Guest Post: Choosing A Home Based Business

Jan 11th '19

There’s an old saying when you’re looking for a home based business “you need to pick one horse and stay on it to the finish line”.  What does that mean?  The really successful people running a home-based business have been those who’ve stuck to ONE opportunity, and worked hard in it for a very long period of time – with clean focus.


In contrary, the ones that don’t make it are those who always keep seeing the greener grass in another company… and jump from business to business, trying to find the right one. That approach really does not work.


As we all know, it’s very important that you stick to one good company for at least 4-5 years to see the results and leverage.


So, the question is, how do you find the right company?

Before you part with your hard-earned money, keep in mind that home based business schemes abound and the adage, “If it sounds too good to be true, it probably is” is especially important to remember. Therefore, it’s very important that you do your homework.


Here are some questions you should ask before you commit to any home based business opportunity, as suggested by successful home based business owner, Stuart Ritchie. While the questions should not be considered all-inclusive because what you’ll need to know largely depends on the type of home-based opportunity you’re considering, they will at least get you started on on the right track.


What are the Startup Costs for this Home Based Business Opportunity?

How much are the start-up costs for the home-based business opportunity you’re considering? Are there ongoing costs? If so, what will they entail and how much are they?


This is especially important if you are very low on funds, and these days who isn’t? Often a business can cost more to start than it may appear in the beginning. It is also important however, to realise that you have to spend money to make money.  You should be able to get started in a home-based business for as little as £100.


What Kind of Training and Support are Available with the Home-Based Business Opportunity?

The training and support offered by a company will make a huge difference in your success. Do you have a quality up line with good ethics and leadership skills? Are they dedicated to helping you succeed?  Is the training free to attend, as many times as you want?


If the training materials and company leadership are good, you will grow your business faster and it will be easier to succeed.


How Long Has the Company Offering the Home-Based Business Opportunity Been in Business?

A brand-new company has no track record and it can therefore, be unstable. A company which has already been in business for a few years has the advantages of new opportunity along with stability, while an older company already has a lot of reps and customers and it may be more difficult to find your own and the market may be “tired”.  Find out how big the market place is and what percentage of the market the prospective company has.


What Products or Services are Involved with this Home-Based Business Opportunity?

What are their products and services like? Do they have a reputation for quality? Quality products and services will endure and sell better than products of a questionable quality.


Is the product or service consumable? Will people reorder? Consumable products offer the business owner more money because people will reorder and buy more. Non-consumable products can only be sold once and then you have to go out and find more customers.  Service based businesses can often offer true “residual income”, where you do the work once and then get paid over and over again.


Are There Quotas or Minimum Inventory Requirements for this Home-Based Business Opportunity?

If you are required by the company to buy a large quantity of products on a regular basis then it can be difficult to maintain the business, or it can be financially stressful if you need to temporarily stop working your business. The last thing you want is a basement full of unused products.


Are the Products or Services that this Home-Based Business Opportunity Will Offer Affordable?

The majority of the population must be able to afford the products or services the home-based business opportunity is offering to customers. The more expensive the product or service, the harder it will be to sell, and your target market could be very limited because fewer people will be able to afford it.  Better still, are the products offered at a discount to the normal retail price for competing products?


Are the Products or Services attractive whatever state the economy is in?

If the products on offer are luxuries, then genuine sales to end consumers will probably reduce significantly during a downturn in the economy.  Whereas products and services that continue to be used whatever happens to the economy will ensure your business continues to thrive.


Do You Get Paid on Every Customer Introduced by Your Team Of Reps?

There are many different kinds of “compensation plan” available, meaning you get paid in different ways by different companies.  Some companies will limit the customers you get paid on to customers generated by a certain part of your team of fellow reps.  Others will limit the number of “levels” you are paid down to.  The ideal company will pay you on every single customer introduced by your team of reps, however many “levels” there are.


Once you make sure you’re happy with the answers to these questions, YOU HAVE FOUND THE RIGHT COMPANY!


Stick with it for at least 5 years and you could start seeing the £££££ flow in.


At LS Consultancy, partner with business men and women who are building their own path. Entrepreneurs that are looking for a work life balance that’s on their terms, business owners looking to expand and grow their presence locally. People looking for an alternative to the 9-5 so whatever your reason, we’d love to hear from you.


About the author: Stuart Ritchie

Stuart has previously been employed, working long hours in the finance industry for many years earning good money, but having no control over life. He also run his own property business, with the stress of staff, cashflow, huge borrowings, etc.

In July 2007 he was introduced to a simple proven business system that he worked a few hours a week, increasing profits and reducing overall working hours, creating more time for the things that are important. After a couple of years of part time effort we was able to “sack the rat race” and “retire” at the age of 38, with a passive income that surpassed anything he had earned before, growing monthly.


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