Have you been looking into starting an online work at home business?
Are you confused about all the options that are currently available?
Before you get super excited, and sign on with a budding start-up, or a company that sounds too good to be true, you’ll need to do your due diligence.
What Are You Looking For In a Work At Home Business?
The first thing you will need to do is be clear about what you are looking for in a company, and what you are willing to do, to earn an income.
Most online work at home businesses will offer ongoing training and support. There will probably be a team you sign on with that will offer more exclusive training in a group environment so you are not completely on your own.
If you are like most people looking for a way to earn extra income from home, recruiting other people is not what you are interested in.
Though most companies offer the opportunity to do both – market and sell their product/service, and recruit other people to work from home…some companies are more focused on the recruiting aspect, which is not a viable (or ethical) business model.
If you are encouraged to recruit other people over marketing any products and services in order for you to earn an income…steer clear.
Whatever company you look into, recruiting should be strictly optional, and not necessary to make money.
Selecting A Viable and Sustainable Industry
The reason you want to be selective when it comes to choosing a career in a particular industry, is so that you will be able to create a thriving business for years to come.
It’s impossible to do that inside of a company or industry that is only trendy at the moment. Like all fads, they pass on…and where would that leave you?
Consider the product or service that’s offered. Is there a demand in the marketplace and will it be there for years to come? Is it something people need, use or consume on a regular basis…like internet service, vitamins or healthcare?
Think about it…if you had to choose, would you pay your cell phone bill for the month, or reorder a lipstick? Though the lipstick may be a quality product and make you feel confident and beautiful, if it came down to it…the majority of people would keep their cell phone service.
Get what I’m saying?
Is there an absolute essential need, and will it be in demand for years to come?
What Are the Best Types of Companies?
Logically, companies that are subscription based or offer a monthly membership are a more profitable option. Customers tend to stick with memberships when the products or service is one they need on a monthly basis.
One reason why an online work at home business is so attractive, is because there is usually no inventory to purchase. For individuals who’d rather not have to keep products in their home, or host home demonstrations, a company that offers you a website and ships to your customers is a good option.
More and more companies now realize the value of using the internet. With a little research, you can however, find great product based companies that do not require the purchase of inventory.
Getting Paid and Making Money When You Work From Home
The main thing most people want to know when looking at a home based business is, how much will I get paid!
Each company has a compensation plan that will detail how you get paid. Because you will be an independent contractor (business owner), it’s important to know you are paid when you make a sale.
Compensation plans will vary from company to company so take your time when going over this part of the business you are looking into. Don’t be afraid to ask questions if you are uncertain about what things mean.
Normally, you will earn a percentage of each referral sale you generate for the company. This can range anywhere between 10-50+ percent. So, knowing how much you earn from each sale will give you a base for the amount of units you’d have to sell to earn your desired income each week or month.
Also, there is the residual income as well. Which in my opinion, is the most important because this is the long term recurring income you will earn months and years to come, from each sale you made.
That’s why a subscription based business with essential services and/or products are the best option because typically, your customer retention is much higher compared to a one time sale.
Think of your Netflix, Costco or Internet service…how long have you had it?
Most people remain customers of those services for years and years.
That is an example of earned income that continues to grow after the initial sale. When you work with a membership based company, you will continue to earn residual pay every single month.
They add up over time allowing you to build wealth, as long as you remain committed to your business.
Your Next Steps
Once you find a company that interests you, be sure you speak with a Rep who is not only willing to answer your initial questions, but will help you get set up with training, and be available to offer ongoing guidance whether you need it or not.
Finally, be clear about any terms, conditions and agreements between you and the company. Again, ask questions if you are unsure. The key is to have a mutually beneficial partnership.
You will be an independent contractor, however, this does not mean you should have to learn the ropes on your own. Choosing a team within the company, is just as important to picking the right company.
Know ahead of time, that the team you will be a part of is committed to helping you achieve your goals, and offers ongoing access to training and support.
Hopefully this post gave you more insight into making the best decision for you, when it comes to starting an online work at home business.
Take a leap of faith…and commit to making your goals and dreams a reality with the time and financial freedom you can create, when you start an online work at home career!
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Are you looking to start a work at home business? Does being able to work 100% from home, without inventory, home parties or cold-calling interest you?
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Tamyka Washington
This is a good article. Thanks for always sharing your knowledge and insight.
Thank you Kimberlee, glad you enjoyed it!
Thank you for the opportunity I’m going to read the e-book and get more insight on working from home.
You are very welcome, Sophia! You can reach out to me if you have any questions.