10 Key Elements of a Successful Home Based Business
Who wouldn't want to work from home? You can make your own hours, forget ever having to commute, and never have to answer to a boss. Plus, as a home based business owner, you have the potential to earn exponentially more than you ever will by punching a time clock.
Yet, there are so many home based business opportunities available that it's often difficult to choose the one that is a good fit for you and that has the income potential that you need. To help you make your choice, here are five key elements to look for in a home based business.
1. Go with Network Marketing
While it's true that not everyone succeeds at network marketing, the principles behind it are sound. After all, network marketing is essentially using and selling products through word of mouth. This approach allows you to reach out to an ever-growing number of people and reap the financial rewards of building your own downline. Because network marketing cuts out the middleman, your earning potential increases. In the process, you create the potential for residual income while enjoying low overhead and the opportunity to work when and where you want. Furthermore, when you take advantage of Internet-based network marketing, you are not bound by geographic boundaries; your customers and downline can reach global proportions.
2. Choose a Company that Offers Multiple Products
Every day, you use dozens of products. Some home based business opportunities focus on one product, while others focus on many. When you do the math, it's easy to see why it's preferable to choose a company that allows you to become a member and have access to a wide variety of products, as well as to sell those products.
3. Find Cutting Edge Products to Use and Sell
Few people need more candles, kitchenware, or knick-knacks. What they really need and want are information and mobile technology products, such as DSL, VOIP, and broadband. Baby boomers in particular are looking for values in discount shopping, travel, and professional services such as legal services and health services. Companies and entrepreneurs are always on the lookout for cutting edge business software, conference calling, SEO services, marketing products, and video production services.
4. Look for a Solid Compensation Plan
Compensation plans vary from company to company, so be sure to find one that gives you the greatest earning potential. A single paid matrix is an excellent approach, as is a 3 x 9 monthly matrix commission.
5. Gain Access to Business Building Tools
One of the premises of network marketing is that you don't need to reinvent the wheel; the infrastructure for a successful business model already exists. When reviewing home based business opportunities, especially those that are Internet based, find one that allows you to grow your business through duplication, so that you can immediately get up and running. The company you work with should also have a support system that includes mechanisms to capture leads, create ads, and develop solid marketing strategies. Moreover, there should be a sense of community, camaraderie, and mutual support.
By the way here are 5 more tips for becoming a successful home business entrepreneur
There are a variety of reasons why people consider becoming a home worker. In some cases, people who are retired need some extra income. In other instances, a stay-at-home mom might need money to supplement the family income. Sometimes, a person decides to launch a home based business in order to achieve a specific financial goal, such as a family vacation or home repairs. Other times, people simply get tired of the grind of commuting, answering to a boss, and working predetermined hours.
There's no doubt that a home based business opportunity can provide extra income for retired people, money for moms, and the extra cash for a family vacation. It can even replace a primary income so that a person can quit his or her day job and make his or her own hours. Unfortunately, though, making the decision to become a home worker is only the first — and the easiest — step. The next step is succeeding in your home based business. Here are five tips to help ensure you succeed in your quest to become a home based worker:
6. Set aside time each day for your home based business.
Although there are many home based opportunities that will earn revenue with a minimal amount of work, the more time you put into your business, the greater your financial rewards will be. Designating a certain number of hours per day (or per week) will help keep you on track.
7. Minimize distractions while working.
If the kids are running around, your friends are calling, or you keep getting up to do laundry or other household chores, it will be difficult to sustain your home business. Create ground rules to minimize distractions, and have the discipline to stick to them.
8. Have patience.
Despite "get rich quick" promises, the typical home based business opportunity will not provide you with immediate income. Have patience at keep at it to reap financial rewards, but make sure you have a revenue "bridge" that will keep you going until your business begins to generate returns.
9. Diversify your revenue streams.
The successful home worker generally has several — if not many — revenue streams. This way, if one aspect of the business falters or has a slow period, others can fill in the gap. Take a building block approach: start with one home based business and add another when the first starts generating a steady income.
10. Make bookkeeping a priority.
Oftentimes, a home worker will let bookkeeping go by the wayside. Revenues from his or her business will be intermingled with personal finances, or his or her recordkeeping will be less that pristine. The Internal Revenue Service keeps a close eye on home businesses, so it's crucial to keep your business income and expenses separate from your personal income and expenses. It's also important to keep and record all receipts for expenses. If you keep good financial records throughout the year, it will be much easier to do your taxes when April rolls around.
Being a home worker is immensely rewarding in terms of income potential, making your own hours, and doing work that interests you. Success lies in choosing the right home based business opportunity, sticking with your commitment, and keeping good records.
Launching your own home based business can not only lead you to a debt free life, but can also enable you to travel the path of true financial freedom.
Brian Walters SEO
Brian Walters MarketHive