When looking for a Home Based Business there are 5 very important questions you must ask.They are:Question #1: What is the product or service being sold?If you cannot clearly identify a specific product or service being offered for sale through the Home Based Business, it may be a Pyramid Scheme or a similar type of Scam.Here’s the reasoning behind it:If there’s no product or service being offered to the public for sale, how can the company promoting the Home Based Business generate a profit? Where’s the money coming from to pay you a commission or a bonus?If they’re not making a profit from sale to the end consumer then they’ve got to generate that income from you and other members like you just recruiting other people who are usually asked to pay some outrageous Application/ Registration Fee, even if they call it by a fancy name.This is nothing more than a Pyramid Scheme and NOT a legitimate Home-Based Business. A popular example is Gifting Programs, there are no Goods or Services being sold, it’s just people exchanging money with other people. Sooner or later somebody is bound to get hurt!Question #2: How stable is the company?Why is this important?Well suppose you found what seemed like a really great company and started building a Home-Based Business with them only to find out 2 to 3 years later that the FTC swooped down on them for illegal practices and shut them down for good?This actually happened with one company I was working with many years ago.People became millionaires with this company in a matter of months. It was the fastest money I’d ever made in Network Marketing up to that time, but within months of joining the company it all came crashing down because of problems with the structure of the company and certain practices that displeased the FTC.I learnt my lesson.In checking out the company you’ll want to find out how long they’ve been in business and where their headquarters is located. You’ll want to ask about any other Companies they’re affiliated with, like their Parent Company, Sister Companies or Subsidiaries if there are any.There’s an old adage that goes; “Show me your friends and I’ll show you who you are.”That applies here.You can tell something about a company by the company it keeps (pun intended).In looking at how long a Company’s been in business be careful not to throw away the good with the bad, for instance, a particular program might be brand new but the Parent Company backing that program might have been in business for many years, giving it the stability you’re looking for. Look deep and don’t be afraid to check behind the curtains.Question #3: What is the quality of the company’s leadership?Dr John C. Maxwell, international Speaker, Motivator and Best-selling Author says, “Everything rises or falls on leadership.”It has been my experience that a Company usually takes on the characteristics of its leader(s) so, if you want to know what kind of business you’re about to join, look at the leadership.Practically speaking, you’ll also want to check out the business acumen of the person or people in charge because they’re the ones making the decisions that’ll impact the future of the Company – Your Company.Question #4: How good is the compensation plan?I think The O’Jays said it best; Money, money, money, money… monney!!!You’re going in business to make money not to look good in a business suit.And if you have a real Home-Based Business then you won’t be wearing a business suit in the first place, Right?There are so many different types of Compensation Plans; from the sublime to the laughable. There are 2-Ups, 1-Ups, Binaries, Unilevels, 5×7 Expanding Matrices. There are Spillovers, Powerlines, Breakaways and on, and on, and on.Here’s what to focus on:How much is being paid out in commissions?Too little and it’s not worth your time, too much and the company might not retain enough profit to sustain its continued growth and expansion.The experts say about 65% being paid out in commissions is the acceptable norm.Understand the difference between Bonuses and Commissions.Commissions usually form part of your ongoing residual income. Bonuses are usually temporary financial increases, paid on a specific action, performance or fulfilled quota and as such; do not form part of your regular ongoing income. Focus on good commissions as opposed to bonuses!Look for passive, residual income.This is the kind of income wise people seek after. It’s the type of income you keep getting long after you’ve stop working. An author writes a book once and keeps getting royalties from sales years after she stops writing.The Harry Potter Series made J. K. Rowling a billionaire and now here comes Stephanie Meyer and the Twilight Series – Go sisters, go!With a Home based Business the same thing is possible.You can do the work once and keep getting paid forever once you’ve selected a stable Company with good Leadership and the right Compensation Plan with an easily Duplicatable System.Question #5: Is it easily duplicatable?Even if you’ve got everything else going for you that’s mentioned above, if the system CANNOT be easily duplicated it’s not going to work.Your attempt at building a successful Home-Based Business will fail and here’s the reason why:J. Paul Getty said, “I would rather earn 1% of the efforts of 100 people than earn 100% of my own efforts.”This is the axiom upon which Network Marketing, MLM’s and Affiliate Programs are built. Zig Ziglar said it this way, “If you help enough people get what they want, you will get what you want.”Either way you look at it, it’s going to take a team. Teamwork makes the dream work. So, if the system you’re looking at cannot be easily duplicated by the average person who wants to start a Home-based Business how are you going to ever build a successful team?There are over 475,000 people worldwide starting a Home-Based Business every week, 175,000 here in the USA alone. Most of them don’t know how to build a Home Based Business so if your system isn’t user friendly then, most likely, they’ll find another one that is.Keep these tips in mind:We live in the age of Video; this is the YouTube Generation so, if your program makes use of video to help sell the product or explain the benefits that’s a plus.People have become very wary of ‘meetings’; that’s like a four-letter word to most so, if your business presentations can be done online that’s a plus.We also live in the Digital Age; Digital Products are the fastest selling commodity on the Internet right now. If your business is involved with the sale or distribution of Digital Information Products that’s a plus because they’re instantly delivered and can cut overhead expenses by as much as 80% for the Company thus increasing the Profit Margin.This simply means… More money for everyone!There you have it; my 5 top questions you should ask before joining any Home-Based Business.
Dad’s Own Home Base Business
Home-base business has change quite significantly from the days when it was the norm for moms, grandma and grandpa working from home taking care of the children, home baking tailoring and dress making but Home base business as drastically change its setting since the introduction of the computers and the internet.The online business market-place as open-up some new business ideas, tools and resources that is making it possible for any stay at home dad to begin onlinePromoting your own ideasIf your one of those dad who writes “short and sweet” children stories, there is a lot of opportunity to get your ideas professionally evaluated and get published. The internet home-base business ideas are changing the way the marketing of goods and service are done and the Internet is making it easier for the average dad to set up business promoting simple and effective ideas across-market. You could base your ideas on any business segment and producing your first e-book, story site or video learning program.Profit from someone else’s ideaYou can profit from just plug-in into any marketing affiliate network site and choose high gravity products that are relative to your business ideas and promote them for commissions. You will have to do some research on the topic of interest whether you are producing your own product-line or promoting affiliates. Promoting affiliate programs are some good ways to start off with your business marketing test. You can work with what best fit your area of expertise and has time progress you will be able to go into more strategic business. you can have marketer giving you free advice about the market you choose to promote and If you use those resources correctly and get buyer through your special link, you can easily earn a commission.expand your ideasThe opportunity to explore your option online is greatly set and having a home business working with ideas of your own and promoting other affiliate product can really explode your income.The freedom of not getting up early in the morning to commute to work is an incentive for starting a home-base business. You can expand your business as the training gets easier to comprehend. You can build blogs and websites and increase your product-line. This is not a technical business to operate because you can outsource some task to make your work load easier to manage. There will be hundreds of website owners ready to get you started.With some research and a business outline, any dad out there who is considering a home base business instead of working in the corporate world can start with just a few ideas and have their business online.
How To Build A Successful Home Based Business – Top 5 Tips
Whether you are looking to escape from the shackles of your current job, or you are simply ready to start earning an income from your own home-based business, you have a great chance of succeeding if you are hard-working, motivated, driven, and are equipped with the right tools. Don’t let anyone tell you that making money from home is easy, because it will take a lot of hard work, just as if you were to start a business outside of your home. The great thing about starting a business from home is that it will cost you significantly less money than trying to start a brick-and-mortar business.The ingredients for success are: Desire, motivation, dedication, and an undying will to succeed. If you have these qualities, nothing can get in your way, except maybe the lack of knowledge about how to actually start and build a successful business. Without the proper tools at your disposal, even the greatest ideas in the world may never come to fruition, but I am here to tell you today that you can indeed succeed, and I am going to give you the five important components that are essential to succeeding in your home-based business.The top 5 important factors for achieving success in your home business include:TIP #1 – Find a product that is in high-demandIf you want to start selling something immediately, then you can surely find something that is already made and ready for you to sell for a cut of the profits. This is known as a “sales rep” or an “affiliate”. Even better is to create your own products, which allow you to keep 100% of the profits. If you have an area of expertise or significant knowledge, creating information products to be sold online is a very simple way to make good money, and you won’t have to store any of your information since it will be digital.TIP #2 – Learn how to put together a basic websiteWith the ability to reach millions of people worldwide, having your own simple website on which to sell your products can help you make significantly more money than if you were to sell only locally.TIP #3 – Learn how to market your products and your businessMarketing is something that you will have to learn how to do well if you want to succeed in business. There are a few very effective ways to market your business online that are 100% free. To become successful, find marketing that works and make sure you do it every single day, as this will increase your customer base.TIP #4 – Find a mentor/consultantSince starting an home-based business is essentially an online business these days, by finding yourself a consultant who has already achieved online success can help you learn faster, avoid common mistakes, and help you build your business much faster. There are many good ways to find success online, but do avoid anything or anyone who promises you fast riches overnight. If you hear this, turn and run the other way.TIP #5 – Never give upThe difference between those who have achieved success in their home business and those who have failed is simply the attitude of never giving up. You will have roadblocks and struggles, but if you can push through the tougher times, then you will prevail at the end and find the success you have been dreaming of achieving.