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.

Why Consider Network Marketing As Our Home-Based Business?

We are not asking that anyone get involved in network marketing and change everything immediately. We are however, suggesting that people consider the addition of the right home-based Network Marketing business starting their journey of financial success in a different direction. Having a home-based business is not a new concept. Network Marketing is not a new concept. Having a home-based Network Marketing business is not a new concept. However, never in the history of our country has the concept been so prevalent and is fast becoming the norm rather than the exception!

The reason is very simple. Our concept is providing American’s with what they want; control of their time and financial opportunities proportionate to their abilities and effort.

With the right home-based Network Marketing business, one has all of the benefits and advantages of a home-based business and unlimited financial opportunity usually associated with a large traditional business.

Employees and Debt
Rather than having several employees working with other employees under one roof for the benefit of someone else’s company, with Network Marketing, we have a bunch of home-based business owners, working under their own roof, networking with other home-based business owners, all working for their own companies. This concept provides an incentive and opportunity of multiplication and duplication for each home-based business owner equal to or greater than that of the owners of traditional businesses with multiple employees and locations, with out all the hassles associated with traditional businesses! It requires no debt, no employees and no complicated administrative procedures. With Network Marketing, we work with and for other people and other people work with and for us.

What is Network Marketing?
When you purchase a product or service, usually over 50% of the retail cost is associated with marketing! That would be any cost associated with getting someone to buy the product plus any cost incurred once it is produced by the factory. With Network Marketing, the products are shipped directly to the consumer from the factory. Those monies normally associated with marketing are paid to several home-based Network Marketing businesses owners which had previous network marketing or internet marketing influence in the referral of the customer!

Are the products less expensive?
Most customers will not buy inferior products and there is limited benefit to paying a little less for a product on the short run. Let’s assume that you sold yourself a product, ordered it from a Network Marketing company and in return the company paid you a 50% commission or rebate. In effect you’ve saved 50% on the products you purchased. That may save you a few dollars. Although saving money is important, the concept of earning money on products that we are already buying is far more exciting.

The concept is to redistribute the marketing dollar!

Imagine having a network of thousands of customers purchasing quality products or services each month where you receive a few dollars per month for each customer! Remember, these are products or services that we are all already buying, or should be, and this is money that is normally paid to others. In essence, the simple process of referring other customers who also refer other customers to a Network Marketing company, presents an opportunity for a redistribution of the wealth to you and I, the consumer!

Traditional Marketing versus Network Marketing
A traditional company would typically have a Vice President of Marketing with several regional managers reporting directly to them. Those regional managers would recruit, hire, train and manage several area managers who, in turn, would each recruit, hire, train and manage several sales representatives. The sales representatives are then responsible for selling the company’s products or services.

Plotted on a piece of paper, the shape of the traditional organization would look like a triangle or pyramid. It’s quite obvious that the higher the level the higher the pay and that there is less room at the top for advancement. It is also evident that it is mathematically impossible for each and every sales representative or employee to rise to the top regardless of how good a job they do!

The Difference
First and foremost, Network Marketing is different. Each individual starts at exactly the same level – at the top of their own organization, has exactly the same opportunity as everyone else and is compensated in directly proportion to the activity or success that they have had an influence in generating. Secondly, one doesn’t need to be a sales person to reap the level of financial benefits normally associated with company owners, sales managers and marketers. Thirdly, in Network Marketing we work with, when and for whom we choose. And last but not least, different than in a traditional company, we only work for ourselves and those whose activity generates income for us! We may also choose to work with those which we are generating income for, because, in most cases, they don’t make money unless we do.

How does it work?
In Network Marketing, there are customers and also independent representatives who operate as a home-based business. The customers may also be independent reps. Independent reps can earn management positions if they so desire. Different than in traditional business, each independent representative is given the opportunity and responsibility of both recruiting customers and other independent representatives. Each independent representative is owner, president, and vice-president of marketing for their own home-based network Marketing business.

Network Marketing is a word of mouth business. By spreading the word, the network marketing marketer identifies others who desire to be customers and or independent representatives (home-based business owners). The independent rep helps those newly recruited independent reps build their own home based business by helping them identify other customers and independent reps who desire to own their own home based network Marketing business. In a mature organization, it is normal for there to be 50-100+ customers for each customer/independent representative that you personally refer! Through this duplication and multiplication process each home based business owner can recruit and sponsor a few customers and/or independent representatives and, as a result, generate a sizable organization of consumers and marketers.

Referring
Does this sound like a foreign and awkward activity to you? How many people have you referred to your favorite restaurant or to your favorite movie. How many more have gone because the people you told enjoyed the restaurant or movie and told someone else who went? How much did you get paid? We are all already referring customers everyday! It is just that most of us don’t get paid for it.

