You Want to Have a Home Based Business...Now What?

You have decided to go for it. You want your own business. Being your own boss and having Residual Income is the way to achieve financial success. The stories you have heard about leadership bonuses, car allowances, cruises and massive downlines are part of the lifestyle you desire.

Don't leap in before you do your homework. There are 3-5 new Direct Selling companies that emerge every month. Not everyone is a good match for you.

How To Choose a Home Based Direct Selling Business

1. Find a product you are passionate about ~ It's easier to sell something you love. Learn about the product(s) and learn how to work the business. But be sure this is what you are comfortable with~are you a people person? Some people are not self motivated or they get discouraged easily.
2. Direct Selling companies vary with products or services. There are health & beauty products, weight loss, jewelry, cleaning products, bundled services for home or office. Is it a product with mass appeal or is it a flash in the pan?
3. What is the sign up fee? Are there annual fees? Some companies have different entry levels and amounts to join.
4. What is the price point? $30 or $125? Know what your customers can bear. Is the product a necessity or a luxury?
5. Is there a monthly auto ship you need to participate in to qualify for payouts? What are the conditions for returns, refunds or damaged items?
6. Research the company, how old is it? Is it debt free? Have there been any problems or consumer complaints? Go to www.mlmwatchdog.com and read up on your choices.
7. Learn about the compensation plan. Can you make headway by signing more associates or customers? Is the plan easy to understand? Do you know the course you need to take to get to the next level in the organization?
8. Ask a friend or neighbor about the company. have they heard anything good or bad about it? Or is it so new there is nothing to be found out about it? Studies show that there are 3-5 new Direct Sales/MLM companies that start up every month. And about the same amount fold each month.
9. Go to some of the Opportunity Meetings and check out the people. How much is hype and how much is real?  Find out about training and how much support you can expect from your sponsor, your upline and corporate. Are they pushing recruitment or sales?
10. Try some of the products or services. With some companies, you can be a Customer first and enroll later as an Associate or Distributor. This is helpful if your initial investment is limited by your available funds. You may be able to make money buy selling the products
11. Decide how much time you want to invest. Some, part, full or professional. This all depends on your situation and how determined you are to be self-employed and successful.
12. Don't quit your day job. We have heard this often applied to someone singing at a bar that can't carry a tune in a beer bucket. Seriously, don't quit ~ many people involved in Direct Selling quit their j.o.b.too soon because of the lure of quick riches and do not realize that their expenses will increase and they are not making enough residual income to cover their lost job income.
13. Give yourself TIME. It takes 2-5 years to make a Direct Selling home based business a successful substitute for a JOB. Many people get caught up in the hype and rah-rah of the lure of new cars, cruises and bonuses that the top executives receive.
14. Treat your new business as a REAL business. If you are not in it to make money ~ then it is only a hobby.
15. Learn about the tax advantages of running a home based business. Make sure you keep proper records, take proper deductions and follow any local as well as state and Federal regulations.
16. Join network groups. Find sources on the internet; MeetUp groups, BNI, Chambers of Commerce.  And networking on the internet of course! Social media with Facebook, Twitter, blogs and websites. Depending on the company you choose to go with, they might have their own branded website or landing page that is personalized by you.
17. Invest in YOURSELF. Get motivated to lift your personal effectiveness. Find out how to improve yourself so that you are successful. (In my first hub, I shared about discovering what one needs to do to be effective) If you think you have no room for improvement, think again, studies show that people that continue to improve themselves are successful and rich!

And last but not least, know that you are not alone in achieving your goal of financial success through residual income. We all have struggles, flat spots, no growth or disappointments. Decide if you can afford to risk your time and money in this type of endeavor. Panic and desperation often cause people to make quick decisions based on emotions instead of facts. Here's to your success in 2010 and beyond!