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Should I Start a Home Based Business?

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By belief713



Did you know that J.O.B. stands for Just Over Broke?! A J.O.B. keeps you going from day-to-day and doesn't promise you a potentially better tomorrow. If you are looking for a way to secure your financial future, then I definitely suggest trying a home based business. But know it is not easy - it's just like any traditional business and has to be taken seriously as such.

The thing I love about a home based business is, you can create a long term residual income, if you apply yourself. You reap what you sow. As long as you do some work, most companies will pay you weekly for your efforts. Meaning, if you do a little bit of work, you will get a little bit of business in return. If you do a lot, you will see a lot of results (usually - you have to be productive and doing the right things). With a home based business, you have the option to create a residual, never-ending, cash-flow of income. A J.O.B. doesn't allow for this type of financial Freedom. In a traditional JOB how many hours you work = how many hours you get paid for.

Home Based Businesses are one of the most popular kinds of J.O.B.s you commonly see advertised. A home based business has many pros and cons. Some are below...


Some Pros of Starting a Home Based Business

  • Financial Freedom
  • Tax savings
  • More FREE time to spend with family or doing things you love

Some Cons of Starting a Home Based Business

  • Requires a good bit of self-discipline
  • You must be able to manage your time
  • You must be able to budget your money
  • You should be able to set and achieve reasonable goals


A Few Things to Consider

If you are considering a home based business, there are many factors that should come into play. First, you need to figure out what types of things interest you. There are companies out there that sell everything from baby items, to health products, to electricity. Jot down some things that interest you. Below, you will find links to some sites where you can research companies and contact representatives/distributors. One of the most important keys to achieving financial success with any company is you have to get in on the business that is best for you.

You need to find a company that you will enjoy working for. In my opinion, a good company should have some of the following:

  • Good reputation
  • Low/reasonable start up cost (however, not always good)
  • Good payment plan (most companies call it a Comp Plan - short for Compensation Plan)


Training is Key

I'm going to keep this short and sweet - training and equipping yourself with the proper tool set to achieve success in business is THE most important thing that comes into play when trying to start a home based business!

There are many success and training tools, business coaches, success coaches, and just plain old "feel-good" coaches out there. I'm sure many of them are great, but I personally love and recommend Dani Johnson.

Dani Johnson Demo Video 1 - Personal & Business Development

Dani Johnson Demo Video 2 - Personal & Business Development

Compare Comp Plans

When looking at home business opportunities, it is very important to take a look at the company as a whole. Compare their products, Comp Plan (AKA Compensation Plan), Payout, Marketing options, any information you can find.

One of the biggest factors in deciding whether or not to join a business, besides start up cost, is the Comp Plan. How well is the company going to pay me for my efforts? Some Comp Plans are hard to understand, so it's very important that you have someone from the company you are looking at explain their Comp Plan to you (take notes, you may need to have some plans explained more than once). You preferably want a company that has a Fast Payout and a decent payout on your recruits. My philosophy for a good Comp Plan is, you shouldn't have to recruit more than 3 people to make back what you've invested in your product. If you do have to recruit more people to make back your product investment, you may want to reconsider, or if it's a company you really like, see what other bonuses the company has.

  • Low amount of competition - it's great if you can get in on a company when they are in "start-up" or "launch/pre-launch" - most times the sooner you get in to a new company, the better your odds of success. Of course the ultimate measure of your success is what YOU do. If you apply yourself to any company and stick with it, you will eventually see results.
  • Great product - make sure the product is in demand and something you would enjoy selling. Speaking of selling, most companies try to play slick and say "no sales" - but that's never true. Realistically you are usually doing sales; it's just not as horrible as it sounds. You don't have to pressure anyone or have a slick line. Be yourself. I, personally, just like to deal with facts, deliver as much info as possible and leave it up to the person looking at my business to make an educated decision.
  • Some type of marketing method. Does the company (or the leader) you are considering joining do any kind of marketing that you can benefit from/join (i.e. ads, FREE leads, co-ops, etc.).
  • Website: does the company you are considering give you a FREE website or do you have to pay for it?


Regardless of which company you join, just make sure that it is right for you. Take your time to invest it. Try not to join off of impulse.

While it's great if the company you choose has many of the above qualifications, again, training is the key to your succees!

Best wishes!

Comments

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Simon  says:
3 months ago

Great posting. Often times paying upfront to join a business looks fishy and I would be reluctant. Many people are getting burned by scams.

belief713 profile image

belief713  says:
3 months ago

@Simon - I somewhat agree with you. There's no business that I know of that doesn't require some type of up front investment. The thing with searching online is there are unfortunately a lot of scams and scammers so in that case it's important for you to do more research. But, honestly, I've heard of the same also sometimes happening in the offline world...

Lara@homebasebusiness  says:
2 weeks ago

I think that people should do their own research before joining a program no matter the hype or that program.Thanks for the article very informative

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