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How do I choose a good home based business for me?

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If you are just beginning to think about starting your own home based business, deciding what kind of business to get into can be a daunting task. There are so many businesses to choose from. However, there has never before been so much information so readily available on the subject of home based business than there is now. Now is the time to start if ever there was one.

Millions of Americans dream of working from home at their own business. Numerous surveys show that owning your own business is the number one way for the average person to achieve financial freedom and independence. It is estimated that by 2010, over 68% of us will have some kind of home based business to either provide our income or at least help supplement it.

There are many things to consider when looking for a home-based business that suits you. You will first need to take into account how much time you have available, what your personality is like, what your talents and strengths are, how much capital you have available to invest in starting your business and your family and other support systems.
Here are a few tips and ideas that might aide you in your quest for the perfect home based business. It should help you to take the proper steps and in turn make the correct decision for you.

It is in the initial search process that many people back out. This is mainly due to impatience. This is considered by many people to be the most important step in determining whether or not you will be successful in your home based business. You must take time to research the many opportunities available with great diligence. You may of course find that working from home just isn't for you, but take this first step slowly and seriously before making any decision.

There are two main types of home based business. You can:

  1. 1. Sell someone else's product or service (become an affiliate)

  2. 2. Sell your own product or service
    Selling other peoples product: You can sell other people product and earn your income on your sales commission. This is a great option for those that want to start immediately and possibly don't have the money to build your own product. Usually all marketing materials are provided for you and you use them to market their product. The manufacturing, shipping and storing aspect of the business is handled for you. Your main task is to advertise, take the orders, and follow through. However, this doesn't work for everyone, especially those who want to make their own market plan or product. You have to use the ones provided whether you like it or not. A few things to look for in these companies are:
    • Available marketing tools: Are any marketing tools provided and if so, at what cost to you. Marketing tools would include samples, template ads, flyers, sales letters, etc. The more marketing tools they provide, the better.

    • Product suitability: Is the product suitable for a large market. Try to choose a product that can be used by many people and not for only one consumer group.

    • Commission: With some companies you are paid a commission on a one time basis as you make the one sale. This is called direct sales and you can see this in car sales and insurance sales. Although these commissions are typically more significant than recurring commissions, some prefer the recurring. This is when you earn a commission upon the sale of a product that requires the buyer to make a recurring payment every period and you earn your portion each time.

Selling your own product: This is the type of business for those with a strong entrepreneurial mindset that aren't afraid to forge a path into the unknown. This route requires a lot more research as your investment will be greater and you will need to know what the market is like. This traditional type of business requires being able to manufacture the product, distribute it, and store enough of it to meet demand.

There are great advantages to selling your own product like having complete control over what you are selling and to whom. You will be the expert.

There are also some disadvantages. There is a lot of leg work that must be done behind the scenes to make everything run smoothly. You will need to create a marketing plan, design a website, set up a phone line and email system, etc. This time commitment may take several months to get things up and running as opposed to selling another's product. In addition, income might be slow in coming because people are unfamiliar with your product.

In summary, choosing a good home based business can be a slow, intimidating process. This is especially true considering all the options available in today's market. The key is to determine what works best for you, your time, and what you feel most comfortable with.

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