Sunday, November 22, 2009

Choosing a Home Business

Choosing a business, especially a home business can be a process that is filled with landmines. I know, I've stepped on a few myself. So how do we determine what constitutes a really good home business opportunity?

I've identified a few of the factors you may want to consider. I'm sure there are probably more, but these will help you avoid some of the common landmines and perhaps save you much money and grief. It's my hope that these tips will also direct you to a good home business that will be a source of wealth for you and your family.

1. Is the product or service something unique that isn't already available in multiple places? Wouldn't we all like to get in on something like this...fortunately due to creativity and the ability to build upon previous technology, science and experience, opportunities like this still do come around occasionally.

2. Is there demand for the product or service offered by the home business you're considering? There is no point in having something unique if the market for it is too small or too specialized. New technology or new discoveries are often in high demand. Another consideration is whether the people who will want this product or service have the money to spend on it.

3. Is the company behind the product or service backed by solid leadership with a proven track record? This may not seem very important in the grand scheme of things, but I personally have seen many people lose their entire income stream because of the lack of integrity of leadership. In most cases the company folds or goes through a serious down turn when leadership isn't solid and/or isn't in agreement or lacks integrity and changes rules at their own whim.

4. Is the company in a good place in its growth cycle? A company that is 2 or 3 years old is a much better risk than one that is in "start up" phase of less than 2 years old. Statistics show that the vast majority of companies go belly up during that initial "start up" phase. If you want to take advantage of your home business opportunity for a long time to come, this is an important factor.

5. Is the company at the beginning of the momentum phase of its growth? If all of the other criteria are in place, but the company has already passed the momentum phase and is a household name, the opportunity for significant growth and income is definitely more limited than with a company in the initial stages of momentum. You can ride that momentum phase to the top and become wealthy as a result.

6. Is the start up cost reasonable? Reasonable is probably different for each of us, but I would be wary of a product or service that is inflated in its initial investment requirements simply to justify an inflated compensation plan.

7. Is the marketing of the product done in such a way that anyone could do it? Can it easily be duplicated? This is an important consideration especially when you factor in how much time you have (or don’t) to dedicate to finding customers. A system that you can follow will make your job so much easier, especially if you’re new at running your own business. If you’re contemplating a network marketing business, it’s essential to having a marketing system that works is essential.

I'm sure there are probably other factors, but analyzing these will give you a much better way to evaluate a decision than the average person who may not take the time to do their research before jumping onto a home business opportunity.

I'll be expanding on these points in future posts, and I hope you'll take the time to have a look at the opportunity I believe fits all of these criteria. Simply go here to receive more information. Don't forget to get your free marketing system you can use to promote any home business or internet business you may already be committed to.
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