Starting A Home Business Involves More Than Most People Will Ever Tell You

Starting A Home Business Is Never As Easy As Product Promoters Make It Seem

If you have been interested in starting a home business to either replace your current income or supplement it, you probably began your quest with some searches on the internet. No doubt, you have come across a ton of information about the subject as well as many scam programs that are designed to simply part you from your money.

The first thing you have to understand is that not all home based business ideas are scams. The hard part is determining what is not a scam and what is. Typically, I have found that if the offer presented has words in it that refer to terms like “Autopilot” or have outlandish income claims then you should scratch those off your list immediately. There is no such thing as “AutoPilot” income when you first get started, although with time and experience you may learn how to automate much of your daily tasks.

There Are Many Types Of Businesses That You Can Do From Home

Network Marketing:

One of the more popular types of home businesses that you will come across is Multi Level Marketing (MLM) more frequently referred to as Network Marketing these days. There are many different Network Marketing companies to choose from. There have been quite a few that fall under this category that have been outright rip offs and scams that have put a bad taste in many peoples mouths just thinking about this type of business model. The truth is that this actually is a very good business model if you are committed to helping other people achieve their goals and you choose a good stable company.

The failure rate in Network Marketing is as many anti-MLM zealots like to talk about is mainly due to the low cost associated with getting involved in this type of business. The cost of entry into most Network Marketing companies means that many people who are not qualified to understand business at all are able to join, and many fail. Another thing that is not figured into the statistics is that many people join Network Marketing companies to buy the product at a discount with no intent of ever building an organization. Like any business, those who educate themselves in the industry and make a strong effort to succeed with a “Never quit” mentality can be successful with this business model. Although the failure rate is high for first year Network Marketers, those who stay committed to this type of business model for a period of 10 years or more are statistically much more wealthy than most other small business models with the average income of a 10 year veteran being well above 250,000 per year in NET profits. This is not too bad considering the cost of entry into this type of business is on average 500 dollars.

Tip:

Most people who are successful in Network Marketing are very personable, if you don’t like people this is not the business for you. Also, most successful Network Marketers have multiple income streams and earn a majority of their income through book, speaking engagements and affiliate tools that Network Marketers need to grow their business. It is never a good idea to rely on just this one income stream, Network Marketing companies close everyday or change their pay plans frequently.

Affiliate Marketing:

Many businesses are tightening up their advertising budgets and look to affiliate marketers to promote their products. If there is a product or service on the internet, then there is typically an affiliate program that you can get involved in to promote for profit.If you can dream up a product or service there is a good chance that you can find a company that has an affiliate program that you can get involved in.

Basically as an affiliate it is your job to market the product and/or services. The company will typically provide you with a special website link that you use to promote the product or service that will track your commissions. As I mentioned earlier, if you can think of it there is probably a company already in existence that will pay you commissions to promote their product on the internet. For most internet marketers this is the best place to start because there is no upfront cost associated. You don’t even need your own website. There are plenty of forums that deal with this type of business that you can participate in and get guidance that are easily found on the search engines.

If you decide to become an affiliate, honesty is the best policy. Many dishonest marketers will say just about anything in their ad copy to generate an affiliate sale. This is also something to look out for when searching for a home business opportunity as many affiliates target this Niche market, not to help you with your home business but to earn a commission. Many of these affiliates don’t actually own the product or use the services they promote. It is my opinion that if you are going to promote something then you need to stand behind the product or service. I guess I have old fashioned values and personally would never promote something that I did not believe in or use for myself.

Be A Service Provider:

This is a great type of home business. It can be as varied as your imagination. You are only limited by your own commitment to achieving success in your home business. If you enjoy carpentry for example and have a small shop, you could start a sign company or make chairs and sell them. If you enjoy quilting you could start your own quilt making business from your home. Really there is no limit as long as you have the required space and tools to do whatever it is that you want to do from home.

Some Considerations:

At the beginning of this article I mentioned that I would share some things that nobody else is telling you about starting a home business. Some of the things that most home business course promoters like to neglect to tell you about concern legal implications. If you become an Independent distributor for a company this lets them off the hook concerning many of these aspects.

Make sure you are legal in the business that you conduct. You will need to check with your local area law concerning things like business licenses. Many people neglect this one simple thing only to lose their business down the line. I recommend learning as much as you can about getting a small business started. You must also be aware of the tax implications when running your small or home business. There is a lot of new legislation being enacted right now that greatly affects home and small business owners. Please look into NEXUS and how it affects you if you sell products and services on the internet across state lines. Many states are now requiring the seller to collect the state sales tax.

I am not an attorney and cannot provide you with legal advice but I will say that you should use due diligence when deciding to start a home or small business. I talk about many of these issues on my personal blog that you can find in the resource box attached to this article. Come visit and be sure to leave a comment when you do. If there is anything that I can do to help you out, don’t be afraid to contact me.