TIP #1 - Home Business Entrepeneurs

What Type of Home Business...

When looking for Home Business Opportunities, there are a couple of key things that will help you decide what might work best for you. I have broken them down into what I think are three key groups - these are:

• Never been done before - usually for the innovator...
• Network Marketing - either Mulit Level Marketing or Non Mulit Level Marketing, and
• Franchises

I think the first business on the list - Greenfields - is pretty self explanatory. It is the business of the true innovator, someone who has developed a new product and wants to take that to market. There are risks here due to the lack of an existing proven structure and it can be costly to get the product developed and out to market.

The second business - Network Marketing, is easiest to understand if you divide it into two types of compensation plans: the first is, Multi Level Marketing (MLM) where a percentage of your profit is passed up the line to someone above you; the second, Non MLM companies are I think much better as the profit stays in your pocket. Network Marketers are self employed, but can have a central support system (the main company), with products already developed and are usually found in the Home Business arena.

The third type of business is a Franchise business. Now I have never owned or run a franchised business but the thing that put me off the most when I did my research, was the lack of flexibility in the company advertising structure, which meant I had no way of branding my business in a unique way and secondly, the costs, it usually starts with a hefty buy-in and then you have ongoing franchise fees.

The reasons I chose to set up an Non MLM Home Business are as follows:

Proven Step by Step system
A strong compensation plan - how much will I earn?
Products that I would use or be happy to recommend
Preferably no direct selling or harassing friends and family
Must be able to manage my own time
No ongoing fees or losing profit up the line
No merchandise to store or stocktake
I wanted to work from the internet via a phone and a computer
Work anywhere in the world, because I like travelling
I could market my business my way
Not party plan - no offence to those who run those businesses
Training must be provided and
A minimal financial investment to get started

Each of us when considering a Home Based Business will need to have our own checklist, this was mine and I think it is pretty sound and covers off on all the big questions. I believe that the future is working towards more opportunities to work from home and take control of your life. The opportunities are endless and it will require a bit of work, but you certainly do not need to be working 70 or 80 hours a week for someone who does not appreciate your effort. It is about working smarter not longer.........your thoughts?