When it comes to finally enjoying success with a home based business you might have a few questions running through your head. For example, is this business right for me and how long will it take for me to see success as a new work from home consultant.Before we tackle the first question let’s go ahead and see if we can knock out the second question of how long will it take for you to succeed as a new business owner. Naturally, the answer to that question lies in what you base your definition of success on or around.For example, some consultants are content to make a few hundred extra dollars every month while others base their success on the number of new recruits they bring into their downline on a monthly basis. For the extremely motivated consultants nothing less than achieving the status or rank of a director or higher in their organization is their definition of success.With all that said, only once you are able to accurately acknowledge and quantify what success means to you for your own home based business will you be able to comfortably identify how long it will take for you to enjoy your first success with the company you choose to join.If your definition of success is monetarily based then once you have determined your magic number it simply becomes a matter of backwards planning in order to see how many sales you will need to make on a regular basis based on the company’s compensation plan.As you would expect with so many home based business opportunities, network marketing companies and multi-level marketing businesses in existence there are a multitude of compensation plans out there with some designed to allow consultants to earn money quicker than others.The very best compensation plans seem to cater around allowing its members the ability and opportunity to build a very steady and lucrative income with a strong cash flow stream with bonuses and other incentives sprinkled in the plan.By now chances are good that you have an idea on what success means to you and how long it will take monetarily speaking to see some success. Of course, there is a slight catch because success comes with a price. You see, you will need to know, understand, visualize and plan what it is that you need to do in order to accomplish your goal.Without a doubt there are ways to work smarter instead of harder but if you don’t plan for them then you might not achieve the success you desire or as fast as you thought. Once you know how to properly market and grow your business you will see success much faster than the traditional or average hoe based business owner.Success in any home based business is attainable and you can get there with a little preparation, some hard work and helpful guidance from your upline. I’d like the opportunity to show you how.
Real Estate Vs Virtual Real Estate
I’m sure you are most likely to be familiar with real estate. Even it you are not in real estate business, you might in on one way or customers have a friend or you know someone who is a real estate investor. What about those many classified adverts we see everyday in our newspapers or bandit signs showing us that there is a property being sold.
To bring you closer to the topic; real estate business involves buying and selling of property. The market is growing so as the property value. There is never ending demand for housing across the world-whether it is residential or commercial.
In the virtual world there exists also virtual real estate and as the name suggest the business is virtual in nature, no physical property as in real estate. While the two nearly have the same concept and leverage, virtual real estate involves creation of and building of online businesses-it involves product creation and selling. Your website is your virtual office or store. To clearly understand, compare, differentiate or make choices between the two, let us look at the following factors.
Financing and capital
Both real estate and virtual real estate you have nearly equal leverage on finances but real estate has a slight lead. Although real estate requires huge capital to start and operate, you can readily access the funding. Thanks to financial lending institutions and other private lenders. It is possible to start your real estate business with nothing down. This however comes with high interest rates. For instance, you can purchase a property worth $100,000.00, with only $10,000.00 as your down payment with&$ 90,000.00 is financed through a mortgage. Start-up capital for a virtual real estate is negligible if you can compare with real estate. It is not uncommon to find someone who which to start up his/her virtual real estate business with $500.00.
Income and value
Given the fact that, real estate business requires large sum of money to operate, so does the profit. It is only that sometimes it hardly comes. It is possible to make few deals per month and end up profiting heavily. In addition to that you can rent you property to tenants who will generate your monthly cash flow. The downside of it is that you will have to pay interest on loans, insurance and of course tax which will decimate your balance.
Virtual real estate operate on a different platform, most of the income is generated through selling of products. You can generate few dollars from each sale but if you consider those huge sales volume and lower operational cost it is possible to outdo real estate business in terms of cashflow. Moreover you can even sell your website at exorbitantly high price generating huge profits.
The value of a real estate property appreciates in a more sure and slow rate compare to virtual real estate. Virtual real estate can go either way but when it appreciates you can reap a lot. Imagine developing a web business which you cash in $ 500,000.00 from sale in just one year.
If you need money now, like I mean in the next hour, try what I did. I am making more money now than in my old business and you can too, read the amazing, true story, in the link below. When I joined I was skeptical for just ten seconds before I realized what this was. I was smiling from ear to ear and you will too.
