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!

Home Based Business – Getting the Best Ideas With a Practical Approach For Your Business

A business idea or call it an inspiration, is the most critical part of setting up an entrepreneurial venture. It must work to meet certain objectives and requirements in order to be successful. A home based business must accommodate personal passion and potential for profits at the same time.

But before starting to develop research and plan, take you trim to develop a written plan. Get a spiral notebook or journal and write clearly: Why you want a home based business? What are some of your passions? Are you going into this primarily to make an income short term or long term similar to a retirement plan? Do you want to be mobile or work only from home? Do you plan on working totally alone: from handling paperwork, computer repair, office necessaries, taxes and research and advertising plan? Or will you prefer team approach or even employs?

Each has benefits and challenges? I for one do not use employees due to the paper work, but use independent contractors for the parts of the business that do not make me money yet are necessary, those areas I excel in and really give me passion I do, and fill in the rest with qualified people that offer their services.

Looking at any inventory or shipping of any kind will keep you working from home or having an employee to do that while you travel. It is a 24 X 7 responsibility. Choose wisely. Inventory also eats up a major part of your working capital. Also, is your plan for this to stay part time while you work or eventually do you want to develop a full time home business and let go of the JOB and all that go with it, like commuting, working when they tell you and earning what they think you are worth?

Pre-thinking and planning will help you make wiser decisions with your business ideas and the course of you home based business venture.

A business idea must be analyzed in a systematic and practical manner to gauge its prospects for long term entrepreneurial viability. High expertise in a given functional area can be utilized to devise a suitable product or service which has high demand in the market.

A knowledge based product or service can be a wonderful home business idea for individuals with the appropriate skills. The initial startup costs required for a knowledge based business venture can be very low. Yes, your knowledge will significantly lower your startup costs.

As we all know, an informed choice is always the best one. The knowledge based business opportunity can be pursued part time and later it can be converted into a full time venture. Passion and personal liking for work constantly adds to the prospects of success with a business idea. Individual work experience can help determine the right idea for starting a business.

A business must be analyzed in a systematic and practical manner to gage its prospects for a long term commercial value. If you come from a background with high expertise in a functional are, then it might be able to be utilized to devise a suitable product or service which has a high demand in the market place.

Starting from scratch with all your own ideas and products or services is on why to enter the home based business arena. Another is to work with a proven franchise that has high quality products, always in demand and consumable. The company should have an outstanding reputation in the community and excellent guarantees.

A knowledge based business is an excellent idea for a home based business if you have the necessary skills. How are you on what are called SEO techniques? If you do not know the term and what it means, then definitely work with a company that freely offers those skills and works as a team or your will likely finding yourself at the bottom of the business market. These types of businesses, of course, should be carefully scrutinized for integrity and business plan. What true help do they offer to help you build your business venture and fulfill you idea of what you are looking for?

Knowledge can certainly decrease your start up costs and expensive mistakes that can be made in the beginning. Be clear before you start your search as to what startup capital you have, how long can you go without income and your expectations. ALL businesses including brick and mortar take start up investment, money to run the business for an extended time and some back up capital for unexpected setbacks. It doesn’t matter if home based business or store front; you will invest time, money and energy to achieve success.

The following practical objectives must be fulfilled by a business plan in order to assure long-term growth of any home business venture:

o There must be sound demand for the product or service in the market. Consumers must find high value for your business and they must be willing to pay for it. The business products or services must also work to cater to the existing consumer needs which are consumable and always in high demand. Those that are seasonable are much more difficult to be successful in. They work better as a home based hobby business.

o Home based business ideas should work to target a niche customer market initially in order to move towards success. You can explore the wider market in the next level.

o The product or service rendered should have a strong value proposition and a competitive edge. The business idea must be flexible enough to accommodate positive factors all through business development stages which are pretty much on going.

o A product or service based business idea should be compliant with factors of competency and market demand. An over saturated market can be very difficult for the viability of a small business. At the same time, the range of products which face very little competition may often have poor market potential. You will need to make an intelligent choice depending upon the business market now and foreseeable future.

