If you are seriously looking at starting a home based business, it can be somewhat overwhelming trying to sort through the maze of information on the internet. The following 7 keys will enable you to make an informed decision in selecting the right home based business for you:1. Management
2. Company Stability
3. Leadership
4. Marketing and Training System
5. Products and Services
6. Compensation Plan
7. Your Passion for the Business1) ManagementBefore you join a home based business, you should determine the strength of the management team. You need to assess how experienced are the founders of the company by considering the following:* Does the professional and life experience of the founders provide a strong foundation for the future success and growth of the company?
* What is the founders’ vision for the future of the company?
* Are they supported by a dynamic executive team?
* Does the management team have experience in internet marketing and extensive and relevant experience in the products and services being offered?2) Company StabilityThe company history is a great indicator of its financial viability and stability. You should determine how long the company has been in existence, and how rapidly it is growing. You should also consider such factors as whether the company is international; and whether it is sustainable and debt-free.3) LeadershipDynamic and supportive leadership is critical in selecting the right home based business. You need to determine whether the founders, top leaders and your sponsor are genuinely committed to your personal and financial success.Dynamic leadership will foster a strong and cohesive team spirit and camaraderie within the community; this will facilitate the growth of your individual team members and ultimately the strength of your team. Overall, the commitment of seasoned leaders should extend beyond their respective teams to the whole community.4) Marketing and Training SystemThe leadership and management team should be supported by a powerful marketing system in addition to strong interactive training programs. While you don’t need some-one to continuously hold your hand, you need systems in place that will dramatically reduce your learning curve. The systems should be simple and duplicable so that your individual team members can be very successful regardless of their experience and skill set.5. Products and ServicesProducts and services is an important key to joining the right home based business. The demand for and marketability of products and services is critical to the success of all companies. The strength of the product and services will determine their marketability. You need to consider the following:* Can their products and services stand alone?
* How powerful is their product line? If required, are there complimentary services available?
* Would they attract a significant share of the market even if they were offered by a traditional company instead of an internet based company?
* How innovative are the products and services? Are they unique or revolutionary? Are they timeless? How much competition do they have?
* Do you strongly feel that they are ‘must have’ products and services?
* How widespread is their market? Is the market restricted to the country of origin? Are they of universal appeal? Are there numerous and diversified target markets to support them.6. Compensation PlanThe quality of the compensation plan is one of the factors you should consider in joining the right home based business. A strong compensation plan should provide a great incentive for you to excel. You need to consider the following factors:* Are there several streams of income?
* Do you make money from your first sale? If not, how soon can you make commission?
* Is there opportunity to make residual income?
* Is there opportunity to earn commissions from complimentary services or products?7. Passion for the BusinessMost of your decisions are probably based on facts while some are intuitive. As you assess whether you should join a home based business, you might be intuitively drawn to a company. You might resonate with your sponsor or other leaders in the business; you might be inspired by the strong team spirit; or you might be a passionate user of the products and services. Whatever the reason, the passion you feel may be the catalyst to your success in the business.As you can see, these 7 keys provide your personal checklist which is critical for you to make an informed decision to join the right home based business. As you turn these keys, you will open your door to financial freedom and the opportunity to enjoy a lifestyle beyond your wildest dreams.