There are a number of different part-time business options. Below is an outline of two of the most common types: home business and network marketing business.
Home Business Overview
There are many reasons why an individual might be keen to start a home business. They may be attracted by the idea of quitting their job and being their own boss, or they may genuinely believe that they have an innovative idea that has not yet been exploited. The motivation may be purely financial and the lure of a better income could be what has seduced them! Whatever the rationale, it is important to first consider what is required in order to succeed in business of any type. There are numerous potential benefits to building a home business, but it is inevitable that some sacrifices will have to be made along the way too!
If you are considering starting a home based business then you must do your due diligence before making any final decisions. Firstly, it is essential that you fully understand the differences between employment / self-employment and business because you want to own your business rather than having a business that owns you! The key differences are covered on the following page of my site:
Home Based Business Benefits
Let’s assume that you already understand the differences between business and employment. Discussed below are some of the key benefits of home based business.
Building Your Asset Part Time
One of the key benefits of starting a home business rather than a tradition business is that you can make considerable progress on a part time basis. There is often no need to give up the security of your career, because you can build you business asset alongside your other work commitments.
Low Investment / High Potential Return
Another significant benefit is that the level of investment required is very low when compared to the potential return. Most home businesses can be started with very little initial investment and ongoing overheads will also be low, depending on the type of home business you choose. Typically you would only need to pay for advertising and promotion, along with the purchase of any products (if you chose a product based business). In addition to the income potential, there are also tax benefits associated with building a home business.
Building an Income Producing Asset
Possibly the most important aspect of building a home business is that you are essentially building an asset. If done properly, your investments of time and money will pay you again and again. Your business will generate income day and night, regardless of whether you are working or not.
Leverage Your Time and Efforts
Another aspect that should feature in your business is leverage. You should learn how to gain leverage using Internet Marketing Strategies and there may also be the opportunity to leverage the efforts of other people. That doesn’t mean that you should exploit others. It means that you should find ways for you both to benefit in a mutual ‘win, win’ partnership. In ‘The Seven Habits of Highly Effective People’ , Stephen Covey explains the importance of living by the 4th habit: ‘Think Win Win’.
Another testimony to the power of leverage comes from the co-founder of the Standard Oil Company, John D. Rockerfeller who famously quoted:
“I would rather earn 1% off 100 people’s efforts than 100% of my own efforts”
This quote is the perfect expression of leverage!
Home-Based Business – Potential Barriers
Anything worth having always comes at a cost, which is why not everyone has a successful home business. Not everyone is willing to make short term sacrifices in exchange for long term gains and this is true in all aspects of life, not just business.
I believe it is important to be honest, open and upfront, so I’m not going to tell you that building a home business is easy and that anyone can do it. That simply wouldn’t be true. However, you can greatly improve your chances of success by modelling other successful home business owners. Here are some examples of the barriers that may stand in the way of your success:
Opinions / Objections of Other People
Believe it or not, some of the people who are closest to you may try to stand in your way. People tend to be afraid of the things that they don’t understand, so if you want to build a business and they don’t understand why, then they may try to discourage you. If you are easily put off by the opinions of others (often ill-informed opinions) then building a home business is probably not for you.
If you have doubt in your own abilities and sometimes struggle to see things through then this will prevent you from being successful in business. The road is rarely smooth and overcoming challenges it what will shape you as an entrepreneur. Do you generally see problems rather than challenges and opportunities? If so, business may not be something you should pursue.
Financial and Time Investment
One of the biggest barriers to starting a home business is that it often requires an investment. It may require a financial investment and it will definitely require an investment of time. If you feel you wouldn’t have the time for a business, or cant justify spending the money, then you wont be able to get your business off of the ground. One of the principles described by Robert Kiyosaki in ‘Rich Dad, Poor Dad’ is the importance of paying yourself first. If you are not willing to use a proportion of your income to promote your business asset then you are going to struggle to gather any momentum.
The same is true with time. If you are not willing to set aside time to build your business then progress is going to be limited. Don’t forget that the longer term goal is to generate passive, recurring income, so you are actually investing time and money to get more of both back in the future!
