What To Look For In A Home-Based Business Opportunity…
There are literally thousands of home based business’s out there, how do you choose? It makes sense doesn’t it to have some idea of what to look for? If you are someone who’s always looking for the next ‘big’ thing, then this is probably not for you. Not only is it important to know what to look for in a home based business, but it’s important to ensure that what YOU are bringing to the table is an attitude and beliefs that will ensure your own success (more on this in another blog to follow). For now though, here are my top twelve useful tips for what to look for when you are researching a home based business.
1) Is the parent company well established, with a proven track record? Start-ups are all very well… you’ll hear platitudes like, ‘ground floor opportunity’ and ‘this will be the next big thing’ and ‘don’t miss the boat’ and ‘only the people in it from the beginning make the serious money’. The reality is though;
- the failure rate of ‘start-up’ companies in this industry (MLM) is identical to ANY other industry – high!
- if it’s a properly constructed MLM compensation plan it doesn’t matter when you join, all GOOD MLM companies are level playing fields, irrespective of when you join!
Look for cash rich, debt free, asset rich companies with a long record of year on year growth.
2) Are the products great? Again, a well established company (over 10yrs profitable trading!) is really your best clue here. A company with poor or over priced products simply would NOT survive no matter how good the compensation plan might sound! If they offer a generous money-back guarantee, that’s usually a strong indication the products are fine.
3) Earns you a decent income for your ‘part-time’ working hours and offers a reasonable prospect of offering you a full-time income. Initially, this normally means you get a good part-time income from retail, so look for products that are generously discounted at wholesale prices from which you can make a decent retail profit i.e. 30% plus
4) Has some great online tools for marketing your products and business opportunity. This is the age of the internet for goodness sake! It’s NOT the only way to earn from MLM, but it IS hugely important.
5) Offers unlimited support and training related to the products and the business plan, easily accessible and reasonably priced to cover overheads rather than to make huge profits from you simply attending.
6) Is the company known for regularly updating its product portfolio. A company that doesn’t keep its range ‘fresh’ is a company that’s going to get overtaken by the competition!
7) Do the company’s products have a USP (a unique selling proposition). Look for world-wide patents on key products, unique tried and tested formulas, something that other business’s can mimic but NOT copy!
8) Is the company a good payer? Most mlm companies pay once or more monthly. Have they ever missed a payment or is their reputation for prompt payment exemplary?
9) Does the company give you direct access to the company’s professional advisors on either the products or how the company operates?
10) Does the company have a fair compensation plan that rewards you for your work?
11) Does the company offer you additional incentives to keep you interested and striving to grow your business?
12) Finally, be clear about what YOU want? A part-time ‘pocket money’ income or a full-time income that has the potential to make you rich?
Remember, if you want change in your life….
The change begins with YOU!
Robin J Emdon
Coaching you to the top in marketing!
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P.S. I’d love to hear what you think about this, please comment below!