Is finding a legitimate home based business even possible these days? That is the question that most individual come across these days and the truth is that a legitimate home based business is an absolute possibility. The only issue lies in whether the person seeking such an opportunity is able to analyse and ensure that the opportunity is a viable one.
To help those out there who are trying to discover a legitimate home based business opportunity that is legal and isn’t a scam, I’ve decided to write a post about what to look out for when searching for such a home based business.
As most of us know the internet is full of scams and junk that all of us encounter on a daily bases. It’s common to see get rich quick schemes and instant income deals on almost every website that we go to. These have all begun to reach saturation points in the internet and many government agencies are thus working doubly hard to stamp out the market of these games and scams.
This might sound negative but, for all legitimate online entrepreneurs, this is really the best thing that can possibly happen for us!
Even though this is so, the fact that majority of people are still searching and trying to source out the fastest and easiest method of making money still stands. So to help those out there who are trying to discover a legitimate home based business opportunity that is legal and isn’t a scam, I’ve listed a total of 8 mandatory aspects to look out for.
1. Leadership
Ok, I’m going to start off with the simplest one, which is ‘Company Leaders’. In this age of information technology, it should be extremely easy for anyone to do their due diligence and look for information regarding the company’s leaders.
Do simple backgrounds checks on Google and ensure that the leaders of the company have good track records and honest reputations.
Learn about their niche in the industry and their stories and determine if they seriously desire to help people. Joining a company whose leader seem to be money thirsty blood suckers and definitely not going to work. You don’t want to wake up one day and realise that your CEO has run away with all your money!
2. The UNIQUE Product
The next important aspect to look out for would be a UNIQUE product. Joining a home based business that is already filled with loads of competitors is a BIG NONO. This case is especially common in regular MLM companies and you generally see it in examples like sales of vitamins, juices, lotions, pills etc.
If you are looking at generating a decent amount of income, then these traditional marketing niches are not advisable.
What you want is a product that can appeal to a large group of individuals globally and that cannot be easily duplicated. Make sure that your market is large (not like just pills targeted at individuals interested in weight loss) and that not any tom dick or harry can simply take your product and create a better alternative in a blink of an eye.
3. The Marketing System
Arguably the MOST critical aspect of determining whether the opportunity falls into category of a legitimate home based business is whether it has a great marketing system attached to it. It really does not matter if you have the greatest product in the entire world because if you are NOT marketing it, or you do not have a great marketing system to learn how to market your product, then it’s ultimately useless.
In this day and age, if you are not leveraging on the internet to do marketing, then you are really at a large disadvantage. You need to be using Customizable Websites to brand yourself and to help you do the telling and selling for you.
Use these sites to help filter out the individuals that are serious about working with you and when you finally get to connect with someone, you can rest assure that he/she is serious about their business.
An auto responder is also a must. You need to use this to follow up on your leads and keep them updated to what is happening with your business.
Ask yourself 3 questions when you are looking at the marketing system.
(1) Would you want to do it? (Will I need to convince / force myself?)
(2) How would you respond to it? (Oh my god! I hate it!?)
(3) Does it apply leverage? (Time / Internet / Sales / Etc)
If the answers to the 3 questions are positive then you know this is a good choice.
4. A Great Compensation Plan
There are 3 main points to look out for in a good compensation plan
(1) The actual plan – A great compensation plan is one that is simple to understand. The logic is really straightforward, if you cannot understand how you are going to be paid, then don’t do it.
(2) Substantial Upfront income – Always look for a large UPFRONT income of maybe around $1000 per sale. When you make a sale, you deserve to be paid instantly. Forget those MLM schemes that need you to build a large down line and make loads of little sales. Always keep in mind that a dollar made now is going to be worth much more in the future. Use the money that you earn now and re-invest in your business to grow it and you’ll eventually achieve financial freedom really quick!
