How Does Your Business Stack Up?Dear friend and fellow entrepreneur:
So, you finally pulled the trigger and made it happen. You bought
into a home based business. Maybe it's your 5th attempt...maybe it's
your first. Either way, It's critical to know you've selected the
right company for you. Selecting the right company can be a very
tedious task and knowing what to look for is essential. In this
issue, I'll be outlining a few critical components to look at.
This information may take you off guard, but this is ultimately
about putting the odds of success in your favor.
There are literally thousands of options that we have available to
us. Every company says they have the best compensation plan and
the best products, but how do you really know the picture they're
painting is true and accurate? The information I'm about to share
with you may make you feel a bit uneasy...or even put knots in your
belly. Please take a moment now to print this information. It
could prove to be the most pertinent business decision you've made
at this point in your home business career.
Critical Component #1: How long has your business been in business?
Studies indicate that approximately 60% of businesses are out of
business within there first 2 years. With these types of numbers,
it's essential that you make sure your business has been around for
a while. I would recommend selecting something that has a minimum
of a 7-year track record. It's even better if you can find a solid
publicly traded company with good products. This way, all of the
financial statements, officer information, supplier information,
etc. is all public record and you can visibly view documents that
have been generated by legitimate accounting firms. You want
something stable and for the long haul. The last thing you want is
that you spend countless hours building your business from scratch
and build your check up to 10,000.00 per month only to watch the
business collapse. This is a miserable feeling. Especially, when
you're supporting your family.
Critical Component #2:What is the background of the company officers?
If there's one single item that could dramatically have an impact
on how well the company does it's the quality of the management and
in particular, the decision-making minds of the company. You're
looking for people that are true leaders who have had major
accomplishments. If someone was a general manager for a roller
skating rink for 9 years and now they're the CEO of an enterprise I
would run for the door as fast as my legs would take me there.
Look for a management team that has already contributed to dramatic
growth with their prior ventures. People who have tapped into new
markets, brought a new product to the market place or someone who
has taken a small company internationally. These are critical
elements that should be addressed when you're selecting a
home-based business. Do you want to be part of something where the
leadership has already demonstrated sound leadership skills and
qualities. Look for an established team that has already proved
themselves based on the things they've accomplished.
Critical Component #3:Does the company have exclusive products?
This is one of the most important variables that any company can
possess. This is absolutely essential. Honestly, do you want
dozens of other companies marketing the same or similar products
and services that you're marketing? Of course not. Look for
products that are trademarked and cannot be duplicated or
replicated by any other company for the duration of the patent.
This again, falls back on the quality of the management.
Regardless of what you're marketing, the product itself doesn't
have to be unique, but the important thing is how the product does
what it does needs to be legally protected.
Critical Component #4: Are you truly passionate about the company's products?
This is paramount. This is how you get paid. By moving or selling
product. If you're strictly involved with the company because
their compensation or payout is like no other, bluntly put, from a
business stand point, you've probably made a big mistake. Enjoying
your products and being passionate about them is essential. So
many times we make the mistake of getting caught up into how much
the company pays out that we forget what the business is
essentially all about. Don't businesses become successful by
selling a lot of product...tons of it? That's how the goldmine is
made. Not by focusing on how much money you can make. Your
attention should be geared towards how much can you help others.
Are you passionate about providing others with they have a want or
need for? The more you do this and the more you take care of
others, the more your pocket book will be lined with Franklin's.
The first priority you have is to truly be passionate about what it
is you're selling. If it's a gifting or pyramid scheme we would
tell you to run. Run as fast as you possibly can. Greed takes you
nowhere. On the other hand...helping others fine the products and
services that they're in need of accomplishes more than you can
imagine and you will be rewarded monetarily like you can't imagine.
We sincerely hope you've enjoyed this information. Please remember
this is a monthly newsletter. Each month we'll be discussing
different and exciting information. This is completely designed to
benefit you and your business.
We've been exactly where you're at now. We can still recall
looking under sofa cushions and under our seats in our vehicles to
find .75 cents to fill our belly with a hot dog. We know the pain.
We know the frustration. It's not a fun spot to be in. If
there's anything we can provide you and embed you with is...stick
with it.
Be persistent and NEVER give up. Keep your head in the game.
Learn.
Study.
Absorb.
Implement.
Passionate about helping others...
Terry/Gino
The Home Business Repair Center - Founders