Invest Wisely
Not only was the WAHStation developed to help work at home
business owners have the resources to become a successs, but it was
developed for individuals seeking work-at-home opportunities without
having to spend a lot of time jumping from website to website to find
a possible good fit for their work-at-home dreams.
We will admit to you that working at home can be hard and trying. In
the long run, when you are successful, you and your family reap the
rewards. It would be nice to think that you could buy into a business
and turn a profit with little to no effort. Any business telling you
that you can isn't being honest with you. No matter what you sign up
for, it requires effort to be successful. How much effort? Well, that
is what we hope to answer in our Work-at-Home
Opportunity Pages.
Here are some topics you need to cover with each and every work-at-home
opportunity you consider investing in. Remember, no two businesses are
the same. Looks can be deceiving, so be sure you ask the hard questions
first so you don't find yourself in over your head.
It Takes Money to Make Money
How
Much Selling Will it Take to Succeed?
What
Exactly Does that Kit Include?
Getting
the Word Out
Marketing
and Branding
How
Does the Customer Get the Product?
How
Much of Role Does Recruiting Play?
It's
a Matter of Trust
Last
But Not Least
It Takes Money to Make Money
Regardless of what opportunity you venture into, it takes money
to make money. However, be sure you aren't putting yourself into debt
when you sign up. Before you decide what business you want to invest
in, set a limit as to how much money you are willing to spend on your
set-up of the work-at-home business.
Say you have only $100 to invest in your new venture, and you've found
the perfect work-at-home business to fit your needs. However, the sign-up
fee alone is $100. If all you have is that $100 to invest, make sure
your sign-up fee includes everything you need to get your business off
the ground without any immediate additional investments. You don't want
to pay $100 and then find out that you should spend that much, if not
more, in inventory, training, marketing materials, etc.
It is much easier to take your initial investment budget, cut it to
about 60-75% and then use that for your initial investment. Use the
other 25-40% to purchase materials you will probably need, no matter
what business you are investing in.
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How Much Selling Will it Take to Succeed?
No matter how great this new business venture sounds, and no matter
how great the profit margin may be, you need to sit down and do some
real math to determine your own potential for success. Set a goal for
your monthly income and then calculate how much it will take to make
that goal. For example, you want to make $1000 a month before taking
additional funds for reinvestment in the business. If you sell widgets
at $50 a piece and your profit margin is 50%, you are making $25 on
each sale. That means you will need to sell 40 widgets per month to
make a $1000 profit.
Selling 40 widgets a month might seem easy, but how many
people will it take to buy 40 widgets? Will every person you meet buy
a widget? Doubtful. So then, how many people will it take? Will each
person only buy one widget or will they buy multiple? Will they expend
their widget and call you for a new one in a month or so from now?
Put your numbers on paper and examine the reality of this
opportunity. Now take those numbers and apply them to real life and
be honest with yourself. Are you going to be able to reach the goals
you've set for yourself? If not, will you be happy with setting a smaller
goal? Once you see these things on paper, it might make all the difference
in to world as to whether or not this opportunity is worth pursuing.
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What Exactly Does that Kit Include?
Most work-at-home opportunities include a start-up kit with the sign-up
fee. Kits can include a million different things, but here are some
thing you should look for in a kit:
Product
- You will need either full-sized product or samples for your own use
(you can't sell it if you haven't used it) or for potential customers.
If the kit doesn't have any product, you will need to find out if it
is necessary to have product and/or samples for yourself or to give
out to potential customers. If you do need product or samples, ask how
much is necessary for a good start.
Catalogs
- If your business sells a product, you need catalogs. If your kit doesn't
include any catalogs, ask if any exist. If so, how much does it cost
to purchase a catalog and how often are the catalogs renewed. Some businesses
have a new catalog every quarter, while some have new catalogs every
two weeks. If your business doesn't have a catalog, make sure you have
a website to sell your products from.
Website
- Most business opportunties either offer a free website when you join
or charge an additional fee for a website. Be sure you know what fees
are involved in keeping up the website, including a yearly fee or any
monthly fees. Be sure you know if you are able to accept payments through
that website and if so, how do you get the money?
Business
Materials - Some of the materials you will need for promoting your business
are business cards, hand-outs (flyers or pamphlets) describing the business
opportunity, labels for products where your name and reorder information
can be found, and other office supplies like stationery, name tags,
clothing, etc. The larger the company, the more business materials you
can expect to receive or expect to need. For example, many of the larger
companies require a particular attire when presenting their product
for at-home parties or company events. You may need a company approved
jacket or shirt to wear, a name tag or even a hat. If these are necessary
components of your business, you need to either expect them in your
sign-up kit or have a readily available price list for each of the needed
materials.
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Getting the Word Out
After you've decided to participate in a work-at-home opportunity,
the next step is getting the word out. You can't be successful without
customers. Are you prepared to do what it takes to get the word out
about your exciting new business? Does the individual or company
that owns the business allow you to advertise in the manner you want?
Here are some things to consider before you make the plunge into that
new business:
Home
Parties - Is this the kind of business that thrives on home parites?
Are you willing to do the home parties? If not, are there other ways
to be successful with the business?
