4 Things You Need To Know Before You Start A Home Business

.Are you wondering what business should I do from home? It can certainly be a bit overwhelming when you first start looking into starting a home business. This post I’ll cover 4 things you need to know before you start a home business to help you maximize your results long term!

What business should I do from home? Does it have a huge expanding market?

One foundation principle you’ll want to look for when you start a home business is whether or not you are going to capitalize on trends. When it comes to what business you should start, you want to be able to take advantage of momentum of marketing something everyone wants at a price they can’t get anywhere else.

Unfortunately many people when they are looking for a business to do from home they look at getting started in a fad, not a trend. There’s a huge difference. You might be able to make a quick buck building a home business around a fad, but it isn’t going to be a long term stable business.

For example you probably could have made some good money flipping rare Beanie Babies in the late 90’s but if you tried to sell those same toys today many probably aren’t worth much. Or let’s say you tried to open a VCR business today, you might get a few sales here and there for nostalgia sake, but the vast majority of people today are not still buying VCRs.

Make sure your home business idea isn’t isolating a huge market

So what kind of business should I start from home is a very important place to start, but you’ll also want to make sure you aren’t cutting off a huge portion of the population with the products you are offering. Most people starting a home business usually don’t have much experience in business, sales, or marketing, so you’ll want to make it as easy as possible on yourself while you are going through your learning curve.

For example when I first got started in the home business industry I worked in nutritional consulting for many years. I was very passionate about nutrition and wellness, but I found that when the economy took a hit in the late 2000’s many people stopped using supplements just to pay their bills.

Another example could be marketing things like make up. Certainly there are a lot of great make up products and companies out there, but for the most part marketing make up would eliminate the majority of the male market.

Sure people would still buy from you, but you initially limit your options right at the start.

The second thing you’ll what to keep in mind when it comes to what business should I do, is does your business have a unique and consumable product or membership.

Certainly you could be in a business that has a product or service that can be purchased once, but if you can have a consumable product or membership based service, you can get paid multiple times on the same sale. Residual income makes it so that you can continue to earn income month in month out from doing the work once.

As you continue to get paid month in month out on the products or services you are promoting, it can allow you to start to build up a significant income that compounds in side, even if you are building it part time. This allows you to build a business that can quickly replace your full time income or job, because it’s not based on time, it’s how effective you are with your time.

The 3rd thing you want to look for when starting a home business is that you can create leveraged income

Most people trade time for money and dollars for hours. This certainly isn’t right or wrong, but there are only so many hours in the day, so there is only so much you could possibly work.

Working a job to pay your bills is great, but when you are paid based on time there is only so much you can earn. A lot of people want to get into investing, in things like stock, bonds, real estate, etc. Those are all great things, but for most people they don’t have thousands of extra dollars sitting around to invest in those forms of passive income.

That’s where starting a part time business comes in. It can give you the ability to generate more income beyond your job to help you pay off debt, invest, and even create other streams of income, which can get you to financial independence even faster. You can certainly build up a home business into a full time income, but even a few extra hundred dollars a month can make a big difference for most people.

Make sure your home business idea has leverage with people at work

Beyond that another way to create wealth besides money at work, is people and systems at work. This is why I recommend businesses like network marketing and affiliate marketing because you can create leveraged income through people and systems at work.

Network marketing is a lot like being a real estate broker. As a real estate broker you can earn income from the sales of homes you personally do, but then also earn income from the team of real estate agents you help train and develop.

This creates leveraged income for the broker, but unfortunately there isn’t leveraged income for the agents in this case. With network marketing you can build a team of people just like a real estate broker, but those “agents” or independent business owners you bring on in network marketing can also bring on new “agents” so everyone has the same opportunity to create leveraged income, not just the brokers, like in the case with real estate.

You can also create this leverage income through systems and automation in place like you can create with affiliate marketing. You can create content and systems to help you generate leads, sales, and new clients on autopilot so you can create income coming 24/7 even while you aren’t working.

Combining network marketing and affiliate marketing is another strategy to grow both businesses on a passive basis. This can be done while doing other things, like working your job, living your life, being with family, traveling, and more. This set up can help you create true time and money freedom.

The final key to look for when deciding what business should I do from home is, is there a training system

When I first got started in the home business space, I was an introverted video game nerd, with no business experience. I struggled for a few years, because I didn’t have a proven system I could plug into and follow. Thankfully after a couple years of struggle I was able to lock arms with a few different mentors that could teach me the skills of prospecting, recruiting, sales, and building a team. ,

There are a lot of businesses where you can make money, but if you don’t have training and support, it’s going to be pretty hard to get success. As most people also don’t have the right skills coming into building a home business, everyone will have a learning curve.

The faster you can get through your learning curve, the faster you can start building a successful business. The same goes for your new team members and organization you bring into the business. If they don’t have a simple system to train them what to do, it can slow down momentum in how fast your business can grow.

Imagine it was the first day at your new job, and all they said was, “Welcome to the team! Now go figure it out on your own and call me when you are successful!”

When you decide on what business should I do from home, find out if there is a training system. Having a system you can plug into, to will maximize your results.

Follow these simple steps when deciding on what business should I do from home. When you do, you will have a much easier time narrowing down a good business you can build from home.

P.S. If you’d like to learn more about the home business I help people start and build that fits all of the above criteria you can learn more HERE www.coachmikemacdonald.com/workwithmike

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Mike MacDonald

Facebook: facebook.com/coachmikemacdonald

Email: [email protected]

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