7 Tips Before Starting Your Home Based Business

The purpose of writing this is to equip you so that you can go out and make a confident decision about the home based business opportunity that you are looking at. Or if you’re in the motions of looking for a new business then these points will help you greatly.

When it comes to home business opps, you might resonate with one particular system while others may not resonate with your choice at all.

See the truth is home businesses online are fundamentally the same as home businesses offline. Provided you know what you are looking for and know what actually resonates with you then you should be fine marketing that particular business.

By jumping into the first thing you find you will probably end up getting burnt and will end up pulling out and having to go back to your J.O.B.

To be pre-informed of the possibilities of your choices gives you power in your decision making process which is vital to longevity.

You do want to be in this for the long haul don’t you?

So lets get into it.

Point 1. Find A Business That Has Unique Products That Are in High Demand

Notice the word there I used in that… unique. When you have a unique product, especially one that is in high demand, you have taken a lot of the hard work out of trying to build your business

Think about a lot of the business opportunities that are available for people right now. How many of those companies are offering juices, vitamins, lotions & potions as their main product?

Now these types of products are great and have a purpose but if you are looking for a home business opportunity then you need to realize that the market has changed and that there is almost a glut of these products out there that are available through network marketing opportunities.

The market potential of the juices, vitamins, lotions & potions industry has been diluted significantly due to the over supply of these types of opportunities.

You need to know this if you are going to market that particular product. You are going to be potentially competing with a ton of other home businesses that are marketing their products in the same product line.

Think about the consequences of this when discussing it with your prospect. Think of the potential impact when you tell them itís another juices, vitamins, lotions & potions opportunityÖ and then think what they might say when you present them with something that is new & fresh and current with this information age.

So when thinking about what company you should be joining, ask yourself if the product you would be marketing is easy to copy or difficult to copy.

Is The Product In High Demand In The Market Place

Consider this for a moment… if you took the MLM opportunity away from the product, is there a real demand for that product. Do people really want what you are offering?

Right now I am thinking of an opportunity that someone put in front of me about 18 months ago that was supposed to be the latest and greatest as far as home business opportunities was concerned. So I checked it out, I did my due diligence and found out that this was indeed a great company with a great product line that was very quickly developing a reputation for having a brilliant compensation plan.

But when I tried the product I almost vomited. It was the worst product of its type that I have ever tasted and I immediately walked away from the opportunity. There was no way that I was going to believe that there would be a demand on this product and out of integrity I didn’t feel that I could market it either.

Ask yourself… would you want the product, and would others want the product if there was no opportunity attached to it?

Unless I feel inside that there is a demand for this type of product I would have a lot of trouble marketing it & introducing it to my prospects.

My personal belief out of integrity is that you gotta love your own product. Because if you donít love it and believe it then others will pack that up with you. Passion is the juice of home business.

Point 2. A Lucrative Compensation Plan

The compensation plan issue is not much different to the product issue in that what appeals to some may not appeal to others.

The ideal compensation plans are those that pay you a large upfront payment on your immediate sales and also provide some form of residual commission.

Some opportunities only pay a large upfront payment and have no residual at all, making them more of an affiliate plan. The problem with this is that if you ever stopped making sales then your payments would stop as well.

The other type of plan pays you large amounts of residual, such as your typical network marketing payment plan. The problem here is that it takes a long time before you make any serious money and losing whole down lines and distributor retention is a constant problem that you are going to have to deal with in these types of opportunities.

These two types of income are exactly the type of income that will set you free. Most people who are looking to make money online are looking for cash right now to help them with immediate financial problems, but in order to create long term change so that they can permanently change their life they will need the residual component as well.

Without the residual income you will eventually burn out. If you have to keep going back and generating sales over & over then at some stage you will get tired of it and want to quit. Residual income is where your long term freedom is found.

Point 3. A Powerful Marketing System

Replicated company websites are not something that you would even attempt to market with. You need a system of marketing that can work for you to brand you as an expert and that will work for you on auto pilot 24 hours per day, 365 days per year.

Have a good look at the methods of marketing that are being presented to you by your potential sponsor. How do they market and how do they recommend you market? And if you are not comfortable doing that form of marketing then you may not want to be involved.

If the company you are looking at doesn’t have a strong marketing division then they are probably behind the times, using outdated industrial age marketing methods.

Product alone will not make your home business a success. If I was to dump a truck load of the greatest product in the world on your driveway, unless you had the ability to market it you would have no business, no matter good the product was.

Point 4. Company Management

Have you ever heard the stories about people who have built massive businesses and are enjoying residual incomes that took them years to build only to see them evaporate after the company folded because of bad management?

Heart breaking to say the least! Look at the management and consider their past, their track record and what they are involved with. Are they people of integrity and can you easily get access to information about their past.

Once again I reminded of a company recently that was starting up that some marketers I know where involved with very early in the startup phase. They had already built a reasonable sized network in pre launch only to see the company change the rules that made the opportunity very unattractive to people.

Their business ceased immediately after they had spent over 6 months building marketing materials and conducting webinars etc.
You don’t want to be wasting valuable time only to see your efforts collapse within a short time.

Point 5. Global Expansion & Reach

Make sure that whatever company you decide to partner with has the ability to reach the entire world and not just a local country.

There are companies still these days that either because of product or system restrictions cannot expand globally. This means that you are limited in your ability to market online to anyone around the world.

This is especially true with vitamin or supplement opportunities. Speaking from experience from one of my past MLM businesses I was involved in, the company had many issues to overcome with ingredient restrictions depending on the country they wanted to market into.

All of this detail places restrictions on your ability to build a large global business.

The type of product right now that is attracting the attention of the bigger marketers online is the information product. These products are applicable to most people’s lives and are not encumbered by international issues.

Point 6. Support Mechanisms In The Company

Does the company have a family type atmosphere that you can lean on for support? Trial and error can be expensive both in regard to time and money. What you need is a great support system in place that can help you and answer your questions and guide you through the difficult phases of building a business.

Point 7. Leadership That Can Advise You

Have a look at the person that is introducing the business opportunity to you. Consider their marketing methods & knowledge. Can they help you achieve the results you are looking for?
In particular in this information based internet age, can they help you technically and advise you on issues like setting up and implementing marketing systems, emails & autoresponders, video marketing, social media, SEO and Pay Per Click?

Have a good look what they are doing. There is an old saying that goes ìA leader can only lead you into pastures that they are grazing in themselves. In other words… if they aren’t doing it then they can’t advise you.

About the Author Greg Martin

Online network marketer, trainer and coach. Helping new and struggling home business owners get beyond the frustrating 'start-up' phase in their business.

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