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MLM Home Based Business – Is It Right for You?

Do you like getting up before you’re awake and going out in the dark and cold of winter, then sitting in traffic for hours day in, day out? Thousands of people have quit that daily grind and have started their own MLM home based business. They can set their own schedules, get up when they want, and have a real life, being around their families and loved ones when they want and taking vacations exactly when they want to, not a few days here and there to fit in with their miserable boss’s wishes!

Have you been considering some kind of home based business, but afraid to think about it seriously? Perhaps you have looked at a few MLM businesses, and some of the scams that are out there too.

MLM Home Based Business – the Hard Facts

If you want to know the hard facts about MLM, or multi level marketing, you should know that there are a lot of things to consider.

First, if someone tells you it’s easy, he has obviously forgotten about the long hours he put in at the beginning. Perhaps it’s easy for him now, but there are a number of crucial factors you should take into account before you write a buy-in check, or sign on the dotted line.

Be aware that there are less than 30 MLM companies that have been around for over 10 years. There is nothing wrong with the business model, just that all those companies that failed simply did not set things up right.

These companies could see that having a system where one person recruits many others, called a down-line team, would mean having ever increasing numbers of people selling their product. Great! What’s wrong with that? Absolutely nothing. So where did they go wrong?

There are two main reasons these companies folded. First, their products were not as desirable as they thought they would be or not profitable enough, or second, their compensation plan sucked.

MLM Home Based Business Due Diligence

When you are looking to join an MLM home based business, the compensation plan is the first and most important thing you should look at. Ask questions. Ask what system they use. There are many complicated systems out there, so make sure you understand what you are getting into.

Then look at the product. Is it well advertised, is it something most people would want that they can’t easily get in a store, is it good quality and is it enduring? Will people want this in five years time? If they don’t, then where will you be?

Mary Kay, for example, has endured because its compensation plan allows for everyone to make money. The more you sell, the more you make, simple. They are also pretty tight about territories too, no good trying to sell in a small area where 20 other people are selling too.

If you have a company in mind, get on forums and find other people to talk to who work for that company. You will have to look out for people who have failed though; the attrition rate is very high in any MLM business, mainly because people think they are going to make money from day one, or they don’t put in any effort.

The Bottom Line

Building a profitable home based MLM business takes time, skill and a major commitment. So doing your due diligence before you invest your hard-earned money is a good step in the right direction.

You should also outline a sales and marketing plan to promote both the product and the opportunity – before you sign up. Seriously. Because the only way you will ever make any money is sell the company products, services and recruit others to do the same.

Do you have any clue how you will go about making this happen?

Do you have any idea what you need to do to create a steady stream of highly interested prospects to take a look at your wares? Will you build a web site and market online? How will you drive traffic? Do you intend to run ads or participate in a company or team sponsored advertising co-op? What kind of budget do you have to invest into your business? What type of training, tools and advice will you make available to your new team members.

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A Simple Product Creation and Product Launching Formula

If you tried to think of people involved in product creation, who would come to mind? You may think of Edison, Franklin, or maybe Henry Ford. Would you ever think of yourself as someone who can create a quality product? Product creation is actually relatively easy and product launching is not that tough either! If you follow a few easy to understand steps, you could be starting the product creation and product launching process sooner than you think.

The first step in creating your information product is to know and understand your market. This can be very time-consuming, especially if you are unsure of what to do or where to look to know your market. Studying your niche market and understanding the buzz words and buying patterns can ease the process dramatically. Personally, I would recommend networking with someone who has had success in the niche market you are considering and learn from their results. If they are into product creation and not very business savvy expect some hesitation. If they only sell products and have nothing to do with product launching or product creation you may your first affiliate (sales person)! Something else you can use to find hot trends is with the Google Trends tool.

The second step is the product creation process. Take your niche market and brainstorm ideas and topics relating to it. There are a lot of product launching contests going on recently relating to a newly created internet marketing tool. There are so many aspects to the mentioned niche that literally, and unfortunately, anything can be considered an Internet Marketing tool. The reason that anyone can basically create an Internet Marketing tool is because of something called Private Label Rights products.

What I use private label rights products for, and highly recommend them in this specific manner, is to cure writer’s block especially when it is lingering. Many people base their entire product creation and product launching on a private label rights product. This is where you can start to shine and build a strong brand for yourself. If you set goals for yourself, short-term goals to be exact, you can see your product creation come into being much faster and there is a good chance with less revision needed. If you keep hitting time restraint road blocks; however there is nothing wrong with a slow and steady approach, you can consider outsourcing portions of your project. Outsourcing can be an extremely huge benefit or just as great of a disaster.

