What to look for in a home based business
If you failed at your last
network marketing business
perhaps it wasn't your fault. Maybe you chose the wrong company and the wrong team.
Finding the right business isn't hard if you know what to look for. First of all beware of get rich quick deals, you know the ones that promise thousands of dollars in the first month and you won't have to do anything. If it was that easy nobody would be working. These types of businesses prey on our insecurities that we don't have what it takes to succeed in a real business.
O.K. now you know what you should stay away from, let's examine what to look for when starting a home based business. I have found there to be 6 crucial points to consider when choosing your online business. You may find these points written in different order or different words but they are basically always the same.
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Critical Point #1
The first thing to consider is the integrity of the company. Is it truly committed to it's distributor's? Is it funded and ran well?
What is the background of the officers of the company? If there is one single item that can determine the fate of the company, it's the quality of the management, and in particular, the decision makers. You want leaders that have had major accomplishments in their careers.
What you don't want is a CEO who's only experience is managing a hot-dog stand in Disney World. Look for management that has tapped into new markets, or have taken companies public or taken a small company internationally. These are critical elements that should be reviewed before joining any company. Look for an established team, with solid accomplishments. If have found the easiest way to research this point is to do a google search on the owners.
Critical Point #2
How Long Has Your Business Been Around?
It's been reported that roughly 65% of all businesses fail in the first 2 years. With those odds, it would make a lot of sense to select a business that has been around a while. I personally recommend that you select a business that has a minimum of a 3 year track record.
Personally, the last thing that you want to do is work your butt off for a few years, creating a gigantic organization under you, only to find that your company is headed toward bankruptcy.
So it best if your business has been around a while. Publicly traded could be good as you have a chance to review their books, but money that could be going to you is going to the stockholders.
On the other hand a company that's been around for say 20 years or longer has probably already reached it's peak. Trying to bring people into a company like this can be harder than selling ice to an Eskimo. Chances are most people have known someone or has had the opportunity presented to them already. Most people have formed unchangeable opinions on companies like this who have been around this long.
Critical Point #3
The Product. Is the product in demand. Is it something people will want. Is it competitively priced. Will people want go buy your product even if they don't join your company?
Critical Point #4
The Compensation Plan. Compare with other companies. How many people will I have to have in my organization before I can make $500 a month, how many before I can make $5,000 a month.
Read the company's policy's and procedures. Can they terminate you for no reason. The last thing you want is to have worked your butt off and be making $5,000 a month and they decide they no longer need you. This has happened to more people in
MLM companies
than you can imagine.
Critical Point #5
Network Marketing Training,
often an overlooked part of your business. We're so dazzled by the money the thought that we'll never hear from our sponser again never enters our mind. Always research the training and support you will be getting. Do they tell you to just go to your back office, you'll find everything you need there. If that's their idea of support, tell them no thanks. The absolute worst situation is when the company has no phone number on their web site to call for help.
Critical Point #6
Last but not least is the timing right? Every day people start home based businesses. As people in general become more comfortable shopping on-line internet businesses continue to grow. As our baby boomer generation gets older more people are concerned with their health and will have more free time to travel. This is what we call a market trend. Having the right
home based business
is a way to cash in on that trend.
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