The question is not whether we refer customers, the question is whether we are getting paid for the activity!

In network Marketing, customer/independent reps receive an income for “marketing” the products for the company simply by referring other customers! Normally, we receive compensation through 5 – 10 generations of this duplication activity. In addition, there are usually additional performance and leaderships bonus compensation structures! Assuming an association with the right company: Network Marketing is the one of the very few processes I know of where you will earn in network marketing relation to your ability and effort with virtually unlimited potential! Although most people are looking only for a few hundred or few thousand of supplemental monthly income, I personally know, know of, or have met a substantial number of people who earn several tens of thousands of dollars per month from their home-based network Marketing business!

Choosing a Safe Business Opportunity
Once it has been determined that a home-based business is appropriate, and further determined that a home-based Network Marketing business is even more appropriate, the real difficulty is in determining which network Marketing opportunities to become involved in. Without experience in the industry, unless you’re extremely lucky, it is next to impossible to pick a winner on the first try! Unfortunately, it seems that experience in the industry is not always sufficient for the proper evaluation of a network Marketing opportunity. As is the case with traditional business, there are good opportunities and bad opportunities. As is the case with traditional business, unfortunately many people let their emotions cloud their rational judgement when it comes to evaluating a network Marketing company and/or business opportunity!

Evaluation Process
There are certain criteria which must be used rationally when one does an evaluation. Technically, these could be divided into two categories: absolutely necessary characteristics and desirable characteristics. For me, the desirable characteristics are also necessary, therefore, I will not distinguish between the two and will address them in no particular order.

Competent Company Management Team
Normally it is very difficult for us to know any more about the network Marketing company’s management team than what they tell us themselves. The evaluation of the management team only becomes an issue with a new company! If a company has been in business three to five years with a well documented and stable growth record, we really don’t need to waste our time. New network Marketing companies are starting up at a higher rate than ever before. It seems that every person who has ever been successful at network Marketing wants their own company. Surprise, running a network Marketing company is traditional business and new network Marketing companies fail at near the same rate as traditional businesses!

Age of the Company

The most common mistake made by the masses is getting emotionally tied up in the “ground floor opportunity” pitch which caters to our “greed” and the “fear of loss”! If a person is determined to get involved with a new network Marketing company, they should do so because they understand totally the market for the product(s) and the experience of the management team. Being on the ground floor is usually not best because a majority of new companies will fail. Even if the new company does succeed, there will be many adjustments and changes during the initial growth and there usually is a lack of proven marketing procedures, materials, and training support. The attrition rate is usually much higher during those first years because most individuals are not emotionally flexible enough to accept the changes and turmoil. A network Marketing company experiences four basic phases of growth and market penetration. The risk of the company failing during phase one (usually first 3-5 years) is 10-20 time greater than in phase two. Contrary to popular belief, it usually is far better to be involved with a network Marketing company after they’re entered phase two. The risk of their failure is negligible. Their success indicates that their products are acceptable and that their marketing procedures and materials work! Then, either fortunately or unfortunately, our success depends only on ourselves!

Remember, the Vehicle must never be the limiting element in our success!

No Major investment
With the right network Marketing opportunity, one should be able to start their own home-based business for hundreds of dollars, rather than the normal thousands, tens of thousands, or hundreds of thousands of dollars usually associated with other traditional businesses which have any serious financial potential!

No Inventory, No Receivables, and No Collections
I will not spend time on these. If you have ever experienced them as an owner, they need no explanation.

No Employees
Employees require a tremendous obligation from the business owner; mentally, emotionally and financially. With network Marketing, other independent distributors in our organization, while working their own home-based business, supply the same benefit to us as employees would to a traditional business. We have no payroll, no benefit overhead, no space requirement, and no management duties other than a moral obligation to help others in their business just as others will help us.

Residual Income – Persistency
Unless you have been a successful network marketer, insurance agent or marketer, author or actor, it is really difficult to understand the tremendous benefit of residual income.

Starting on a part- time basis, a sincere person or couple with desire and persistence can, within a three-to- five year period, build a meaningful residual income to last a lifetime and then some.

Building a residual income is a little like flying a big jet. It takes a significant amount of fuel to get it off the ground, but once it has reached altitude, it can throttle back and fly on a fraction of the fuel needed for takeoffs. The big difference is that a residual income can “fly” seemingly forever with a little refueling along the way. The income stream can be passed from generation to generation.

All the other benefits of network Marketing, such as control, opportunity, and flexibility are important, but Residual Income is the essence of network Marketing!

Experience has taught me that many more people propose to have Desire and Persistence than actually demonstrate it. The purpose for this communique is to identify Individuals who sincerely want more Success in their life but don’t seem to have the right Vehicle for their journey. If you are one of the few, then I invite you to investigate a home-based network Marketing business opportunity which would allow me to work with you and for you, in order that we both achieve our Success goals. If any of this makes any sense to you and you would like more information, use if for your success. If you would like a bio on my experience and qualifications, just ask. Thank you for your time, your most valuable asset!