You can find someone to outsource work to at a freelance site such as Guru.com or eLance.com. When reviewing proposals it is almost mandatory you perform a background check on them as you are in essence hiring them. Doing a background check on freelancers is as easy as asking for samples of their work and reviewing feedback on the freelance site from previous customers. Depending on the size and requirements of your project this can add up to a decent sized investment, so caution is very important. One tip I always recommend to people looking to hire an individual is to ask them what they can provide you that no one else can. This simple question gives them a chance to “toot their own horn” and acknowledge where they feel most competent as far as their skill set.

The final portion of the product creation and product launching formula is the launch. This can literally make or break the effort, time, and maybe (if you invested) money you put in to your project. There are numerous aspects to product launching and although their relevance is debated in terms to their effect, experts agree all must be followed. The person in your field who you asked for product advice from can help you substantially if you have kept in touch. If not, the first thing you need to do is to create a visually appealing website with flawless design work.

I also mentioned outsourcing before, this is one aspect of product launching I have little strength in and I always outsource this portion. The website does not have to be large however the content (ad copy in Internet Marketing) must be stellar and as perfect as possible. This is where advertising knowledge or experience is beneficial. When the site is set up you now put a lead capture form on your website.

I put two lead capture pages on all products I create on the internet and is one of the best methods of getting a solid start when you are in the product launching stage. When you gain information from a prospect or someone looking to get paid for referring sales you are able to provide them updates or specials. Many people abuse their prospect or affiliate lists by in turn emailing them with a new product daily and I find the recommendations to be totally unrelated to their original need, problem, or interest.

Another stage in the product launching stage is creating a free report or demo version of your product to entice the product to sign up to your email list. Using proper follow up with this can help generate numerous sales for you. One thing you need to ensure is that your free product completely relates to your main product that you are looking to sell.

You are now ready to advertise your product launching to customers as well as the opportunity to sell for affiliates. This is the single aspect that many product creations and launches fail on. It is actually not entirely difficult. One thing you can do is write articles (and a good amount of them) on topics relating to your product. I am a huge advocate of giving a solution in forums. When you join a forum you are normally offered the opportunity to create a signature. In your signature, you should enter the link to your opt-in or lead capture page. When you respond to posts, you are advertising your opportunity.

It is not impossible to create a product and it does not have to take a long time. You need to setup a plan and stick to it. If you get stuck, look at similar and successful products to your own and try and see how they did it. When you sit down and brainstorm you will be surprised with what you can imagine.

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7 Questions to Answer to Avoid a Home-Based Business Disaster

There are thousands of home-based business ideas to make money from home. Listed below are 7 questions to answer before you begin a home-based business:What time have you got available? The decision to make money from home may be a lucrative one. Of great assistance to home-based business is the capability to make decisions relating to time and energy devoted and also the sought after financial outcome. It’s crucial to prepare how much time you’ll have the ability to contribute each day or week, on what days and then ultimately, develop a genuine evaluation of how much you possibly can realistically expect you’ll make, given the time you are ready to commit.Ideal income level – hobby, part-time, ‘serious part time’ or fulltime income? Medium to long term, do you want to produce hobby income (a bit of additional spending money) for occasional work, part-time earnings (let’s say a couple of $ 100 each month), ‘serious part-time’ money ($1000-$4000 each month) or are you searching for something that can deliver on or above the average full-time income? This will aid in ruling out a few home-based business opportunities that simply won’t deliver the desired income.Precisely what are your personal competencies? What competencies do you currently have that may potentially be transformed into a lucrative home-based business? There’s nothing drastically wrong with learning something brand-new, nevertheless leveraging current strengths will help while you grow your small business.Are these skills able to be monetized sufficiently? Is there a market for this product or services and is there formidable competition which may be tricky to beat? Even though strong levels of competition does not have to be a determining factor on whether to proceed with a given home-based business venture, it obviously requires thought.How much time is available and is it sufficient? In the time you have available, what kind of money can you realistically expect you’ll earn from this venture? For instance, what’s the most of your products or services that you might possibly generate within a given 7 days. Multiply this by the probable sales of that product or service. This may offer you a probably indication of revenue.What excites you? Developing a business generally is a slow-moving process, be that a home business or a traditional business. Sure many businesses take off straight from day one, however usually it’s a progressive process to success. So identify something which is going to keep you motivated to continue, even if things are challenging.Will there be residual income possibilities? Having the capacity to earn money from home is excellent, but developing a business that offers a passive or residual income is much better. Passive or residual income, is income that’s produced continuously from a once-off effort. It means that you can put in upfront work, but enjoy continual profit, therefore providing you the luxury of two scenarios:
You continue to work the same number of hours, whilst developing a residual income flow that compounds. E.g. you earn an escalating sum based on a set time investment.
You make money from home at a level that’s the very same, or greater than, that which you were earning in months previous, however, you work much less!

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