What Makes A Home-Based Business Successful
If you’re looking to work from home you have many choices. There is no shortage of people willing to take your money in return for a home-based business opportunity. How do you know which opportunities are legitimate businesses and of those which one is right for you. Before you decide if the business opportunity is right for you here some things you should look at.
•The company
What is their track record, how long have they been in business, what is their standing with the Better Business Bureau?
•The product or service
Is this something people want or need, will you have competition, is it priced competitively
•Support and training
Are you completely on your own or will there be people and resources to help train and guide you
•Cost
Is the product or service priced competitively, is the cost of starting the business affordable for you and others
•Compensation plan
Is the compensation plan fair, understandable, and most of all can you make money
When researching the company check with the Better Business Bureau. If a company has no complaints that are no guaranteeing that they are a reputable company. Likewise, one or two complaints does not necessarily mean the company is bad. It’s just one more little bit of information. Remember anyone on the web can write about a company in a positive or negative manner, so you need to do more than just read anonymous opinions. It is best if you can talk to a person that you know and trust that has first-hand knowledge of the company. The key here is to be thorough and take your time; you should not feel rushed or pressured into making a decision.
When deciding whether to start a home-based business the product or service is very important. There is a difference between wanting something and needing something. If what you’re selling is needed by many people you have a much bigger market in which to sell and are more likely to be successful. The price of the product must be competitive. Some network marketing companies claim their products are a higher quality than similar products available in stores. And because of this their prices are a little higher. Even if their claims are true and their products have better ingredients you’re now at a disadvantage in competing for the sale. Another important factor is convenience. Not everyone wants to shop a month in advance for house daily household products. Or have to fill out paperwork, or have a small window of time in which they have to pick up their products. The process must be fast easy and fit into their busy schedules.
The company must provide support and training. The training should be ongoing, and you should have a mentor or person that has an interest in helping you succeed. They should provide websites and conference calls as training aids as well as one-on-one conversations with your mentor. Think of them as your business partner. They are there to help you but remember it is up to you to ask for help. The lack of a large paragraph here on training and sport should not indicate that it is not very important. In fact it is very important. The chances of you succeeding all on your own without any help or training are very low.
We have already talked about the cost of the product. It must be competitive! But the cost of starting and maintaining the business is important also. Does the price make sense to you, will others be able to afford it. The price range for home-based businesses range from just a few dollars to several thousand dollars. Only you know what is right for you. Just remember in order for you to be successful presenting this to others you must believe that the opportunity is a good one and that includes the price.
There are many different types of compensation plans. A few of the different types are unit level plans, forced matrix plans and binary plans. I am not going to go into detail of the different plans here, but you should know there are several out there and they differ greatly. If you are seriously considering starting a home-based business you should research that company’s specific compensation plan. If someone introduced you to a business they should give you specific detailed information about the compensation plan. It should also be on the company’s website, explained in detail and understandable.
There are many different home-based businesses out there and if you look hard enough you could find several people in each one that are very successful. But the bottom line is can you be successful? Is this the right business for you? Why do some people succeed in a particular business while others fail? Of course there are many reasons for this, communication skills, work ethic, financial resources and desire to name a few. I believe one of the most important factors if not the most important is your belief in the company and its product or service. It is very difficult to sell or promote your product if you believe it is overpriced, not needed or of poor quality. The same is true for the business side of it, if you don’t believe in the company or are unwilling to do what is necessary to build your business, you will have a very difficult time convincing others to do what you are unwilling to do.
I believe if you find a solid company with a product you believe in that is priced competitively there’s no reason you can’t be successful. Network Marketing has received some bad press over the years and to many people it has a bad reputation. Don’t misunderstand me there have been some less than truthful companies over the years. But the Network Marketing business model is a legitimate one. Personally I like companies with very few restrictions and a lot of freedom. One example of this is a company that does not require you to bring new people into the business. Of course it is always an option but you are not required to do so. In other words you could choose to market the product or service and make a nice income without recruiting others. Some companies don’t allow this, they require you to promote the product and recruit others into the business in order to make an income. I like knowing that I can make an income from marketing the product without recruiting. This is very important to me because this makes the business legitimate. The product is real. People want it because it benefits them. It has value. Otherwise you are just in the business of recruiting people. You get two people to join who get two people and so and so on. That’s not a real business. The foundation must be a product or service that has value to people.I think this option also makes it more appealing to others.
So take your time and do the research. Find a good company with a great product and join those who supplement their income working part- time from home.