“Is there anyone so wise as to learn by the experience of others?” ~Voltaire
After reading books The 4-Hour Work Week by Timothy Ferris and The Sovereign Individual: Mastering The Transition To The Modern Age by James Dale Davidson and Lord William Rees-Mogg, I had a vision of what I wanted in a business that would allow me to travel and work when and where I wanted. I wanted simplicity, high compensation, and ultimately freedom, both financial freedom and time freedom. If you’re considering a home based or online business, there are seven critical things you should consider in your evaluation.
Thinking about the following crucial aspects of a home based or online business will save you much time, money, and stress as you take on a very rewarding career or better yet, adventure.
Product – Unique and in Demand
With all the products on the Internet, it is important that you should ask yourself, “Is this unique? Do people need or want this?”
Is this another brand of juice, or vitamins? Some companies already have the lion’s share of the market. Is the company you’re looking at able to compete with the larger established companies? How, if it’s not unique, will it deal with the domination of the competition?
Is the product in demand? A unique product in and of itself will not be enough. Will this product be of use? Will it help people make their lives better? Does it add value to peoples lives? If you remove the product from the business opportunity would the product still be in demand?
Lucrative Compensation Plan
The new entrepreneur needs income from two sources: high up front income to immediately help with finances and high back end residual income for future freedom and retirement. Most people want to supplement their income and eventually make the business full time. High up front income is important to allow the new entrepreneur to start making a living quickly from his or her work. No one wants to wait for years to see an improvement in income. Look for products that sell from $500 to more than $1000 with fifty percent commission rates.
High back-end residual income is also important. The ultimate goal is freedom. If there is no residual income, you are stuck working the business all the time and will burn out.
This is a key area to consider. How does the company market it’s products? Does the system incorporate the Internet? If not, are you willing to talk to people, friends and family, host parties, or make cold calls? Even if you are theoretically willing, will you enjoy it? If not, you most likely will not do it. If the system does incorporate the Internet, does it show you how to market online? Or will it just give you a replicate website and leave you on your own to bring traffic to your site. Online marketing works, but you need to learn how. Will the company train you in different strategies for different budgets, from low budgets of less than $500 – to high budgets of more than $1000?
What is the background of the companies management? Do they have a proven record? Are they well respected in the industry? There’s nothing more disappointing than to build your business over time and have the management take off with all the profits or go bankrupt.
Can the company easily move into other national markets? Consumable products are difficult to establish due to the various national laws. Information products, however, are the easiest to market across borders.
Give Back To World
Does the company believe that it has a responsibility to give back to the world community. Is it charitable? Does the company culture believe that giving is part of it’s purpose and not just making a profit?
Help and Support Staff
Does the company have a help and support staff to help you begin building your business? Can you turn to a company forum of fellow entrepreneurs to help you and give you advice and ideas? Will you have rely only on your sponsor or worse, will you be completely alone?
Before jumping into a home based or Internet Business, consider these questions. Learn from the experience of others before handing over your money and time. It can be highly rewarding and lucrative if done right. Learn and copy the pros and save yourself the pain of their mistakes.