Many people start a business on a whim. They fell in love with the products, or they saw people making a great income and thought “hey, starting a business is a good idea!” They jump in before taking time to research the company and products, or learn more about the people they are doing business with. It’s an exciting time when you are starting a new business, but step back and think before you join!
I have seen people get burned in a business many times because they did not take the time to research it before joining. Often times that can save you a lot of money, and time! When you are new to the work from home industry though, these are things you don’t think of. If you or someone you know is thinking of starting a business, make sure not to rush in and take time to learn all you can before you join. Here are some tips I have picked up over the years.
Starting A Business
- Is the product consumable. This is something MANY people do not think of but its VERY important! Yes jewelry and bags and clothing are pretty, but do people NEED to buy it every month? Are they going to run out of this product every month? If the product is not consumable, you will not have repeat customers each month. That means you need to go out and find new customers every single month to grow your business and that can be tough. Make sure it’s a product people will keep buying.
- Is the product something people need. A great thing to think of when picking a product to sell. If your customer was running low on money each month, would they NEED to buy your product? If you have a personal trainer you pay and you find you have to choose between shampoo and your trainer that week, which would you choose? You would choose the product you NEED!
- Is the product affordable Even if your product is the BEST product in the world, if people can’t afford it, they won’t buy it! Compare your product to prices at other stores, ask your friends if they find it affordable, and research the price online. Many times companies, especially multi level marketing ones, mark a product price up to make a better profit.
- Is the product utilizing your entire market This is something I see all the time. People will pick a product to sell that only a small percent of people use. Makeup is a great example, most women use at least 3 makeup products so you are reaching a large market. Kids toys is another example, how many of your friends have kids? Know your market and go for a product that EVERYONE would use. Toothpaste, shampoo, vitamins, etc those type of things that every person no matter age and gender, will use!
- Is the product and company something you LOVE At the end of the day, I could care less about the thousands of dollars people make in companies. I care about a product that is safe, useful, affordable and that I would LOVE to put my name behind. Many times I see people selling a product that is dangerous or toxic and they don’t care because it’s making them a good income. Or people don’t even use the product they sell, they are just trying to make money. Be a good person! Love the product you use, stand behind it, and make sure it’s safe for others!
- Does the company have a good reputations? The truth is you will find good and bad reviews on EVERY company out there. You can’t please everyone, but look for the general reviews. Check out the Better Business Bureau, talk to current customers, research the company. I personally know of FIVE companies being investigated by the Federal Trade Commission for practices that are unethical. One of those companies is in major debt and raising prices on customers. Another is targeting women in and making false claims on incomes. One is being sued! The point is, you need to make sure the company is debt free, treats people well, and is not facing fines that could shut it down!
These are just a few things to think about before starting a business. Its great to fall in love with a product, but sometimes its better to stay a customer then jump into the business side of things. I personally love eating out, but that doesn’t mean I should open my own restaurant….I would be horrible at that haha. Research, make a pros/cons list, ask family and friends for their advice, and take your time. Never ever ever just jump into a business on a whim! Protect yourself, your finances, and your time!