A couple of weeks ago, a friend of mine and fellow entrepreneur, Richard Bravo, posted this question on his Facebook wall:
What are the “Frequently Asked Questions” you ask, details you want to know, when looking at a business?
The thread actually turned out to be a valuable training in itself so I took my part of it, the questions I wish I would have asked when I first got started back in 2002, added a little more and turned it into this blog post for you.
It may help you in your decision in either choosing your first home business OR selecting another one that’s a better fit for you.
Hindsight is always 20/20 and you don’t know what you don’t know until you either go through it yourself or take the advice of someone who has.
So here we go…the question followed by my answer…
1. If I never enroll a single business builder who does what I can do, just happy customers, will my efforts still be rewarded nicely?
From my experience, I’ve learned that there are several different types of compensation plans and most companies put their own spin on them. Being ‘seasoned’ in the industry, question number one is super important to me because I want a comp. plan that rewards me for my work not just relying on the work of others and ‘team’ building.
2. Can you retail your product?
When I first started, I found that some people love retailing products at Farmer’s Markets and different local venues but not all comp. plans are retail friendly. Personally, I don’t think it will make or break your business but to have that versatility may be something you want to consider because “different strokes for different folks” and just because you may not want to retail products that doesn’t mean someone on your team won’t.
3. Is the product or service unique?
This question is a BIGGIE because you want to align yourself with a product or service that really can’t be found anywhere else. Meaning you don’t want your customers to be able to go to Costco or the like and find something comparable or close because you will constantly be trying to convince people as to why your stuff is different. And even though it may very well be a stand out product or service, it’s not a good position to put yourself in.
4. Can it be reordered every month?
Another BIGGIE!!! Can your product or service be reordered every month because if it can’t that kind of “shoots a hole” residual income thing. Not to mention if it’s not something that can be ordered and used month in and month out… you will be on a constant HUNT for new customers.
5. Am I looking at this to be LONG TERM or am I looking for a QUICK BUCK?
This is a question near and dear to my heart because not too long ago, I got sucked into the QUICK BUCK mentality. The fact of the matter is… there is no such thing. And it’s a question that needs to be carefully examined because with ALL the junk and manipulation around, YOU need to be aware of WHY you are attracted to something.
Is it the ‘greed’ factor that’s attracting us because we looking for the “quick fix” and the thing that sounds magical and easy OR is it an ethical, moral business venture that reeks of honesty, integrity, longevity and good old fashioned elbow grease to make it work?
Tip = If anyone paints you a picture that you will be sitting on a sandy beach while the cash register keeps cha-chinging (okay maybe not that extreme) but they are giving you the impression that little to no work is involved… THEY ARE TAKING ADVANTAGE OF YOU.
Okay… that about sums it up for the five questions I wish I would have asked before I started my first home business.
Like I said… you don’t know what you don’t know until you either go through it yourself or take the advice of someone who has…
I’ve laid it out for you… what you do with it is your choice…:)
If you have any questions or need help, click HERE so I know HOW TO best help YOU!
Until next time…
Nothing but LOVE & FUN + DOWN & DIRTY!
The Uncommon Housewife
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