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!

You Must Qualify A Business Opportunity As The Best Home Business That Fits You

What really is “The Best Home Business Opportunity Online?”

Just because someone labels an opportunity as “the best” doesn’t mean it is for you.

After all, there are several very successful businesses in every industry, many which you wouldn’t even think of doing.

It is a situation that fits only for a certain group or classification, a unique individual.
An opportunity requires a certain person and a certain person, has qualities that can be matched only by a certain opportunity. If the qualities of an opportunity and the qualities of a unique individual can match and come together, success would most likely result.

There are at least “7 qualifiers” that should be part of your due diligence in your search for the best home business online. They are suggested ways to qualify a business.

A business demands certain things. You demand certain things. Match the two things together so that it fits like a glove.

• Qualifier #1. In advance you must know in detail what it takes to work the business.

• Qualifier #2. In advance you must know yourself in detail and whether you fit the business.

• Qualifier #3. In advance you must know in detail the pitfalls associated with the business and have solutions in hand to solve them.

Do not rely solely on what others say you need. Investigate what they say. Evaluate to see if indeed their instruction is right and detailed enough, and that you have the required resources to last awhile, to stay in the game, until the business proves itself to be the best home business online for you.

• Qualifier #4. In advance realize that anyone seeking to network with you in the same business must have the same matching qualities the opportunity demands as well if they are to have success.

The business has to work for others you would bring into the business. If it is not something others can easily do themselves, they will get frustrated and quit. Where will this leave you?

• Qualifier #5. In advance understand the need to be a good coach/mentor. You must be someone who can provide help and assistance with helpful, detailed instructions and recommendations.

Often network marketing doesn’t work because it doesn’t work for others and when it doesn’t work for others, it is not going to work for you. Are you serious about making it work for others following you? Then help them! If it doesn’t work for those who you introduce the opportunity to, they will quit.

This means you’ve wasted your time recruiting. Yet recruiting is a critical part of network marketing.

• Qualifier #6. Understand what your needs are for profit. When you qualify a business, you want to put things into proper perspective, especially when it comes to financial gains.

This is important so that what you want can become a reality and keep you encouraged to grow the business bigger and bigger. Otherwise you will feel disillusioned by your false hopes if you aim too high.

• Qualifier #7. Understand the need for passion and a positive outlook in the business you choose. When you qualify a business, see if your findings can develop a passion for the business.

It is a valuable and powerful resource you don’t want to be without or come short of. If your due diligence doesn’t develop any passion within you, it probably won’t work.

Your passion is also a great advertiser itself and can make others feel like maybe this is the best home business for them as well. It becomes a propeller for your business.

When the business works because all the details are gathered, understood and applied successfully, you won’t hear yourself saying things like:

• “I did such and such, why isn’t it working?”
• “I’m not sure what to do next!”
• “I don’t know what to do!”
• “It’s not working, and I’m running out of money!”
• “What am I going to do because I’m running out of time!”
• “It’s got to work soon; I’m getting tired of this!”
• “I spent all that time and money to learn about this but it’s not working like they promised! And now they’re telling me I need more training.”
• “This is not what I had in mind. They said it was easy and anyone can do it!”
• “They want to sell me another package of tools. They say it’s going to help.”

Reduce the odds of this happening. Qualify the business!

Five Common Blunders That Stop Startup Businesses in Their Tracks

Being self-employed is the dream of many. But as one self-employed person quipped, “I used to work for a boss; now I work for a tyrant.” You’re the first hired, and the last to get paid. Undaunted, people launch themselves in various self-employment projects.

But having found themselves on the self-employed merry-go-round, many people find the journey tougher going than they anticipated. For a lot of people it results in early retirement from self-employment and a loss of confidence in entrepreneurial activity.

The blunders people make, however, are readily overcome with a little planning and thought.

I’ve identified five common blunders, any one of which can bring a business crashing down around the owner’s head.

1. Lack of funds

Business needs money. You soon find it does little else but consume funds — lots of it.

If nothing else, the business needs to provide a source of income for the business owner, not as profits to the owner but as a wage or salary to an employee. Nearly every small business I have been in (including my own in the early days) fails to pay the business owner a market wage. Not paying these kinds of expenses hides the true cost of running a business.

While owners may forgo income in the short term to get the business rolling, most business people do this because they don’t have the funds. If they don’t have funds to pay appropriate wages to the workers (themselves), then they probably don’t have adequate funds for sales and marketing of the business. Or perhaps they don’t carry some of the insurances a business really needs to protect it from disaster.

Lack of funds, however, is a symptom, not the problem. The problem here is either poor sales, or poor expenditure control — or both.

2. Too Much Debt

To solve the funding problem many business owners borrow to get the business going. But borrowing money can lead to some unexpected results.

Borrowing large sums of money when you have not learned to manage such amounts can easily lead to disaster. One business I know exhibited this problem. The new owners obtained a $50,000 loan to get the business going, and spent a huge portion of it leasing prime office space and furnishing it to a very high standard. Rather than apply the funds to marketing and sales, they spent it on appearances. They lasted about three months before they shut the door.

3. Poor Pricing

The way many businesses get started is by pricing themselves at the lower end of the market. This pricing strategy has nothing to do with pricing for results. It is just that the business owner really does not have the courage to ask the higher prices that established businesses are charging.

The under-priced business owner soon finds that his customers really don’t appreciate him or the fact that he’s so cheap. He finds that his customers soon drift off to do business with the higher priced people in town, leaving him to find a new customer to replace the one he has lost.

It takes a year or so (sometimes a lot longer) of operating like this before the business owner decides he has little to lose if he puts up his prices. So he timidly asks the next customer to pay more, finds he gets no rejection on the basis of price, and finds now he can afford to offer a better quality service or product to the customer.

Since people do not buy on price but on value, the business owner is beginning to learn that his price is not as important as the value he brings to his customer.

4. Poor Sales and Marketing

Business takes place only when a sale has been made. Yet many attempt business without the skills of finding customers or making a sale. Somehow they believe that customers will walk in the door and all will be well. But too many startup business owners are weak in the these areas. Therefore, the business suffers.

Often the lack of marketing skills is tied with the lack of funds. Somehow business owners have to find a way to tell people the business exists and why they should do business with it. This might be done through radio, TV or newspaper, or internet advertising, telephone calls, direct mail, or personal calls. But however, it is done, it will cost money – lots of it.

5. Poor Management and Leadership

The common mistakes listed above all fall under a general heading: poor management and leadership. This, above all determines the success of the business. And while it is not necessary to get every step in business right, you have to do enough right things to make the business work properly.

Startup businesses are driven by a vision of the business owner. Too often that vision cannot be articulated clearly and translated into economic results (profits) for the business. Unless that vision is translated into goals and activities in the business, failure looms higher on the horizon. Good management practices are needed to bring the vision to fruition.

This means planning, implementing appropriate accounting systems that accurately reflect the status of the business, hiring staff that will share the owner’s vision, then getting down to work of locating clients and creating happy customers.

The failure rate of small businesses is high because of the kinds of mistakes listed above. Don’t let your business be one of the failures.