Starting The Perfect Home Based Business

As the economy continues to tank, unemployment rises, essential commodity prices increase as salaries remain stale, it’s no surprise people are looking to make more money anywhere possible. While we should generate a supplemental income while our lives are financially sound, most people make the mistake of waiting until their finances are in disrepair and the bills are way behind before considering options.

At the point of desperation people choose counter-productive measures as a solution to their financial woes. These include taking out high interest personal loans, working a second or third job, selling their valuables, or being forced downsize their lifestyle. Can you see a benefit in any of these options? Do they bring you closer or distance you from your family?

If working second jobs, taking out high interest personal loans, or giving up the things cherished the most in life, aren’t options, what options exist? While most conventionally thinking people resort to the above solutions, many others choose to become successful entrepreneurs by starting some type of part-time business from home. Unfortunately, many people lack the necessary motivation and could care less about success for themselves or their families and that’s o.k. This clears the playing field for others who keep our options open to income opportunities.

While starting a part-time home business has many benefits, you probably wouldn’t even know where or how to begin. The possibilities are endless and this, in itself, can be overwhelming. Take a few deep breaths and relax because I’m going to share with you a simple business model that was specifically designed for people like you and me to be able to simply and efficiently generate a positive cash flow. This business model is called network-marketing (person-to-person) and has been adopted by many reputable companies and is the primary method to promote their products or services, instead of investing in expensive media advertisements. While companies save money on advertising, they are able to pay their representatives high commissions, bonuses, and incredible streams of residual incomes.

Network Marketing Vs.Traditional Home Business

The Network Marketing (Multi-Level Marketing) industry is over 50 years old and has created more millionaires out of average people than any other industry. An increasing number of people are choosing network marketing instead of traditional home businesses for many reasons; monthly residual income, multi-level payment structures, company bonuses/incentives, no stocking products, no invoicing, no shipping, no taking payments, no handling returns, no building websites, or even providing customer service. The network marketing company handles all of the main responsibilities. Your responsibility is simply recommending the product/service to others and showing others how to do the same thing.

Scams, Schemes, and Pyramids

Sadly there are many scams and schemes that empty the pockets of innocent people just looking for a way to make money fast. You can truly judge the validity of a business or opportunity by being aware of RED FLAGS. One obvious and very prevalent red flag is when the opportunity boasts that you can get rich overnight. An example of this is when they advertise that you can make a ludicrous amount of money in a day or a week.

The other type of scam that many desperate people fell into many years ago was the pyramid scheme. In a pyramid scheme, the only people who made money were the people at the top of the pyramid. People were literally passing their cash up the pyramid and the unfortunate people on the bottom lost their all their money. Pyramid Schemes are illegal and a common RED FLAG to look out for is if an opportunity has no product and requires a person to pay a lot of money to get involved.

Some people associate network marketing companies with pyramid schemes. While most network marketing companies are recognized by the BBB, they also offer every person the same opportunity for advancement. A representative can far surpass the success of the person who registered them. For example, I could sign someone up and they could have a much more successful business and make more money than me, which completely disproves pyramid scheme theories.

Monthly Residual Income

Why is residual income so incredibly important for you and your family? If I owned a traditional business, I would have to generate new sales and new profits every month to survive. In Network Marketing, I still have to make a sale, however I would continue to be paid every month for that ONE sale. Can you imagine making a sale once, getting paid, and then getting paid again and again from that one sale? Your monthly residual income will continue to climb every month as more business is generated.

Multi-Level Monthly Residual Income

Why is the multi-level marketing component crucial to the growth of the business? It’s unheard of to earn residual monthly income from every sale that you generate, however it is mind blowing to know you can earn money based on other people’s efforts after they join your business team.

When you register to become a home business owner with a network marketing company, you are provided with 2 general ways to create income.

  1. You are paid based on the sales that you generate
  2. (w/residual income from your sales)
  3. You have the Multi-Level option to show others how to start their own Home Based Business with company you are representing.(w/residual income from the sales you AND your representatives generate)

Starting a Traditional Business: Working Harder

Putting aside the overwhelming headaches of administration and production, let’s talk about just generating money from your own efforts. In a traditional home business, where you create your own product or service, you’ll need to go out and generate new sales every month. While business increases, so does your time spent on your business. You are now spending more time keeping up with the demand of your business than you do with your family. At that point you become a slave to your business while working 70 hours a week to keep up with production, administrative work, and client issues. Retiring is not even an option.

