Benefits Of Starting A Home Based Business Part 1

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every day more and more people choose the work from home you probably know someone who works from home maybe they’ve approached you about an opportunity to join them or perhaps you heard about a work at home opportunity on the internet if you’re not familiar with the home business or network marketing industries it’s perfectly understandable that you may have some questions questions like what is the home business industry what is network marketing actually mean how does it work is it legitimate and the most important question might be how do i make money over the next few minutes we’re going to answer these questions and many others at the end of this short presentation you will have a complete understanding of how this industry works how you can make money and you’ll know if this industry is right for you so sit back relax and let’s begin there are basically three ways you can earn money first we can work for someone else we have a job essentially you agree to trade your time for a salary or an hourly wage to build someone else’s business they decide the role you perform the hours you work the length of your employment and the value that your time is worth jobs are the most common but often the most limiting ways to make money the second way you can earn money is with a profession some examples would include doctors lawyers or engineers in this case you get a higher education or develop a specific set of skills or knowledge and you’re paid for those services professional services often offer a higher level of compensation but come with longer hours and a greater commitment they tend to require ongoing training and a significant investment of time and money now the third way you can earn income is what a lot of people dream about that is being your own boss you would argue that this is the most exciting flexible and rewarding way to make money in this model you are no longer building someone else’s dream but rather your own the key benefit of being your own boss and this is important is that you have the opportunity to leverage the efforts of others to accomplish more and therefore earn more than you otherwise could on your own this is how people improve both their financial freedom and their time freedom unlike a job in which you trade your limited time for a set amount of money business owners can turn other people’s efforts into personal potential we’ll talk more about this in a few minutes so there are three ways you can earn money work for someone else become a professional or be your own boss let’s focus on the home business industry the first question the answer is what is a home business I mean it sounds pretty self-explanatory right but the reality is that this industry is often misunderstood did you know for example that according to a recent report released by the united states census bureau that forty-nine percent of all US businesses are home based there are over 20 million home businesses in the united states alone with a new one started every six seconds worldwide it’s a staggering 427 billion dollar a year industry now as the name implies a home business is any business that an individual can operate from their home certainly that includes many traditional businesses like web design fashion tailoring technical services repair services and many others but what we’re interested in today is a very unique and rapidly growing subset that has a distinct set of advantages over the more traditional businesses for example unlike the other businesses mentioned this subset typically requires no training or past experience very little startup capital and there’s no accounts payable no accounts receivable no inventory there are no employees nor the headaches expenses licenses certifications and overhead that come along with a traditional business the kind of home business we’re going to talk about you can work part time full time or even just in your spare time you’re the boss so you decide in short the home business were interested in offers far greater flexibility it eliminates many of the costs expenses and other drawbacks of a traditional business and yet it offers tremendous potential often with less invested you’ll see why that is in just a few minutes so what is this business call it’s known as network marketing what is network marketing what does it mean well it may surprise you but it is something that you already do every day network marketing simply means word-of-mouth advertising essentially recommending something to someone else if you take a moment to think about it this is something that we all do on a regular basis we refer friends to our favorite restaurants movies and vacation spots we refer books stores doctors and any number of products that we like to people we know it’s simply part of our nature so the fact is we are all technically network marketers it’s just who we are the difference is most of us don’t get paid to do this but some people do and may get paid very well as you will learn in a moment they are compensated for far more than just their personal recommendations let’s look at an example let’s say you refer your favorite restaurant to several friends they decide to go there and enjoy a great meal some of them enjoy it enough that they go again and again they bring friends they tell others too that’s a lot of business resulting from your recommendation now is the restaurant owner going to compensate you for referring in business will he reward you for your referrals or every time those people return of course not even though you did provide the word of mouth advertising and advertising costs money right how about a book publisher for referring your favorite book to a neighbor who goes out and buys it are they going to send you a check in the mail not likely well in network marketing industry this is exactly what you get paid for very well in fact for