Seven Steps To A Successful Home Based Business Opportunity

For years, I struggled with hitting and missing in trying to identify the “right” home based business opportunity. I tried several companies and ended up trying to sell lots of lotions, potions and pills as I worked on my “real” jobs, before finally finding one that both fits my lifestyle and personality. I hope that the research that I’ve done will assist you in finding the right opportunity before you spend a lot of money and waste a lot of unnecessary time. Why is it important to find the right home-based business? In most families, just to make ends meet, alternative forms of income become more necessary. Plus, statistics show that 74% of wealthy people worldwide have their own businesses, many of which are home-based. Adding to this, one of the last best tax write-offs comes from having a home-based business, and of the world’s next millionaires, a great percentage undoubtedly be small home-based business owners.

Unfortunately, this business boom has also opened the way for innumerable scam artists to surface. So how can you identify legitimate home business opportunities? I believe that the key is to discern between home-based businesses that promise wealth, and those that have workable business models that can truly lead to wealth. Check out the listed criteria below. It can help you to identify the perfect home-based business opportunity.

1. Start-up costs – While traditional business costs can be very high, costing literally thousands and thousands of dollars, home and Internet-based business generally cost less than $1000. when you are looking for a home business, look for a business with a low start-up fee and a low overhead (monthly costs). Ideally, start-up costs should be less than $500.

2. Leadership & Experience – The experience and background of the company founders should reflect longevity and stability in whatever industry you will be working in. Look for leaders with proven success, in the industry and/or business that you are considering. Also, look leaders that have leadership skills. True leaders inspire others to follow them. They exemplify the following character traits: honesty, intelligence, concern for and about people, the ability to make decisions, confidence, good communication skills and loyalty. They ensure that people or systems are in place to coach, train and mentor new recruits.

3. Industry – The business industry that you choose should be expanding. If the industry is booming, you’re starting at a good place for your success. You want to stay away from industries that are declining.

4. Compensation Plan – The compensation plan should be one that makes sense and is easy to understand. It should also be multi-faceted, offering many ways of making money. Do not fall for “get-rich-quick” schemes. Seek a workable plan and then ask yourself: How long will it take me to get to the top of the pay scale? What is required to make money? What is the process for upward mobility? Are there ordinary people from every background and walk of life doing well in this business?

5. Participants & Partnerships – Examine the company’s business partners. Who has linked arms with the business. How long they have been in place. Is the relationship sustainable? Great partnerships help to secure solid business foundations.

6. Credentials – Does the company have all the credentials that it needs to operate fully? Is it publicly traded? FYI, companies offer a higher level of security and stability when they are publically traded because they are tightly scrutinized by the US Securities Exchange Commission (SEC). What organizations is the company a member of?

7. Time – How long has the company been in business? Most businesses fail within the initial five years. If the company has passed the five-year threshold, its potential for survival increases with every year.

If you use these seven steps as a checklist to qualify a potential home-based business, you will be more likely to operate a legitimate business that you can succeed in.

Have questions? Feel free to post them or contact us.

Happy Hunting!

Cheers.