Which Home Based Business Should I Choose?

Which Home Based Business Do I Choose?

So you are looking for a home based business?  With all the choices out there, which one should you choose to build wealth?  And what does the term “wealth” actually mean?

One definition of Wealth is:

“A great quantity or store of money, valuable possessions, property, or other riches.”

Dictionary.com Unabridged (v 1.1)
Based on the Random House Unabridged Dictionary, © Random House, Inc. 2006

Many seek this word but very few achieve it.  So, the question is “how do you become one of those few”.

The first thing to consider before you invest any money in a home based business opportunity is research.  Why would you spend a significant amount of money on something without checking it out first to determine if the opportunity is right for you?  One major reason why very few make money with network marketing is that most do not do their due diligence before committing to a business venture.  Most of the time they encounter a good salesperson that catches them at the right time.

I have done a considerable amount of due diligence in the home based business arena.  I have personally reviewed and researched over 45 Network Marketing businesses over the last five years.  I have created a business model to measure the likelihood of success with any home based business opportunity.  You will be able to read about this model and the many other reasons why people succeed or fail in Network Marketing in my upcoming book.  For now, I will give you a few important requirements that your potential business venture should have:

1)       Products – Does the company have a niche product or service?  Will people still be using this product or service 5 years from now?  Is the product or service competitively priced and affordable?

2)       Competition – What does the competition look like and is there a demand for this product or service?

3)       Longevity – How long has the company been around?  (I recommend at least 3 years.) Is it private or publicly traded?

4)       Management Team – What are the credentials of the people running the company and what are their goals and plan for expansion?

5)       Compensation Plan – How are you paid?  Are there bonuses?  What does the residual income look like and how is it earned?  (If someone cannot explain the compensation plan in less than 5 minutes – pass on the opportunity.)

6)       Company Training – What does the company offer as far as training to get you started off right?

7)       Company Support – Is there a 800 # to call for questions and help?  Does the company hold frequent meetings/company conference calls/frequent conventions?

8)       Reputation – What are people saying about the company?  (I recommend doing a Google search on the company.)

9)       Your Ability – Can you picture yourself marketing this product or service?  Do you have the time?  Are you willing to commit to obtaining the skills necessary to be successful with your new business?  Are you capable of becoming a leader?

10)    Upline Support – Does the person bringing you into the business possess the skills necessary to help you grow and make the kind of money you want to make?  How long have they been involved with the company?  How often are they available to you for training and support?

11)    Passion – What is your Passion?  Try to find a business that speaks to that passion and if you cannot find a home based business that speaks to that passion – you can fall back on a passion for money.  What I mean is a passion for not having to worry about money anymore.  This means being able to put your kids through college.  Being able to spend time with those you care about most.  Being able to visit places around the world.  Being able to buy things that you want without looking at the price tag first.  Money makes all this happen.  So, ultimately, you should get passionate about money.

If you have found a business that meets all of these requirements, and is one that you can feel passionate about, then congratulations!  You may be confident that you have chosen a good business for achieving your own wealth and financial freedom.

Now for the next step visit: www.3roads2wealth.com

By Michael Gallegos

Edited by Jenny Macias

Copyright © 2008 – Michael Gallegos. This article may only be copied, distributed, or reproduced in its entirety.