Advertising
- Are you allowed to advertise your business? Is it strictly confined
to any media source? For example, some companies may give you a website,
but are you actually allowed to advertise online through banners or
pay-per-click advertising? What about print ads? Will you be able to
advertise in your church's monthly bulletin, a local newspaper or other
publication? If you are allowed to advertise online, what kind of restrictions
are there, if any. Also, does the company supply graphics or copy (text
describing the company) for you to use in your advertising? If not,
are you allowed to design or produce your own graphics or copy, and
if so, does it need company approval before it is put to use?
Craft
Shows & Vendor Fairs - Every town has some sort of yearly, seasonal,
or monthly craft show or fair. If you have the kind of product to sell
in a show or fair setting, are you allowed to do so and if so, what
kind of limitations (if any) are there?
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Marketing & Branding
In addition to getting the word out about your new business, there are
marketing and branding strategies you may or may not be able to take
advantage of.
Online
Sales - Although your business may take place through online sales,
or even through home parties, you may have the inclination to sell on
a third party website like eBay. If this is an avenue you hope to take,
make sure this option is available to you. Many companies restrict their
representatives from selling their products on any site other than a
company approved website. If a representative were caught selling the
product on a third party website like eBay, in most cases, the representative
is either warned by a company lawyer, or will lose their investment
completely.
Branding
- Companies that sell products like candles (and other brandables) may
have programs where you can purchase their product with your own personalized
label. Wholesale programs are especially known for this option. Branding
can be essential for the individual who wants to sell a product through
craft shows and vendor fairs. Another benefit of being able to brand
a product is in selling the branding options to potential customers
like real estate agents, wedding coordinators, law firms, catering and
party supply companies, and many others. As a company representative,
you could try to sell that product to a third party as a business expense.
For example, some real estate agents may give their new home owners
a basket of goodies - what else better than to have a house warming
candle with their name on it? This doesn't only work with candles, but
bath and body supplies or other brandable gifts, too!
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How Does the Customer Get the Product?
Many companies will offer shipping from their warehouse to the customer,
without needed you as the delivery agent. Yet other companies expect
you to have your own inventory to deliver to the customer directly.
The topic of inventory vs. no inventory can be a little tricky. Just
because a business opportunity states that no inventory is required
to build a successful business, it isn't always the best avenue to take.
If you are are responsible for processing your customer's orders, and
then the product is delievered to you and in turn, you deliver it to
the customer, chances are this is the kind of business where you need
inventory. For example, if you have a customer who wants one particular
product, and you don't already have that product on hand, you have a
couple of choices to make. Either you tell the customer that her order
will be immediately processed or she will have to wait until you make
your next order. If you immediately process her order, you may eat all
of your profit in additional shipping charges necessary for delivery.
This is where inventory comes in handy. If indivdual sales are going
to be made and it is your responsible to deliver the product, you need
inventory to make it the most cost-effective business.
However, if you choose not to carry inventory and only make your orders
in batches, to save on shipping costs, your customers may have to wait
longer than they want for that product. This could mean zero repeat
customers, unhappy customers, or order left unfilled for long periods
of time.
If your business needs inventory, you need to consider this cost separate
from your initial sign-up fee. If you are unsure of whether or not you
need inventory, ask your recruiter if they carry inventory. If they
do, then you will need to too, no matter what they say.
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How Much of Role Does Recruiting Play?
Some work-at-home opportunties not only allow you to earn money on your
own sales, but sales from your downline.
This can be a very big incentive for you to recruit others to invest
in the same work-at-home opportunity. However, you need to ask yourself
(and your recruiter) how much of a role recruiting plays in the business.
MLM (Multi-Level Marketing) businesses
rely heavily on recruiting, and it takes a certain type of individual
to successfully recuit. There are no ifs, ands, or buts about it. Period.
If you aren't the outgoing type, don't know a lot of people, don't have
the means to expand your potential recruiting audience, then this kind
of business is probably not for you. You may be told that it doesn't
take much to recruit or you will be trained on how to recruit - but
the fact remains that it takes a certain type of individual (a sales
person type) to sell the idea of this business opportunity. If you are
shy in nature, and let's be honest, don't see yourself ever being able
to do what it takes to recruit, then don't assume you will be taught
how to do it. You may be told how - but being taught to be a different
kind of person take a lot, and not everyone can make that transititon.
On the other hand, just because you can earn money from the success
of your downline doesn't mean you have to develop a downline. Not all
work-at-home opportunities revolve around recruiting, and you can still
have a successful business without a downline. The key here is to understand
how much of a role it plays, and if you are expected to recruit - and
then make your decision from there.
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It's a Matter of Trust
You have to be able to trust your recruiter, the company, and associated
individuals in order to have a successful business. Sometimes, the only
way you can trust a business is to do your homework first. We've gathered
together helpful
resources for you to browse before taking the plunge into a new
at-home business. Try to find positive and negative comments about the
business. Ask around to see if there are any other individuals who've
invested in the same work-at-home business, and see what they have to
say about it. Don't just ask people around you - search outside of the
immediate circle of people involved in the business. If you are unable
to find any information about the business, or are faces with a large
amount of negative comments or feedback about a business, then you need
to step away from it immediately. If a business is new, find out who
owns the business and do research on them. Use our helpful
resources. Don't invest in anything that still has you asking about
the validity of the business or owner or the ability to succeed in your
business venture.
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Last But Not Least
If you make the decision to invest in your very own work-at-home business,
visit our sister site, WAHStation,
for the information you need to be a work-at-home success! You may also
want to considering advertising
on our various sites to help promote your business, too! Good Luck!
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