’t even want to buy from people like them, just imagine yourself doing their marketing method, nobody would buy from you.

3. Does it apply leverage?

The third thing is does your company’s marketing system apply leverage? Internet is the biggest leverage of all; 1.4 billions users are on the internet every single day. Your product would be seen by 1.4 billions of users online. Now imagine that kind of leverage. Now, time leverage, for example does your company have a call center that will help you close sales while you’re doing your things? A predesigned website, prewritten emails follow up? So that you can concentrate on doing your things while your marketing system works for you 24/7, these kinds of marketing systems are what you should look for in a home based business.

5. A Global Reach – Making Sales Globally

The fifth thing is global reach. Does the home business have a global reach, meaning you could make sales globally from any part of the world?

For example, when your market has ran out in the U.S, will you be able to sell your products in Europe, Asia, Australia, or any country in the world?

Products like vitamins, pills, lotions, and health products are those that are hard to be sold globally. Every country has its own rules; you will have a lot of hoops to jump through before you’re approved to sell your products in other country.

Information and financial education products are preferable. You can sell them in any country in this world you want. If the product is unable to be sold online then there’s no use in doing a home based business because the strength in a home based business it’s that you’re going to be making money from global sales.

6. A Decent Compensation Plan

The sixth will be a decent compensation plan. A good compensation plan is one that offers a simple to understand, big upfront income, and also a decent residual income built in.

What I meant by simple is that it is easy to understand. When you ran into compensation plan that is so confusing that you can’t understand it then don’t do it, chances are nobody will understand it.

Second, always look for a home based business that offers a big upfront income, about $1,000+ per sale. So that you could quickly get out of your job and re-invest in your business so that you could achieve financial freedom really quick.

After a big upfront income, you’d want a compensation plan that offers a decent residual income. So that you don’t have to work forever but still get paid for what you’ve done before, a lifestyle that you want without having to be bound by your job. I love what I’m doing.

7. Giving Back To The Society

Now last but not least, this is the thing that everybody overlooks and regards it as an unimportant aspect in a business, is your company giving back to the society? Now, every time your company does charity, giving back to the society, donating for social causes, they are indirectly building credibility online and offline.

When people like your company, it will be easier for you to market and sell your products, correct? If you want to receive, first you must learn to give. That may sounds so cliché, but that is the universal law in all business, will it be home based business or brick and mortars.

Now let’s summarize, what are the things to look for when you choose a home based business:

1. A unique product

2. A great support network

3. An honest company management

4. A good marketing system

5. A global reach to sell your products

6. A decent compensation plan

7. A charitable company

If the home business you’re looking for has all that criteria then you’re in good shape. It would be a mission impossible for you to fail in that home business. Now the main reasons I were able to present these advices were of course, I had those experiences. Where do I get it? The company I work with of course.

Why You Should Consider Looking At Starting A Home Based Business

Why are more Americans starting their own home based businesses? The numbers have been out the roof with the number of people who own and operate their own business from home. What a great time to start one for yourself! With the high unemployment rates and threats of layoffs people are starting to realize that the days of job stability are over. Some people think that home based businesses are rinky dink companies selling cheap products that no one buys. That couldn’t be farther from the truth. Majority of home based business opportunities are with reputable companies with superior products,services, and they allow you to make a great income selling their products or services from home. Some of the top home based business company’s make over $1 Billion dollars in sales every year. Even Bill Clinton fully endorsed the industry because of the opportunity it gives to Americans to live the American dream through financial freedom, and business ownership.

Types Of Home Based Businesses

Product Based Companies

Product based home businesses sell products to consumers directly through a independent distributor which would be you. There are thousands of companies that sell anything from nutritional products, makeup, juices, to Tupperware. The sky is the limit with the amount of different companies that sell different products that you can choose from.

Service Based Companies

Service based home based business opportunities sell a service versus a consumable product. These companies include insurance,electricity and natural gas,internet,mobile phone,legal, and many other services.

Unlike product based opportunities you are offering a service to people instead of selling a product. These services offer substantial savings to consumers and gives you an opportunity to earn a great income just for referring their particular service.

Affiliate Programs

Affiliate programs are similar to ones I listed above but the only difference is how you get paid. With an affiliate program you get paid a % on the sales that you make when you sell their product or service. These do not offer any type of residual income that the other companies pay. Residual income is when you get paid over and over again for selling a product or service once. Affiliate programs pay you one time for every product or service you sell.

Benefits Of Owning A Home Based Business

Low Start Up Costs

Starting a home business is the cheapest and easiest way to start your own business. Most traditional brick front businesses cost hundreds of thousands of dollars to get started and takes years to get into profit. The great thing about a home business is that it’s really affordable from $100 and up to get started and your up in running in minutes not months.

Your The Boss

When you start your own home based business you are the boss. You work when you want and how often you want, but if you treat it like a hobby it will pay like one. So treat your business like a multi million dollar corporation because it can pay you like one.

Unlimited Income

The sky is the limit with the income potential that a home business can generate. There are people making millions of dollars in the industry. Instead of earning a hourly income you are earning a weekly or monthly residual income and once it’s up and running you are getting paid regardless if you work or not. That’s the freedom that a home based business can allow for you.

Tax Benefits

When you start any type of business including a home business you get tax breaks that regular employees do not. Here are a few examples of tax breaks:

  • Mileage- Write off mileage when any kind of business trip is made.
  • Utilities-Cell phone, internet
  • Travel- Let’s say you go on vacation. You can write off the expenses as a business expense if you do it right. Why not have a business meeting in Hawaii?
  • Meals- Write off your meals when you are doing business and this includes on vacation.

Check out a book called Lower you taxes big time! By Sandy Botken. He use to work for the IRS and gives you loop holes you can use for your home based business to take advantage of the tax breaks.

Overall I hope you get an idea of why it’s a great idea to start your own home based business. Imagine earning thousands of dollars every month and getting to spend more time with your family and doing the things you love. The supplemental income can have a great impact on your bank account and you will have more money to spend or save or do whatever you want to! So I hope you make a decision to start your own business and cash in on the American dream!