o The chosen business venue must accommodate the way of life of you, the home business owner. The requirements of time, travel and client necessities must be considered as well. Looking at the life style you want to develop, will the business plan if implemented with the business you are considering, work well? Example: If you want to be very mobile, travel a lot and not have employees, then staying away from a business that requires inventory and shipment is smart. Always go back to your reason for going into business. It must be strong in you planning stages so you don’t waver on your position.

o A business idea should not be pursued solely for monetary interests. A strong personal liking for work related to the product or service is essential. People tend to work for three reasons. First is for money, income. If that is your only reason you are they type that usually quits or skips from one get rich plan to another. Second is working for recognition and as silly as it sounds, some people will work so hard it is off the charts, just to be recognized. And finally there are those that work for a cause, something they really believe in. That could be both your product line and your business plan. These people rarely ever quit. When you are lucky enough to find a franchise company to join with or a business you want to develop all on your own that has all three, then you are truly blessed.

As you can see, thorough research and viability studies of the business plan must be carried out before initiating a home business opportunity. Consumer demand and buying trends in a market must be considered to devise an idea which accommodates the trendiest or most in demand and consumable product or service.

It is wise to have a strong business idea, backed by a well thought out plan and a mission statement. These must be pursued with diligence and perseverance in order to achieve success with your home based business.

21 Key Questions To Ask Before Starting A Home-Based Business – They Do Need Answering

Before starting any home-based business it’s imperative to ask yourself a few key questions.

The questions have to do with three main areas of business – the business type itself, the products themselves and the services offered. For this article, the home-based business will focus on eco-friendly health and wellness products although most of the questions will equally apply to any product sector.

In terms of the business itself, you may have already decided, after researching the vast amount of data online about home-based businesses, that this is what you really want. Home-based businesses are viable but do require planning and work.

In terms of the products themselves, you may have stumbled across or been told about some amazing new product or discovery or you may have been a user for many years. In either case, you want to share all this ‘good news’ with as many others as possible.

In terms of the services offered, you may be in a position to offer home-delivery, no-question, money-back guarantees or even be the money collector for the supplier.

Let’s look at the first area – the BUSINESS itself. Here are some must-ask questions.

Will I be able to…

  1. Earn residual income as well as make the money up-front?
  2. Be my own boss or CEO? Maybe this is important because you have always worked for someone else and have never been boss. Be careful here – being boss means doing ‘bosses’ kind of work.
  3. Do the work from home? This may be the most important thing because of physical circumstances, transportation limitations and more.
  4. Get sufficient business training when I need it?
  5. Avoid direct selling because I am not a salesperson! That is, will I be using warm and/or cold marketing techniques?
  6. Earn the income while genuinely helping others? This may or may not be important to you. Do you want to just provide products or do you genuinely want to help people improve their health, wellness, lifestyle or whatever by these products?

Will I have to…

  1. Lay out a lot of ‘start up’ money? How much and when in the start-up process?
  2. Carry inventory? Do I have space and do I want to keep boxes of product in my home?
  3. Offer personal satisfaction guarantees? For example, will I be offering the return policy or will the manufacturer be offering the robust return policy?
  4. Purchase the products for my customers and then have to deliver them’?
  5. Be involved in the money exchange?

Now, let’s look at some PRODUCT questions.

Will the product(s) that I am involved with…

  1. Provide a healthier home, body, skin, nutrition etc
  2. Be environmentally ‘friendly’?
  3. Be safe to use for adults, children and even pets?
  4. Use scientifically tested and verified ingredients?
  5. Have a proven track record?

Lastly, I want to look at the area of SERVICES. If you are putting yourself out there as an expert and the CEO of your own, established and creditable business, you should ask yourself the following questions.

Will I or should I be offering…

  1. Membership Protection (if there is a continual membership required) such as auto re-ordering?
  2. Online ordering?
  3. Door to door delivery?
  4. Strong product support from the manufacturer or his representatives?
  5. Strong team support if this is a type of business structure that involves up-links and down-links?

It seems like a lot to think about, but I assure you that these are all important questions to ask no matter what business area you are contemplating.

I have personally found in the eco safe health and wellness products arena, that these are critical questions to ask yourself. And, it is important that you be satisfied with the answers before heading into the world of home-based business.

Slow down, take some time and ask these tough questions. You will be the better off for it.