When you are considering a home based business to earn an income, the advantages are pretty obvious; spending more time with your family, saving on transport costs, more free time for yourself, being able to be your own boss, to name just a few.
Once you have decided to build a home based business, the next decision is which business is suitable for you.
After many years involved in home based businesses, I have compiled a list of the features I consider to be important in choosing a business in which to invest time, money and effort.
1. A clear and obvious advantage to join as a basic consumer.
There is no satisfaction in trying to sell snow to the Eskimos! You want a product or service which EVERYBODY wants. You want people to look at what you have to offer and say ‘I can only gain from this’, ‘I love this’, ‘I want this’, ‘I want my family and friends to know about this’. You do not want to spend your time convincing people to buy overpriced products that they would not normally buy. You want to be the bringer of good tidings! Show them an offer they cannot refuse!
2. An established company with a proven track record.
Trust in business can be gained by examining what a particular business has accomplished in the past and what its vision is for the future. The best businesses will have at least five years of continued expansion behind them and a vision to become dominant throughout the world.
Associations with other large companies and endorsements by well-respected businessmen, indicate that a business has been scrutinized and is considered worthy of investment.
It is also important for a business to have its income statements available for public scrutiny. You want to know who is making the money.
3. Simplicity- a business which can suit anybody’s life style.
One of the main reasons you want to be involved in a home based business is for the freedom to live a fulfilling lifestyle. Some people want to work fulltime at their business and some people want to work around other commitments.
4. Strong support and leadership in all aspects of the business.
You will need to learn lots and be open to training and asking advice from those who are already successful. In a good home based business, there will be many resources and people to inspire and support you. There will be webinars, live events and conference calls to help you introduce others to your business.
Good businesses which are taking full advantage of the internet, will offer websites and back offices for people who have joined them.
At the same time you will be developing your own leadership skills as you build a team of your own. You tend to attract those people into your business with whom you want to work.
As your team grows, you benefit from the leverage that other people’s efforts afford.
With any home based business, you will need, at some time, to put in your best effort for a short period of time, usually around three months, to get it off the ground.
5. Transparency in a compensation plan which offers both immediate and long term rewards.
You will want to see an income as soon as possible, even if it is only small, so that you gain confidence in the company’s reliability.
The long term residual income is where you will gain the most benefit. The compensation plan needs to be structured so that it is fair and easily understood. It needs to have incentives to guide you to appropriate goals. It needs to show a step by step progression to earning a substantial income. A good home based business will have tangible rewards at every step of the way.
6. The opportunity to reap amazing rewards for the time and effort invested.
We all have dreams and a good home based business offers the way to achieve these. When we know our vision for the future can be fulfilled, it is easy to commit our resources and to persevere until we reach our goals.
A good business will provide a firm pathway to success. You need to be convinced that you can earn a great income by promoting your chosen company.
7. The opportunity to make a difference in the world. A good business is not just about the money. You need to know that what you are promoting is helping people to help themselves. You need to be fulfilling a need or solving a problem which will enhance the lives of others. Some businesses also support charities and education with their profits which is an indication of good will and a caring management.
Which businesses fit all these criteria?
The type of product or service that you promote is extremely important because it must be something that you are genuinely passionate about.
Health, wellness, weight loss, cosmetics and exercise products are popular MLM businesses because they are part of an expanding market. There are thousands from which to choose, but I have found that many of them promote very expensive products. You will be expected to buy these products for yourself and it can be very difficult to actually make money from the business after covering all your overheads.
Essential services such as electricity and communications are also an expanding market, and offer the feature of providing an essential service that everyone has to buy anyway. It can just be a case of persuading other people to change their provider. It is still difficult to promote these MLMs because there are so many very cheap providers available which are not part of an MLM network. I feel that asking people to pay more for their service is not looking after their best interests.
The best marketing network I have come across is one which offers cash back on all your everyday shopping as well as a huge residual income after you have promoted the business to other people.
How easy is it to offer free life membership to an established international shopping community which can have you receiving cash back on most of your shopping within the first month?