Starting your very own business opportunity can be very exciting, and also a frightening, experience. If you do not have any background with running a business, especially on the Internet, you might not know where to begin. The Internet has hundreds of different business opportunities that are offered, many of which will be sent to your email. You may also find them while searching on the web for information on home businesses that you can start on your own.
There is also a bad stigma about some network marketing opportunities and online businesses. Many people feel that they are just scammed out to get your money. While there have been some companies out there do this there are far more decent companies out there that can give you the life you want. So how do you discern a good opportunity in such a vast market?
Here are a few questions to ask yourself about the company you may potentially be working within the future.
Has the Company Been Around for at Least 5-10 Years?
Choosing a company that has been around at least 5 or 10 years is even better. Approximately 90 percent of all network marketing companies fail within their first two years. You don’t want to invest your time, effort and resources in something that may not be in business in the coming months and putting your money and future at a huge risk.
Is the Company Well-Capitalized?
Has the company had any issue paying commissions to the partners or salesman? Does the company have the funds to keep up with the fast-paced technology of this world? While Publicly traded do not have to give out their financials to the public they are required to disclose their financial condition in great detail every 90 days to governmental agencies.
Is there a genuine need for the product or service?
How many people do you know that have got into a business, not done well and ended up with a cupboard or worse a spare room full of products that they just didn’t sell and usually end up using for themselves? The product has to have a genuine reason and solid WHY it should be bought at a fair price too.
If you’re being pressured to buy more products with the lure of being placed into an “elite” category of sellers that’s a red flag. Look elsewhere for a better opportunity.
Your Product should not be a fad or trend.
In order to build a long term residual income, you need to sell a product or service that people are always going to want and need. Think of building a residual income your kids can live off or your retirement can handle. The product or service must appeal to your customers beyond today. The health and wellness category, for example, tends to perform well along with the financial markets which are booming right now.
Can You Make Money Right Away
Some businesses and investment you cannot get your money for a month or more so its a good idea to look at those options. Some companies offer weekly payouts not along with monthly cheques. You need to be able to finance your marketing and expansion efforts from cash flow. If you have to invest 100’s on a product or service you won’t see a return on in a month then look for another business.
Does the Company Have a Good Marketing System
Not everyone is born to be a salesperson, but anybody can plug into a system and use the tools that are given to do the selling and sorting for them. Nowadays most big companies have a good grasp on what technology is needed to put a good marketing funnel together so if the company you are looking at doesn’t then this is a sign there will be a lot more work involved. The idea of an online business is that you have more time to do the things you want to do rather than slave 70 hours a week.
If you are joining a network marketing business is the Person who is introducing you to the opportunity committed to your success? It is important to see what type of person he or she is and how they are with their current team members.
You will have to put the effort in to learn the systems and processes that make it work, but there’s a big difference between a sponsor and a recruiter. A sponsor or mentor coaches, motivates, and trains while a recruiter simply signs people up and, in most cases, abandons them once their commission is collected.
Can you build part-time?
Are you able to learn the ropes in your spare time and create an income part time before diving in full time? Is the company an online business that where is everything is done online and from your phone? Can you still make money while you are on holiday for example just by checking your phone? If there is a physical product to be sold, does the company have automated systems that can do the heavy lifting, like the selling and sorting, for you so that you can use your limited time efficiently. Having a this business as a side hustle while keeping your full-time income the best and least risky way to transition to a new source of revenue.
Will You Learn a New Skill
Does the business offer you a skill to learn that you can use to make more money in the future so that even if you decided after a few years that you do not want to be in sales that you can still generate an income from the skill set you learned from the business?