Archive for

Is Your Home Based Business the Best Opportunity For You?

At last count, there were more than 62 million independent sales representatives worldwide who generated over $114 Billion in retail sales in the direct sales industry. With such impressive statistics, it is easy to see why so many people start a home based business with a direct sales company.

However, while there are innumerable home based business opportunities on the market, they are not all equal. Some will earn you the money you need to achieve the financial and personal freedom you are striving for, while others will merely waste your time. Ask yourself these three questions to determine if your home based business is your ticket to the success you’ve been dreaming of.

Are people outside the company interested in the product?

There is a home based business opportunity for just about every type of product available on the market. From personal products to financial services, you can start a business selling anything you are passionate about.

The problem is, however, that many of these companies sell products that either do not interest the general public or sells the products at an outrageous price point that only people in the business would buy in order to maintain their minimum level of sales. An important part of having a successful business is offering a product that people will buy. Without that, your home based business will fail.

Are the marketing tactics effective?

Possibly the most important component of a successful work from home business is the marketing aspect. You can sell a ton of mediocre products with a great marketing campaign. Proof of that can be found in any retail store. However, if you use a poor marketing strategy, even the best product in the world will fail to sell.

Many work from home business opportunities use outdated sales and marketing methods to attract qualified buyers. Some rely on cold calling or treating every person you meet like a prospect rather than a person. Most customers have developed a resistance to this type of hard selling which causes you to be subjected to endless rounds of disheartening rejection. If your home based business relies on this style of marketing rather than the newer, customer friendly marketing system, then your business may not survive its first year.
Can you develop streams of residual income?

Residual income is money that continues to be made long after the effort to generate has been put forth. For example, a musician will earn royalties on his music long after he creates the CD compilation and distributes it to the public.

In order to achieve true freedom, the bulk of your income should come from sources of residual income. When you income is not based on active ongoing effort, you’ll be able to spend your time doing the things you want to do rather than working on the things you have to do in order to earn money. If your home based business doesn’t pass the test, then it is time to change to something new.