TRUE STORY

My friend, who owns a successful small business, said to me “It may look like I am successful, but I’m actually stuck. After all the bills are paid and it’s all said and done, I bring home less money than my wife makes in the corporate world and I work all the time. I can’t shut my phone off or miss an appointment because we are struggling to meet our bills. Our mortgage is too high, I can’t even think about retirement, and I don’t know what we would do if we lost one of our incomes.”

Starting a Network Marketing Business: Working Smarter

When you start a network marketing (part-time) home business, you simply become a representative of a product/service for a company. You don’t have to be concerned with anything but promoting the product/service. You are paid for every sale generated, plus you are paid a small residual commission every month as long as that customer continues to use the product/service.

While you are generating sales, you can also present the business opportunity to those customers who may also want to generate an extra income. When these people decide to sign on your team and become representatives, you can earn bonuses and residual pay based on their success. The income potential is limitless and while your business continues to expand you will continue to get a paycheck every month and eventually you can decide when to work or when to take a month off to go on vacation.

It’s really as simple as:

1. Using the product or service

2. Exposing others to the product/service

3. Showing them how to do the same thing

This industry continues to offer millions of people with many financial advantages including taking extra vacations, tax breaks, being able to afford private schools, paying for college, buying a new car, and even retiring early. The secret to success with any person starting a home business is just making a decision to do it. Don’t try it, do it. Many people fail because they are uncomfortable and unsure about how others will respond. If you don’t worry what other people think, if you make the effort, you are on your way to great success with your part-time home business.

Most people live paycheck to paycheck and can barely save enough money in their bank accounts to even pay for car or home repairs. Isn’t it true that whenever you’ve saved a nice little “nest egg” in the bank, expenses arises that put you back where you started last month? Wouldn’t it be nice to have money in your bank account, pay for miscellaneous repairs, take yourself and your family on a great vacation, AND still have money left over?

You can do it, and here’s how you can get started today in a profitable home business. Choose a network marketing company that; fits in your life, has a reputable product or service, a generous pay plan, and marketing tools that make it easy to duplicate your business! Most importantly don’t try to re-invent the wheel when it comes to promoting your new home business. Utilize the marketing materials offered by the company. Their online tools, offline tools, and methods are designed specifically to make building a home-based business very simple.

No More Selling?

50 years ago, people who embraced network marketing had no choice but to build their home business by physically meeting with people and selling the opportunity. This “warm market” sales approach is still very successful today, however not everyone is comfortable selling when they are first introduced to the business. What if there was a way to begin building a business without selling? The Internet has made this possible!

Reputable network marketing companies have embraced the power of the Internet by offering all their associates “customized” websites (usually for free) linked with a personal ID number. You would then use the website to sell for you. All you need to do is refer people to your website, let them watch the presentation, and FOLLOW UP with them. Always, always follow up with a prospect, especially when you refer them to your new website.

These websites are great tools, however that’s all they are. They are presentation tools for people who you know or meet. But how do you GENERATE customers or prospects for your home business? What if customers/prospects FOUND YOU? While placing ads on the Internet and in the newspaper are effective, they can be very expensive and will not reach larger markets. Another powerful alternative to marketing your business is on the Internet where you can reach tens of thousands of people searching for the exact product/service you are marketing.

Building A Long-Standing Residual Income

Being successful while establishing a large residual income, requires implementing a variety of marketing approaches. Don’t only depend on the Internet to bring you traffic. Be proactive! Talk to people, be excited about your part-time home business, share the products or service, and be consistent and persistent. If you don’t like selling, don’t! Don’t even talk about the details of your business. Let the website (the one the company designed for you) do the work for you!

If you are planning on developing an online presence, start getting involved and document your experience. You’ll generate tons of great content, including, but not limited to; case studies (how you started etc.), customer testimonials, objectives, personal experiences, training call recaps, webinar reviews, prospecting stories, company announcements etc. Journal and document every experience.

Start your business today! Don’t wait. Statistically speaking, people who wait, don’t succeed. If you have already decided on a part-time home business, pick up the phone or email a few people right now with your link to the free website the company gave you. If you just felt butterflies in your stomach, this is normal. It’s the fear of what people think about you that prevents you from taking this first step. However, it’s those who push beyond the nervousness who are the most successful. Are you going to let fear of what people think about you hold you back from attaining the financial goals of you and your family?

If you decide to start a home business, whether it is a multi-level marketing business or a conventional small home business, be active, be consistent, be persistent, and believe in yourself. Not only can it be financially rewarding, but you’ll go through many positive experiences which will help you develop professionally and personally.

Continuing Thoughts

Most people just let life slip away and wonder where the time went, thinking what they could have done differently? If you could change something now, what would you change? Would having more money help? If you have a desire to create new cash for you and your family, make a decision to do it.

Regardless of what you decide to do, I pray God richly blesses you and your family and you live your life with no regrets. Good Luck and God Bless!