The Best Home Based Business

The surprising best Home Based Business Opportunity that matched all 10 of my selection criteria.

Best Home Based BusinessI just read a post from Steve Siebold (author of “How Rich People Think,” and a self-made millionaire) where he offers his ten best pieces of advice on money. His very first point of advice says that “in a free market economy, anyone can make as much money as they want”

Even though I believe anyone can make money in a free economy, attempting to follow your own path doesn’t always work as expected. Over my life I have started many businesses. As a teenager I started a lawn care business and paid my way through university cutting grass…a lot of grass. After university I worked for a few years and then started a software development business with my brother. For 14 years we did very well and earned a good living. Then for 5 years I owned a computer retail store that consumed much of my time, but produced very little profit.

I then teamed up with an inventor to bring a promising new product to market. After investing months of time designing, developing a marketing plan and sourcing material from suppliers to build a few prototypes, the whole deal fell apart. I was stuck with some expensive boxes of raw materials I couldn’t use, return or sell and lost a bundle of money. It was a great learning experience.

Looking back I see that all my business ventures had one thing in common. They required a lot of my time and only made money when I was directly involved. The businesses were built around my expertise and that meant I always had to be involved. My income was limited by the number of hours I could work: if I took time off I didn’t get paid. I knew there had to be a better way.

10 Criteria of a Perfect Opportunity

I thought about what most people would look for in the best home based business opportunity. With this in mind I developed a list of the 10 criteria that a perfect opportunity should have:

  • Low startup cost and little ongoing overhead
  • A product or service that is purchased regularly month after month
  • A large target market that is growing
  • No inventory (ie. product or service delivered directly to the end customer)
  • Internet based with all ordering done online by the customer
  • Unlimited income potential
  • Start realizing a profit within months, not years
  • Business can be built part-time in my spare-time
  • Skills required can be easily learned (ie. no experience needed)
  • Have the support of a team or community

My hope was to find an opportunity that met at least 7 of my criteria.

When a friend of mine invited me to look at the network marketing business he and his wife were doing, my wife and I had a look. I know this may sound crazy to some of you, but the business met all 10 of my criteria! This was the best home based business opportunity I had looked at and spent more time looking at the industry.

Network Marketing Industry

The network marketing industry had evolved since my 1980 Amway days. In 2014 the network marketing industry accounted for over $180 billion in global retail sales and in North America accounted for 1% of all retail sales. The industry also produced over 500 new millionaires in 2014. Another interesting stat is that 82% of women earning over $100,000 per year do so in the network marketing industry.

The network marketing industry is growing up and is where franchising was 50 years ago. In comparison, the franchising industry in North America accounts for approximately 50% of retail sales. The average person can afford to start a network marketing business, whereas few have the capital needed to start a popular franchise.

The network marketing concept is simple. Independent associates introduce the benefits of the products to people they know, connect them to the company where they can order online and get paid a commission. The company handles the order processing, payment, shipping, returns if needed, and the collection and payment of taxes.

The true potential of network marketing starts when the associate begins to develop a team of other associates. By working together, all the associates benefit each other. For those who grasp the power of working as part of a network marketing team, the financial rewards can grow quickly. People who take the business seriously can build networks involving tens of thousands of people which can translate into a 5, 6 and even 7 figure income.

Huge Variety of Options

In North America there are hundreds of network marketing businesses promoting a huge variety of products and services. Like any industry there are good and bad network marketing businesses. Learn what questions to ask in order to tell the good from the bad (watch for my next post) so you can find the best home based business for you.

As Steve Siebold stated, “in a free market economy, anyone can make as much money as they want.” Network marketing provides people the best home based business opportunity to be an entrepreneurial success by following in the footsteps of other network marketing professionals.

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