After spending nearly 8 years in the world of home based business i’ve seen many opportunities rise and fall. I’ve also seen many people create life changing results while countless others experienced frustrating, embarrassing and even devastating failure.
Although personal responsibility and the ability to take action is a major factor, many home business owners fail to give themselves every possible advantage in the marketplace. Sometimes the model and/or business you are operating in is not positioning you for leverage and freedom you are seeking.
Thats why I created these 8 factors of a winning home business opportunity. Weather you are building a business and you want to see how your company measures up, or you are looking for a new business and you want to make sure you giving yourself every possible advantage, this post will provide a great deal of profit producing value for you.
Here are the 8 Factors
MISSION: You’ve got to have a mission that you can get passionate about. If not, find a new company with a mission you can adopt and get behind. The more passionate you are the more effective you’ll be. Also, does this company act with integrity and in accordance with the mission? If not, you may want to run, rather than walk in the other direction.
INDUSTRY: I recommend direct Sales via network marketing. No other business model offers so much potential with so few barriers to entry (like start-up costs). If you are in a field like health and wellness, which is a multi-billion dollar industry, what is it that makes your company stand out? If that is a tough question to answer you may want to start looking for a new opportunity.
COMPENSATION PLAN: I recommend Direct Sales, but only if it has a residual income based compensation plan that incentivizes team building. There are a lot of direct sales opportunities that pay big commissions but only when you personally make a sale, which does not encourage teamwork and often has no residual income. On the flip-side a lot of MLM opportunities do encourage team building and can offer a great deal of residual income when you have a large enough team, however there is little to no upfront commissions so it can take FOREVER to create a full-time income from it. Everyone will tell you their company has the best compensation plan, but I’ve found the best direct sales companies have a balance of upfront income for the short term and a good residual model for long term passive income.
PRODUCTS: The long term profitability and viability of any company will be determined by the actual value of the products being sold. Does your product stand alone in the marketplace or are their thousands just like it? There are many direct selling opportunities that have great products, but heavy cut-throat competition. Could your product stand on its own? I.E. Would people buy it even if there were no “business opportunity” attached.
MENTOR: Find a mentor. Someone you can trust. Someone who has a system. Someone who already has the results you’re looking for. The mentor should also have a financial interest in your long-term success.
MARKETING: Use an Online Marketing system like this one that does the sorting, selling, training, and follow-up for you. This system must not only attracts the right type of person (entrepreneur vs get-rich-quick loser), but be able to present the information in such a way that is clear, concise, to the point and not full of hype fluff or crazy promises.
TRAINING: Make sure you have access to training that will dramatically shorten your learning curve and reduce the number of variables that come with “trial and error”. My team members get to plug into weekly training calls and marketing system training in order to see what myself and other top producers are doing on a daily bases to build our businesses.
SUPPORT: Unparalleled support is mandatory. Not just system support for technical issues but team support. If I am personally unavailable I have business partners who are available to assist my team members. I do the same for their teams when they are not around. It is a win win situation for everyone.
Direct sales opportunities literally come in all shapes and sizes, many with amazing, top notch products and unparalleled company support. Sadly, also quite a few that are not so good and many that have a few of the qualities we discussed in this post.
I recently positioned myself with a 40 year old direct sales company that uses a cutting edge marketing system to drive sales. The products are second to none and have little to no competition – the compensation plan offers both very lucrative upfront commissions as well as the long term residual income or “beach money” many of us are striving for.
Leave me a comment if you have any questions….
Until next time…