6 Keys To Home Business Success

Home Business

Although the Home Business industry is multi-billion dollars, unfortunately, more than 95 percent of those who try it never succeed.

Why?

They don’t know what they are doing.

Six keys to success in your home-based business they give up before they see any results.

Many people start this industry hoping to make a lot of residual income. They tell 5, who tell 5, and then they all live happily ever since. They tell 5 people, who then tell 5 others where to go. For most, that’s enough rejection for them to give up and quit.

Few people can listen to what others say and continue pushing forward.

Even those who persevere will not see the results they desire because the system they have plugged into doesn’t contain one or more of six keys to success in a home-based business.

These are the 6 Keys to Home Business Success. I haven’t been in this business for decades like my mentors, but I have seen enough in a few years to know what works and what doesn’t.

I was first exposed to the home-based business industry at a seminar. The speaker in front of us was promoting his program about how to obtain grants and loans from the government. Although the program was great, he added that he wanted to share his secret formula for financial freedom and how a former garbage man became a successful businessman.

He proceeded to give his presentation about his home-based business. After hearing for more than 30 minutes about how these revolutionary products could replace many of your everyday cleaning and self-care products, a few people in attendance started to mutter “oh, that’s ______”. The name of the company will not be revealed, but suffice to say that it is a well-known company in network marketing.

He offered to waive the sign-up fees and allow anyone interested to start for only $1. He promised to help us build our teams and work with anyone serious. It seemed like a great opportunity, so my wife signed up and we bought our starter products. After several months of paying close to $100 per month to maintain our distributor status, and receiving a huge $2 cheque, we decided it was time for us all to quit.

Fair enough, we didn’t actually work on building it. However, I do know that the two people who have done well in this business speak from the stage and build their businesses from the hundreds of people watching them, not by doing cookie parties and milk, as they encourage their team.

My next venture into the home-based business sector was even more eye-opening. This program had an extremely expensive core product. The vacation package cost more than $3,000. It was a vacation package that cost over $3,000.

It should have been obvious that when we presented the presentation, we were instructed to tell those who were invited that they couldn’t tell them what it was. They just had to go and see it. If they wanted to know what it was, I would tell them. It was amazing to see people making thousands within that company in just a few weeks. They had 6 figure incomes in the first year. However, despite my best efforts, my initial investment barely broke even.

Today, I have vowed to stop doing business the old-fashioned way. That’s why I am excited to share with you the 6 keys of home business success, to hopefully save some of the problems and headaches I experienced in the past.

The #1 Key to Home Business Success
1) A product that pays high commissions is required to be sold.

Finding a product that offers high commissions is the first step to success in the home-based business industry. The majority of the time, the commissions in the home-based industry are not high enough to allow someone to make a full-time income unless they can recruit small countries into their downline. Some mentors I knew had teams of 5,000 to 10,000 and still made a few thousand dollars per month. They also got stuck on making 3-way calls every day from dawn until the early hours of the morning.

A product that earns you 30-70% commissions can make a huge difference in your home-based business success. Even better, the commissions will be paid quickly and not in weeks or months. Or they will quit before they see real success.

The Key to Home Business Success
2) Your product must be affordable for the masses.

The core product must be affordable for the masses. My mentor says that it’s easier to sell your products to people when they are “under the radar money.” A purchase under $200 is one that a person can make with their spouse without having to fight about spending. People often say that they have to talk to their spouse/wife to succeed in the home-based business world. This is a common objection. Your core product should be $25 to $197. Most people can purchase without having to ask their spouse.

After someone has made that first purchase decision, your goal is to upgrade them so that they can buy the best product that makes sense for them. You can see that I said it makes sense to them. No matter their situation, your goal is to not sell the most products. Your goal is not to sell the most products, but to help them reach their goals and provide them with the best products.

The Key to Home Business Success
3) A person must be able to make a profit in 30 days or less.

People who don’t see wins within their first few weeks of starting a home business are often the ones that fail. Your home business system should allow people to plug in and use the system in 30 days or less to make it profitable. This will ensure that your home business is sustainable. People who can make a profit quickly will be loyal customers for the rest of their lives. They’ll give up and move on to the next opportunity.

Some people can be profitable but not all. It’s quite strange. It’s strange. People can sound motivated and excited, but then they will lose their motivation and not take the first step toward building a profitable home business. It’s human nature. There’s nothing you can change. Help those who are already doing something.

Check also: 10 Reasons Start Online Business

The Key to Home Business Success
4) You should include upsells or higher-ticket items in your offering to allow someone to make more money in a shorter time.

While having an affordable core product is great for people who want to start, earning just $5, $10, or $50 per month is not enough to make a difference in their lives. To build a successful home business, you must be able to make higher ticket commissions.

You can easily sell products for $500, $1000, or even $3000 and earn a full-time income with very little effort. These types of products can be sold one to two times, which is the way to go from earning lunch money to making a full-time income while working part-time.

Key #5 To Home Business Success
5) Corporate videos must be converted on their own.

This is a major problem in the home-based business sector. A charismatic, compelling presenter can draw people in with their words and charm. Problem is that most people can’t duplicate the actions or words of their sponsor and are rejected each time they attempt to “show off the plan”.

Although many companies now produce DVDs and videos for distributors, they don’t convert viewers into buyers.

Access to corporate videos is essential for success in the home-based business world. These videos can tell the story and sell you. Anyone who starts can share the video and see results. You won’t succeed if your corporate videos don’t convert.

The Key to Home Business Success
6) You must include marketing training so that people can build their businesses beyond their immediate circle.

The majority of home-based businesses teach people how to create a list of family members and friends, and then to reach out to them inviting them to a presentation. Most people won’t make a list or contact the people on it. Only a few people will reach out to everyone on the list. Even then, only a handful of those they contact will take up their offer.

Now the question is: “NOW WHAT?” You can make new friends by walking around Walmart and asking people if their business options are open to you. It’s probably not your plan.

Learn how to market to people who are actually interested in what you have to say. It’s possible. And it’s called Attraction marketing. You’ll run out of people to speak to too quickly if you don’t use attraction marketing strategies in your home-based business.

It’s not the 70’s or 80’s when home-based businesses were still a new concept. Almost everyone is familiar with the industry or has known someone who has. Yes, those strategies still work but they are not as effective as they were in the past. Attraction marketing is far more successful.

There you have it. Six Keys to Home Business Success. I hope you found this information useful and would be grateful if you could comment below to let me know what you think.

If you are interested in even more business-related articles and information from us here at Wool Project Blog, then we have a lot to choose from.

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