(3) Excellent residual income – Finally you’ll also want a compensation plan that will offer you a decent residual income. Similar to an insurance or real estate broker when they bring on a new agent they will need to spend time and effort to mentor them. When this agent then uses the skills learnt to make a sale, the broker should make a residual income. That’s the way your home business should also operate.
Combine the income from your own sales with the residual income of your team and it is going to be truly possible to hit a monthly six figure income with hard work.
5. Great Support
Unless you are an expert internet marketer or a guru in the field of marketing, it would be wise to choose a home business that offers a great support network. This network will be able to assist you when you run into problems and need those solutions fast.
Support can be in the form of a call centre to help follow up on leads with unique sales calls so that even if you do not know how to sell, the experts will do it for you. They can also help to answer any questions your leads might have and close sales.
A forum is also a great place to get personal and specific solutions. There’s a high possibility that others have come across the problems that you are encountering and have asked about it before.
One of the best supports that a legitimate home based business can provide is a personal sponsoring consultant or mentor like me. I have gained a wealth of knowledge from my own mentor and I personally want to help others too!
Usually, the mentor would have already been in the system for at least a short whi
le and will be able to assist many matters. They also provide a true life example of someone who has succeeded in this field.
6. Great Training
The system should have available training that is constantly updated in accordance to the latest happenings in the industry. Training manuals and videos along with step-by-step how-to tutorials are the best choices because these cater to individuals of all levels of experience in the industry.
These training materials will focus on telling the user exactly how to use the system he/she is in followed by how he/she should then market their home business to achieve results.
Live conference calls and live training calls and live webinars are also very beneficial to the home business community. This is where newer members can interact with the more senior members and learn directly from those that have already succeeded.
7. Global Market and Expansion Capability
A legitimate home based business MUST have global reach; it should be able to take advantage of the billions of people that are using the internet today. This is where the strength of a home based business lies, it can leverage on its reach to different parts of the world, all from your little home office.
Products like vitamins lotions and pills etc might have certain restrictions in different countries thus selling products like these might present issues.
The most favourable kind of product would be educational products as you can sell them in any country without fear of infringing any laws. (Unless you are educating about something sensitive)
8. Gives Back to Society
This aspect is usually the one that most entrepreneurs overlook. It might seem like an unimportant aspect in a home based business BUT whether the company is giving back to society through charity or donating to a cause can tell you a lot about the business.
Looking at it from a business stand point, this action helps to build the credibility of the company offline and online which ultimately helps all its members. We must all learn to give before we can receive; it is a universal law in doing business.
On a more personal level, when you find a company with individuals at the helm who are willing to give back to society, you will know that these are people with integrity. These are the kind of people that you want to associate yourself with and learn from.
WOO! And that’s the end of the 8 mandatory aspects to look out for in a legitimate home based business. Let’s summarize what was mentioned:
1. Leadership
2. The UNIQUE Product
3. The Marketing System
4. A Great Compensation Plan
5. Great Support
6. Great Training
7. Global Market and Expansion Capability
8. Gives Back to Society
If you’ve managed to find a company with the 8 aspects above, then you’ve got a perfectly legitimate home based business opportunity right before your eyes! You can join that company and do it with pride and confidence. I hope that this post has given you some insight and assistance. If you wish to know more about this topic, go ahead and add a comment in the comments area below. You can also contact me at justin.ywf@gmail.com
Personal note:
If you are new to my blog, and don’t really know what I’m into, I just want to let you know that I was only able to write the post because I have had firsthand experience with such a business. I have found the perfect business that is almost impossible to fail in.
To know a little more, just spend some time to check out this site. www.jysuccess.com
Go in, and read about it, once you decide, I’ll see it, I’ll call you and we’ll go through it all together. If you decide to link up with me, I’ll personally support you in whatever you require. My mentor and the large community behind us will also be on hand to assist you every step of the way to your success.
I’ll definitely love to hear from you, till we speak! Have a superb day!
Justin Yong signing off!
Posted September 20, 2009 by justinyong under Business & Work
