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Before you jump feet first into
any business, you need to do a little "homework".
Research the company and the
principals - you can do a Google search with the name followed by the
word [scam] (in brackets, just as it appears) to get an idea of how
reputable the company and the principals are. Keep in mind that
even trustworthy people will generate some degree of negative feedback
from disillusioned marketers.
Timing is key - if the company is in
"pre-launch" mode, it is probably not for the novice. Too many of
these businesses go belly-up in the first year to make it a good
long-term investment. Besides, if it's good in pre-launch, it should be
great in a year or two.
On the other hand, if the
company has been around a long time, it could be that there are so many
distributors on board that the marketplace is saturated. You'll find
yourself competing for a dwindling market share with more experienced
entrepreneurs.
Find a product or service that is
distinguishable from similar offerings. If it is something that
people would be interested in even without the business opportunity
attached, chances are it will be marketable.
Understand the compensation plan
thoroughly so that there are no surprises down the road. If
you're like most network marketers, your eventual goal is to retire
with a residual income at some point in your life. Many companies
(especially those concentrating on direct sales of physical products)
require their distributors to maintain a certain level of retail sales
in order to qualify for the residual income they advertise - which
means that you can never really retire.
Ask for a copy of the
company's policies and procedures, terms and conditions, and
compensation plan. If the company is reputable, they won't have a
problem supplying that information to any potential recruit. Do
not allow anyone to tell you that it is part of the training process,
available after you invest in the business. If you hear that, run and
don't look back!
Home Based Businesses – Myth
or Magic?
The short answer is – there
are a lot of myths, and very little magic.
The
reality is that any home based business you choose is going to
take some work on your part…and chances are you won’t get rich
overnight. Some of the opportunities advertised are simply pyramid
schemes disguised as a business, with specific wording included that
takes advantage of legal loopholes that exist (for now).
The good
news is that there are many legitimate opportunities advertised
– in fact, so many that selecting one could drive a person crazy. So
how does one go about choosing a home based business that will work for
them? Ask yourself the following questions when determining whether a
home based business that you’re looking at will be appropriate for you:
Does it sound too good to be true?
If so, it may be…on the other hand,
that should not be the sole determining factor in your decision. There
is a lot of money to be made out there, and it is easier than you think.
Are you
willing to do what it takes to recruit the way you’re being
recruited? For example, if someone spends 30 minutes on the phone with
you and gives you the hard sell routine, are you going to do the same?
Many of these opportunities involve a great deal of phone time; if
you’re uncomfortable with that you should look at something else…but
keep in mind that whatever you choose, you will have to develop new
skills and talents.
When someone is trying to recruit
you for a particular business, ask a
lot of questions about average operating costs, the amount of time and
effort it will take to realize the profits they’re claiming, and
details about the compensation plan. If they are reluctant to give you
this information, there may be something fishy going on. Answers to
these questions should not be part of the training process after you
buy into the business.
Can you
realistically make time to do what’s required? Don’t fool
yourself into believing that you’ll do this in your “spare” time – most
of us don’t have any…but if you are willing to cut out some of the
leisure activities in your life (at least temporarily) you can be sure
that down the road you’ll have more recreational time than you do now.
Most home based businesses require
you to spend a lot of time
interacting with your sponsor. Figure out if you like them…you may not
like all the people you work with in your 9-to-5, but this is a little
different. You are going to become a partner in many ways with your
sponsor/upline, so be sure he or she is someone you are willing to
spend time with.
Can you
afford the initial investment? Using the rent money to start a
home based business is risky – if you’re confident enough that you’ll
recoup your investment in time to pay the bills, great – just be aware
of the risks and have a fallback plan.
These
are the most important factors to consider when looking at a
home based business – certainly not a comprehensive list, but an
excellent place to start. Another important thing to keep in
mind…almost every program you get involved in is going to stress
personal development. There is good reason for this, and some of the
things they ask you to do may sound goofy (like telling yourself aloud
every day how great and successful you are). The truth is that this
concept has been around for a long, long time, has been proven highly
effective, and will be an integral part of your success.
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