So you’ve decided to start a home business. This is a critical first step in your journey in free enterprise. Let’s make no mistake about it, “free” enterprise is far from free. In order for you to be successful, you will undoubtably pour your heart and soul into what you are doing. And so, since you want to be a success, let’s start by looking at the key points which must be present in any home business worth pursuing.

Legal. Face it, there are thousands of illegal schemes out there with some slick front covers that are just flat out crooks. You’ve seen them, I’ve seen them – the point being – do your homework and make sure the business you are about to invest in is a legal operation.

In-demand, consumable product or service. Money is made when a product or service is bought or sold. Pick a product that has high demand and value for the end-user, and one that is also consumable, or requires replenishment in continuing increments (examples of this would be insurance purchased monthly, or skin cream you’d need to re-purchase once used). If your product/service does not offer you the opportunity to make repeat sales, pick a different company.

Experienced, High-Caliber Executive & Management Teams. This is critical. You could have the greatest product since sliced bread and it could wind up right in the gutter if the management of the business are making poor decisions about the growth, development, planning, financial, and a wide array of other business elements. Do your homework.

Proven System For Distribution/Exposure. If you want to get going quickly in your business, you shouldn’t have to re-invent the wheel. A business with a proven marketing approach and system in place for mass exposure/distribution is absolutely essential. Unless you want to spend years and untold dollars discovering what works, choose a company that already has a proven system in place which you can plug into quickly and easily.

Compensation. Evaluate the compensation plan. Are you going to be paid commissions/bonuses and provided other significant value for your contribution to the company? Also, look at the history of the compensation paid out thus far. Has the compensation plan been changed over the course of the company’s history? If so, how has it changed – to the benefit of the distributors, or to keep more money away from the marketer? A solid plan should pay fairly for your efforts and provide you incentives to grow and reach new levels.

Growth. In our ever-changing environment, we must choose a business that has vision for the future. Choose a company that values innovation and opportunity for new ideas & products, and not one that is stagnant and unable to move forward as trends in business change over the coming years.

Investment Cost. It’s important to consider what investment will be required of you to get started in the business. Is it outlandish and unreasonable for the average person to get started? Does it make sense considering what you will receive for your investment? Remember to evaluate items you may also receive such as customer/corporate support, accounting, shipping/receiving (if required), training, etc.

Training/Mentorship/Coaching. What happens after you make the decision to join a company? Are you left high & dry or do you have complete support and necessary training to reach the levels of success you came for? Do not overlook this important element of your success. Without guidance of those who are already experiencing success, it will be difficult to reach your business goals.

Philanthropy. This is probably a more personal choice for you, but I think it’s important enough to add to the list. A company which achieves great success, and allows others to join in with their own efforts should, in my opinion, give back to the world. Look at the company you are evaluating. Do they give back? Do they hold an ideal of making the world a better place and supporting it with financial backing? Again, a personal choice, but one I keep on my list.

Filed under: Business TrainingHome Business

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