simply doing what you already do but it goes much deeper than that we’ll explore the exciting nature of how you get paid in network marketing in just a few moments before we cover how you make money let’s put the industry in a very clear perspective and understand why so many great companies choose the network marketing model in the first place when a company has a product or service they need to take the market that is get it to the end-user they face a very big and very costly challenge now they can hire salespeople to sell their product train them equip them put them in an office pay their salary and cover their expenses or they can open stores and sell their products from traditional brick-and-mortar store fronts or they can cut their margins even further and have their products sold in other stores now with all the big expenses these options carry comes yet another very large expense advertising building a brand and exposing it to the masses is no easy task with just 1 30 second TV slot costing potentially tens even hundreds of thousands of dollars plus radio magazines newspapers billboards direct mail and so on it’s no surprise that advertising is one of if not the largest expense of the company worse yet all these expenses are incurred before a single product is sold enter network marketing a business model that doesn’t just eliminate advertising expenses it also eliminates the tremendous cost associated with hiring training and paying sales force or opening stores or courting suppliers instead they just pay you it’s brilliant if you think about it the company pays out after a sale is made rather than risking huge sums up front they don’t have to advertise and the resulting profit margins are dramatically higher that leaves a lot of money on the table for people like you in fact it’s not unusual for companies to pay out close to fifty percent even sixty percent of the profit revenues they bring in with some network marketing companies doing in excess of tens even hundreds of millions of dollars every year that’s a big piece of a very big pie now here’s where it gets really exciting since network marketing companies don’t advertise and you are but one person they attain widespread exposure another way the result is that you are not only compensated for your personal referrals but also for the viral exposure your referrals create think about it like this imagine someone shares a great online video clip with you you watch it think it’s great and for the length of people you know then many of them do the same then those people do the same and before you know it that video has been seen by people throughout the world a little website called YouTube can credit this specific phenomenon for ranking it among the five most traffic websites on the entire Internet this is known as viral marketing and we all do it every day network marketing works on the same concept the goal is to have your referrals turn into many more referrals and product sales spreading from one person’s network to another to another to encourage this viral exposure network marketing companies compensate you not just for finding new customers but for finding new refers of their product who in turn find new customers and refers as well however this model is not unique to network marketing let’s consider sue a real estate agent and the owner of a real estate firm as an agent sue makes money when she sells a house however as the firm owner she also earns income whenever any real estate agent in any of our offices sells a home network marketing simply gives regular people without a product or professional skill set of their own this very same opportunity the opportunity to own a business that leverages the efforts of others this is just one of the many beautiful aspects of the network marketing industry the company is more efficient the distributors earn money for doing something they already do sharing with others and the end customer wins because they get access to products and services from people they know and trust with this model everyone wins you may not recognize many of the companies that use the network marketing model for one hundred percent of their distribution and there’s a good reason for this as we just explored these companies don’t use the more traditional sales channel methods they don’t advertise through the conventional avenues like TV radio magazines and billboards so many of them are not as recognizable to the average person they rely on word-of-mouth for their advertising in other words unless you’ve been told about them you may not recognize them but even with that said let me ask you this do you recognize these companies ibn Gillette colgate-palmolive AT&T Avon or Tupperware how about General Electric citibank xerox texas instruments or mary kay cosmetics well these companies distribute some or in a few cases all of their products through network marketing billionaire investor Warren Buffett owned several network marketing companies and many network marketing companies are publicly traded in the stock market as well the fact is network marketing is one hundred percent legal legitimate and a respected business model so long as the company is engaged in the sale of real products with real value to the marketplace in other words there has to be real demand and real value beyond just the opportunity to make money the confusion often comes from what people know as a pyramid scheme a completely illegal situation in which new people are recruited to pay the people above them with no real value trading hands ultimately the people at the bottom are left holding the bag with nothing to show for their efforts as with any opportunity evaluate the one you are considering carefully if it’s hard to see why someone want the product other than to make money stay away otherwise you can rest easy knowing that network marketing is an honest legal and opportunity rich business model that attracts more and more people every year