Looking For a Home Based Business? 5 Questions You Must Ask

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.

Home Based Business Start Up Tips

Some people decide on beginning their own home based business start up to generate more money in today’s tough economic financial times. You can find various methods in carrying this out contingent upon what business you plan on beginning. Establishing your very own business is very feasible nowadays because primarily of the added income you could make, which most of us need nowadays.Furthermore, it’s an endeavour that will prove extremely profitable financially if you’re in a position to build it proper and keep it growing to become more profitable. You will need careful preparation and start up funds for your business launch. Those that are fortunate to have both the time and money will have the advantage of focusing more on their new business. However, not all of us are that lucky and have enough time to thoroughly prepare what kind of business we want to do. Being as specific as possible in choosing a business for these people are important.Why? Many of us have gigs to worry about. Which is why we really do not come into this with much time, much less the vitality to think about what kind of business would likely agree with us. When we finally get home, we more or less yearn to unwind with our families and leave work in the office. However, it remains a certainty that we still need to earn more money for our families. This is a big motivator for many people. Putting up a home based business is a great solution to this issue. Home based businesses are popular today especially because many people are really busy and do not have any time to waste. To be able to correctly put up one though, we will have to consider some home based business start up tips to make sure we don’t make any slips.The kick off point is after all very important as the activities we choose to do might easily delineate what type of business we’ll have in the foreseeable future. Being able to plan out what the kind of business we would like to have is step one. Take some time and think through this step. Even if it’s selling stuff on eBay or providing certain services, please remember that we first need to choose what we want to do. From there, we’ll be capable of figuring out what particular people-audience we want to aim our business towards and what marketing schemes would be the most effective to get more buyers. You’ll be capable of clueing in on the effectiveness of your business by being observant to how the public responds to it and how much customers and revenue you generate as opposed to your expenses. This is the basic outline of the home business startup tips that we should always remember. Taking such keys to core will undoubtedly steer you to making the right decisions when generating your own organization.Putting up your own home business will be made easy by following these straightforward startup tips. When used right, these simple tips should help you out with your planning and with enough progress, you probably won’t need your job at all. This of course relies on your decisions as the owner so make sure to give everything some thought prior to making any decisions that may affect your business. Remember this, take action today.

Start Home Based Business – 3 Great Product Ideas For Success

If you want to start a home-based business you will have to come up with a few great products that you can sell for a different range of prices, as you will want to satisfy all your customers no matter what their price range. Because of this, your products can range from basic introductory products all the way up to very detailed instructional courses. The great thing about running your home based business is that in your niche, you can create such a wide range of products that no matter what someone needs from you, no matter how small or large their budgets, you can provide it for them.

Let’s take a quick look at three types of products you can create to sell in your home-based business that will help satisfy three levels of customer: The customer with very little disposable income, the customer with a mid-level range of disposable income, and finally the customer with no limit to their purchasing power.

For customer type #1 - Ideal products for this customer are ebooks, written reports, or anything else that is of this nature. The idea behind this product is that it is easy for you to create while still being able to provide the customer with everything they need. Size of your eBook isn’t as important as it’s quality, so always be sure to over-deliver on quality.

For customer type #2 – This may be a $100 dollar product that can be anything similar to the eBook but with easier usability, such as an MP3 or video product. A great way to put together one of these programs quickly is to simply take your eBook and build upon it, then put it into these formats.

For customer type #3 – This customer has no limit to their budget, and so should be targeted with your top of the line product that is in-depth and complete. Great products can be anywhere from a home study course to 1-on-1 consulting. No matter what you make this product, it should be complete and very helpful as the ticket price can be anywhere from a couple hundreds dollars all the way up to thousands.