A Home Based Business can be a superb asset and can be extremely profitable but without the proper knowledge and tools available to you, you can waste a lot of time and/or money which defeats the object of your efforts, namely to make money and have time to do the things you want to do. In this article the goal is to provide average people like you and I a practical guideline to start a home based business the right way, and to save you a lot of time and money.
In my experience it is important that you take into consideration 3 fundamental things before you actually make your choice. These 3 things are:
1. The initial investment must be affordable
Similar a conventional business or franchise, some home based opportunities require a start up cost. These are not usually as high for a home business as for a franchise, but it still has to be taken into consideration. If an initial investment is beyond your means (unless as with some you can get the investment back if you achieve some success quickly – this is a calculated risk), then think things through carefully and research more to make sure that it is right for you. Look for low start up investment opportunities, but research the companies to make sure they are solid and profitable so that you know you are going to get paid regularly and on time.
A business with the high start up cost may make you money quickly in certain circumstances, but make sure that it is sustainable and there is no repeat high investment to “bog you down” when the initial phase slows down and you then lose money and it hurts you. This is where the research I spoke of before is vital.
2. Make sure there is a good training and support system available.
As with any business, training and support is always required to be successful and grow. If your support team is good and they Mentor you well, then you will be able to Mentor those who you introduce into your business. If the training system is good for the product(s), then your knowledge will grow and your customer base will grow as you are more confident and become the “professional”. The aim of any home based business is for it to be simple and the system can be duplicated so that anyone can do it.
In most Home based business opportunities you don’t sell the product, because if the product is good, the customer will purchase again and again, especially if it is the type of thing we use every day and is good quality at the right price. More to the point, the training you get should help you to sell yourself – remember most of your friends and colleagues will Know you, Like you and Trust you.
Of course, the ultimate is for you to be trained for success and then you become a trainer yourself and that is when your business can grow and you can’t stop it.
3. There must be a solid compensation plan and bonuses
The importance of a good compensation plan with bonuses is paramount to your business. This helps to keep you motivated and if there is a steady income coming in that is growing and your initial investment has been met and you are in profit, there should be no excuse to get discouraged and give up.
Most people fail because they have difficulty in making any money and then give up. You need to have a business plan and stick to it, but the training and support should be available to you to help your business grow and be successful. Those who fail are those who give up. Sometimes it may take a little longer, but the compensation and bonuses don’t go away, only the motivation to carry on when things get tough.