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Pros & Cons Of Home Based Business, What to keep in mind when Looking at extra income
March 30th, 2010
The Pros & Cons Of A Home Based Business
Having a business run from home has many advantages. We love having a low cost home run business simply because it could give us some extra cash and also for its flexibility. Men and women from all walks of life get attracted either from a hobby perspective or making money part time. Quite often these hobby businesses turn out to be very profitable enterprises.
To have a clear idea on how network marketing works look at the movie "BRILLIANT COMPENSATION".
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Home Based Business has many virtues as well as short comings. For people who want independence yet with a feeling of interdependence then a good home based business in network marketing will provide you all that. Most network marketing companies will offer you the freedom to work for yourself and yet not by yourself. This way you get the best of both worlds.
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The freedom to work for oneself and the promise of extra income is always very attractive. Most home based business are relatively cheap and easy to get into with little or no past experienced required.
Most networking or franchise opportunities give the new business owner ample resources to get started on the right track.
Network marketing is a fantastic way to start and though it may have many advantages it can also have its short comings , though they maybe comparatively few. To mention a few, well to start with you need discipline and focus. You need to set your goals and game plan to succeed. Though you have a lot of support and mentoring you do need to have a very strong desire and a huge dream in place. This is help heaps when you feel discouraged and want to quit as most often what you invested is not a lot and quitting can be a lazy option out especially when you have not much to lose as compared to a franchise investment, where quitting is not easy.
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The drawback of a franchise is that it will cost a bit more. You are buying a proven business model and have to work the hours to make the income. In franchises you do work for yourself and also by yourself. You have fantastic training from the Franchisers yet you are expected to work your business all by yourself. You can ask for advice and quite often its free. Other times you may be billed for specialized training. Most extensive training in franchises will have to be paid for and most often you are compelled to attend as its part of your franchise agreement.
Most franchises start off at around the $25K mark and the income is limited to the hours worked. This is similar to traditional business models. Some franchises can make you very rich depending on the amount spent or the franchise purchased into.
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I shall go into the pros and cons of comparing the two ie "networking vs franchises" in a later review. If you want information fast take a look at two special videos on a website of mine. Click here!
Disclaimer: I do not make any income claims nor do I run down network marketing or franchising. Each has their place in our business world. My little exercise here is just my thoughts to help you move forward right now.
What do I mean by "Independence"?
Most people want to be their own boss and try their best to run away from employment only to risk everything in a tiny ice cream franchise or single operator venture to find themselves trapped even more than when they were in employment. Good examples in the western world are lawn mowing franchises. You get a slightly above income yet work more than a 40 hour week in the harsh sun.
Trying to find independence by jumping into business may not be the right way to go about looking for a solution to your financial worries or better working conditions. If you do that you will find that you have created a bigger trap than what employment had in store for you.
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Just take a stroll around your local Super mart and see the poor operators working or for a better word- "SLAVING" away the lion share of the hours just to scrap together a living. They most often cannot take extended holidays like most well paid, or above average paid employees enjoy.
So why do they do this to themselves? The answer is most people live paycheck to paycheck. They don’t save up or have any financial backing behind them. When they lose their jobs or come to retirement they are forced to take on extra work.
Most often they cannot find work because they are too old or not skilled for the next job. So the only way they can get a living is to buy themselves a job. Just look around you and see what the age group of ice cream vendors, lawn movers, courier drivers are? Most will be over 40 years old and quite a few over 55 Years old.
Do you want to be like them too?
If nothing changes nothing will change and you will find yourself doing what they are doing in 5 to 10 years from now… Slaving Away!!
Do you see yourself doing this?
These poor people have risked their home mortgages to get the finances together to raise capital just to buy themselves a job. Shopping Center management love these people as they pay high rentals and will not easily walk away from their leases as they can be sued. I was one such victim 11 years ago.
I am speaking from Experiences!
I am speaking from experiences of being one such operator in the nineties. It was hard work. I rarely saw the sun, let alone my kids back then.
Most small time operators actually do that going from a 38 hour week to maybe working over 65 to 70 hours for less money. They call themselves being the boss but in reality they actually work harder for less money. They may seem to earn more. Have a bigger house, fancy cars, etc. But do they have the free time to enjoy it all. Most often the poor family works late into the night just catching up with the day’s paperwork and getting ready for the next day’s work load.
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Well here are some of the Pros of having a home based business:
- You work for yourself
- You set your working hours if all is good
- You define your work place and who you work with
- Your income most often depends entirely on your efforts. Most often you land up earning more than what you get from a job. Though you may be putting in 30 to 50% more time.
- You do not answer to any one
- You can have a feeling of satisfaction when things go your way
The Cons of a homebased Business:
- If you have staff they answer to you and any mistakes you get to keep the blame
- You can land up working longer hours as your work spot is in your spare bedroom, only a few feet away.
- If the business makes little or no money you don’t get any income
- If you work harder you don’t get over time
- All initial expenses will come out from your personal savings.
In spite of this most people want to work for themselves. There is a catch.
If you want to have a business make sure its INTERDEPENDENT or in other words, though it may look like you are now independently working for yourselves you are not working by yourself. You have a team of people who also work independently yet all of you contribute or are responsible in a way for each others success.
This can translate in a WIN-WIN for all.
Find a business model that does not compromise the two parties in the business, its a win-win for both.
You can pool in your resources of skills and time and build huge businesses for yourself yet be independent.
I hope I have not got you all confused by now.
Most people are not aware that MLM or multi-level marketing companies offer individuals to do exactly that to the last letter. You work independently though you are not by yourself. Your co-distributors as well as the company will train and support you to get your your first cheque. No-where else will you get free training as that seen in network marketing companies. In fact you will be encouraged to do better in the team as your performance will never undermine that of the team in any way. ( Other topics- How to select a home based business?)
This is a great WIN-WIN proposition where there are no compromises. Everyone will win on their their terms.
If you have no idea what is network marketing then here is a simple explanation. I have a fantastic video on one of my sites and you are welcome to go there and see what the whole concept is all about. The information is totally free. In case you want to know which company i belong then drop me a line and I will share that with you too.
Click Here for the movie links.
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