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Looking For A Home Based Business? - 11 Factors For Choosing A Network Marketing Business
Who wouldn't want to work from home? There's no commute, no boss, you make your own schedule, you can work in your pajamas if you want, and your efforts are rewarded. Plus there are great tax advantages for owning a home-based business. There are a ton of other reasons why someone would want to own their own home based business.
There is the other side of coin too. It's not all roses you know. You have to use your own money. If you make a mistake, there isn't anyone to fall back on, you suffer the loss all by yourself. You have to be absolutely committed to your business because it won't happen by itself. It can be hard work and long hours.
If you have children at home, you have to be prepared for interruptions. Even if you don't have children at home, there will be others that interrupt you simply because they know that you are at home. You also have to be very focused on your business tasks. It can be very tempting to do a load of laundry or vacuum the floor instead of doing the business task.
Although there are many great reasons to work from home, there are many reasons why working from home may not be the right choice for you. You have to take a good hard look at your own situation and ask yourself if you have what it takes to make it happen.
Once you have made a choice to work from home, you need to choose the right business for you. When it comes to network marketing, you will be creating a people based business. You will want to create a database of those people. That database will be your security and support the income you desire.
How To Choose A Network Marketing Business!
There are literally thousands of home-based businesses to choose from. How do you pick a network marketing business that is right for you?
What to look for when choosing a network marketing company?
There will always be a risk when you join a network marketing company because you are simply a distributor of a product or service but if you use the following, you will at least have your eyes open. You can reduce your risk and increase your opportunity and your potential for income.
Factor 1-Can you verify the company's profitability?
Is the company public or private? Most of the time a public company is going to be more stable than a private one. Also you can find out what the company is doing a lot easier if the company is public versus private. A public company also can give you a secondary source of income if you trade in the company's stock. You definitely want to check out the company you are considering and don't just go by what has been said during a presentation. A presentation can say that they have sold a billion dollars worth of product but their expenses were more than the revenue then you have a problem. With a private company these things are a lot harder to find and just about impossible to verify.
Factor 2-What is the age of the company?
The age of the company should be looked at, when it comes to residual income; you want one that has been around for a while. A good company will be one that has been around for at least seven years. Ten years would give you a good time span to look at. Over a ten-year span, you can see the company's ups and downs and whether or not they have stabilized. Most people are attracted to the new start ups because they want to get in on the ground floor of something or they have a revolutionary new product. If you have money to burn and you enjoy taking a risk, then getting in on a pre-launch might be for you. Keep in mind that being on the top of the matrix doesn't mean anything if you don't have anyone under you.
Factor 3-Does the product have exclusivity?
That doesn't mean that it's a product that is brand new to the market. You don't have to be first or even one of the first. If you present a product or service that has never been done before, you actually have a lot more risk than when you have a product that has been proven. You do want something that has a new twist however, just a little bit different. If your product is patented or has a patent pending, that is a great way to go. The same goes with technology.
Factor 4-Does the core desires of the product have something to do with love, health, or wealth? Is it something that a prospect would seek out or do you have to do a lot of explaining to get the prospect to understand? There are primarily 3 product categories that you can base your business on; Health, Wealth, and Love. Products that fit into the health or love categories are easier to sell because they are emotionally based. The wealth category is going to be your toughest sell.
Factor 5-Can you be passionate about the product?
Let's focus on only the product for now. Is it a great product or is you passion coming from the idea of making money with your product. If your passion is more from the opportunity than the product-you may want to take notice. You should be passionate about your product because it works not because it makes you a ton of money. If you have the passion for the product, it will show up in the form of good commission checks.
Factor 6-Is the compensation plan sufficient enough to provide you with actual money?
You should absolutely consider the compensation plan. It shouldn't make or break your decision but it should be factored in. A good rule of thumb is to find a compensation plan that pays out at least 20% on the dollar. At the top level your compensation plan should be paying out around 40%. Better than that is great, but don't get blinded by the money. If a company is paying something like 70% in compensation, then you may want to ask yourself why.
Factor 7-What is the credibility of the company?
This is a critical point. It should be about the product, the management, and the reputation. Is the product a legitimate product? Does it have science or physical proof behind it? Does the management behind the company know what they are doing? Who are the CEOs, the managers? What are their backgrounds? What is the reputation of the company as a whole? Check the background of the company. If the company has been around for 20 years, but they are going by some other spin off name that has only been around for only 2 years. Ask yourself why they changed their name.
Factor 8-Does the company have integrity?
This is different than the credibility of the company in that you need to be concerned with your company's compliance in the industry. This is really important when it comes to the health industry. When the company makes claims to the product or the results of the performance. Make sure the company is doing it the right way. In other words ? you have to have disclaimers. And they should be extremely cautious about testimonials and how they use testimonials. Make sure no one is promising more than the product can actually deliver.
Factor 9-What is the availability of the product?
Can everyone get it? How can you tell if the market is over-saturated? That can be a little tough to figure out but look around. Is everyone tired of hearing about it? Are you tired of hearing about it? Are you saying to yourself ? "Everyone has the same thing." Then maybe it not a good idea.
Factor 10-What are the terms, conditions, policies, and procedures of the company?
How restrictive is your company. As a marketer you want the most leeway. However, not everyone has the integrity that they should have. So you do need to have terms that are restrictive enough to protect you from idiots in this industry. Please read the contract and make sure it is something you can live with.
Factor 11-Does the company have a marketing system in place?
Do they provide training? Do they have conference calls so that you can get questions answered and share ideas with others? Do they provide leads or a source that you can get leads from? Do they provide scripts? Check these things out. You may want to be in business for yourself but you don't want to be in business by yourself.
You are now armed with some information that could assist you in finding the right home-based business for you.
Try not to get overwhelmed with all the choices that are available. Take a look at yourself and find out what kind of things you like. For example: if you are the type of person that gets excited about new technology, then you may want to focus on those types of businesses that offer new technology products or an older product with a new spin. If you are health conscious, then start looking in the health and wellness products.
Go through the 11 factors and note which ones are most important to you. Once you have this done, and then check out what's out there. Take you time and go through the company and make sure that you get your questions answered.
Don't do what I did and just get involved with a company because the compensation plan looked great.
If you already are in a home-based business and it doesn't seem to be going as well as you had planned and you truly believe in the business and the product, then maybe you just need to develop some network marketing skills. I'm not talking about how to approach your warm market or buying some fancy expensive MLM leads. I mean ? maybe you need to learn the art and science of network marketing.
You can get a free report "How To Get More People To Join Your Business In A Month Than You Get Now All Year" just call 800-247-9303 Ext 8600 and ask to have your report sent to you Today!
Amy Barrett is president of ACB Ventures Inc. She has made it her mission to help those that truly want to own a home-based business and actually make money at home. She is willing to share the little known secrets that the leaders know but don't tell. She has created http://www.secretsofnetworkmarketing.com as a way to get the secrets to others.
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