Every day thousands of people look for a home business out of the need to help with the stack of bills that see to arrive everyday, pay off their increasing credit card debt or to have more time with the people they care the most. I know, I was one of those people.
There are countless Internet Businesses, MLMs, Direct Sale Businesses and Network Marketing Businesses out there, and more are popping up every year. What most people don’t know is, the average lifespan of a home based business company is less than two years, so when they close their doors (or change their company name to avoid legal issues) the home business owner feels betrayed and enraged because they were lied to and now are deeper in the debt sinkhole.
Before you’re roped into this group, take some time to ask yourself exactly what you want in a home business before joining. There’s more too it than wondering, “Which company can make me super rich quick?”.
Here’s a list of things you need to consider before you enter your credit card information and buy a ticket for the get rich bus:
1. Start Up and Continuation Cost
a. Is it affordable for you now to start a home business with the company you want?
b. Most businesses have a monthly membership. Can you afford to stay with the company after one month? Two months? A year?
c. Are there any extra costs involved to be successful with the business?
d. Does the business provide a budget plan for you so you don’t overspend?
e. Does the business provide a refund if you decide not to quit?
2. Compensation Plan
a. What percentage of commission do you earn from the product(s)/service(s)?
b. Can you earn commissions with your business more than one way?
c. How often do you get paid for your business? Weekly? Monthly? Yearly?!
d. Does the product(s)/service(s) have to be kept by the customer for a certain amount of time before you receive your commission?
e. If the customer wants a refund for the product(s)/service(s), do you have to pay back your commission?
f. Is there a limit to how much you can make in a week? Month? Year?
g. Are there extras (bonuses, trips, vehicles) for being a top earner or making/breaking sales records?
a. Are you given a mentor, upline or support team you can contact if you have a problem, question or concern?
b. Does the business have a website where other people have voice the same problems, questions or concerns?
c. Does the business have a toll free number you can contact?
d. How quick (or slow) does the business respond to your problems, questions or concerns?
e. Does their response satisfy your issues or leave you even more troubled?
4. Product Marketability
a. Does the business provide a website to market their product(s)/service(s) or do you have to build your own?
b. Does the business have brochures, CDs, or DVDs to for you to build your business?
c. Are you allowed to market their product(s)/service(s) as well as any you may have?
d. Are you allowed market affiliate product(s)/service(s) with the company product(s)/service(s) or do you have to achieve a certain level in their business before you are allowed?
e. Do you have to attend meetings to be a part of the business or market their product(s)/service(s)?
a. Does the business have a training program? How long is the training?
b. Does the business have a training website that is easy to navigate and learn?
c. Does the business provide live training calls, webinars, videos, CDs, DVDs or books for your training?
d. If your sponsor quits, what will happen to you?
e. How soon will your business start making a profit when your training is finished?
6. Success Record
a. How long has the company been in business?
b. How soon (or long) were they established before they showed a profit?
c. Are they still making a profit today?
d. Are the chairmen people with successful business backgrounds or do they have a negative record?
e. Is the business privately owned or is it being traded on Wall Street?
f. Does the business promote a benefit, charity or non-profit organization? Did they create their own?
This is list of questions you NEED to ask the representative of the company you want to join. If they can’t give you an answer, then speak to someone in the business who can. If that person can’t answer your questions, you need to keep looking.
Finding a home business is the same as buying a new pair of shoes. If they are a good fit then you should be able to wear them everyday for as long as they serve their purpose. If they cause more pain than pleasure, then you should be able to return them for a refund, or throw them away without any hard feelings.