Opinions Towards Selling
All business involves elements of selling. Some people are averse to selling because they think of the negative aspects like cold calling and going door to door. Let me reassure you because you don’t need to do either of those things! If people want what you are selling then they are happy to buy. If you leverage the Internet correctly then the people that you sell to will already be looking to buy your product or service. In this instance you are actually doing them a favour rather than being an inconvenience to them!
Network Marketing Overview
Network Marketing is a specific type of home business where you effectively act as an affiliate for a company who already has a product or service. The reason why it is called ‘Network Marketing‘ is because you work as part of a network of distributors, to promote and sell the products.
Another name for Network Marketing is ‘Multilevel Marketing’. This is because there is the potential to get paid on multiple levels as you develop your own Network or distributors. You get paid on the sales generated within your team.
You may also see Network Marketing referred to as ‘Word of Mouth Marketing’. This is because in the early days of Network Marketing (before the Internet) people used to promote the products by telling friends, family and colleagues about them. Some people still market the products in this way, but it is less common nowadays.
Network-Marketing Business Benefits
All of the benefits cited above are applicable to a Network Marketing business, because it is a type of home based business. There are a number of additional benefits associated with Network Marketing, as detailed below:
Once of the things that personally attracted me to Network Marketing was the quality of the products manufactured by the company that I chose to partner with. There were numerous accolades and endorsements that supported the quality of the products. I believe it is important to promote something that you believe in, if you are to be successful at it.
From a business perspective, there is no need to develop or manufacture your own products, because this has already been done. Product development is taken care of and you also have access to a range of marketing materials and business tools, including your own website and online store.
Product Handling and Distribution
The aspect that I like most is that I do not need to package or ship any products. Network Marketing companies generally handle customer orders on your behalf. You refer the customer who orders direct from the company and you receive your commission. You do not need to keep a large inventory of stock and you do not need a warehouse to keep it in. It is completely hassle free!
Training, Mentoring and Support
Something that most definitely shouldn’t be overlooked is the training and mentoring that you have access to when you partner with a Network Marketing company. My business education never really started until I began working with a Network Marketing company, as you may have read on my Personal Development pages. My eyes have since been opened and I have attended numerous conventions, listened to world-renowned speakers and read life changing books. I have also received support and mentoring that has enabled me to build a solid foundation for my own business.
When you are part of a Network, there are invariably people who have a vested interest in you. If they can help you to build your business then that in turn has a positive impact on their business. There is no benefit to them competing with you because they get paid either way. It is a refreshing environment to work in and is in keeping with the ‘Win, Win’ principle discussed earlier. I am personally in a very strong position to pass on what I have learned about building a Network Marketing business online, due to the quality of education that I have had access to.
Network-Marketing Businesses – Potential Barriers
If you are interested in starting a network marketing business then please refresh yourself on the potential barriers associated with building a home business of any type (above). If you are still intrigued by what Network Marketing could do for you and would like some guidance on choosing a company to represent then please read my Usana Home Based Network Marketing Business overview:
Home-Based Business and Network-Marketing Summary
“Land was wealth 300 years ago. So the person who owned the land owned the wealth. Then, it was factories and production, and America rose to dominance. The industrialist owned the wealth. Today, it is information. And the person who has the most timely information owns the wealth.
The problem is, information flies all around the world at the speed of light. The new wealth cannot be contained by boundaries and borders as land and factories were. The changes will be faster and more dramatic. There will be a dramatic increase in the number of new multimillionaires. There also will be those who are left behind”
In the context of what I have outlined on this page, Network Marketing is really just a business based on sharing timely information. That information may relate to the product or service that you are promoting or it may relate to the business opportunity. The information might be delivered in an online presentation or might take the form of training viedeos to coach your team of distributors. Whatever medium is used, your objective is still to share important information, when it is needed. If Robert Kiyosaki is right then Network Marketing may be a viable option for you too.
Please read my Usana Home Based Network Marketing Business review below to learn more about the company that I personally represent, Usana Health Sciences:
You can also learn more about Usana by watching the Usana Health and Freedom presentation videos below:
Check out my profile below: