THE 11 KEY SUCCESS FACTORS TO LOOK FOR
1 – LOOK FOR AN ESTABLISHED TRACK RECORD
- Most companies fail within the first 5 years.
- Look for a company that has been around for at least 10 years.
2 – THE COMPANY HAS TO BE FINANCIALLY SOUND
- Look at the company’s debt to earnings ratio.
- Ideally the company you chose should be debt free.
- Most important, find out if they have ever been late sending out commission cheques. You work hard you deserve to be paid on time!
3 – SEE IF THERE IS A STRONG MANAGEMENT TEAM
- Look at the corporate leaders and find out if they have experience from Fortune 500 companies and ask if they have sound business minds running the company?
- Look to see if there a lot of hype or a vision of integrity and ‘solid principles’,
- Find out if any of the corporate leaders have geld respected positions in the industry, for example have they sat on a Board or belonged to the Chamber of Commerce, etc.
- Have they won awards or other recognition in their industry?
- Are the management team principle-centred and mission- driven? Read the company’s mission statement and ask yourself whom does it serve more, them or their customers?
4 – THE COMPANY NEEDS UNIQUE CONSUMABLE PRODUCTS
- Look at the products – are they superior-quality, safer than mainstream equivalents, protected by trade secrets, proprietary formulas or protected by patents? Make sure that there is no place the products can be obtained except through your company.
- Are the products frivolous or necessities? Are you expected to create the “need” to buy or are you offering an alternative for their current necessities?
- Will you be asking people to spend money that they’re not already spending to buy products that they’re not already using?
- Look for household basics that are consumed monthly to create an ongoing residual income.
5 – PRODUCTS MUST BE COMPETITIVELY PRICED
- The company’s price point should be the same as other retail options or lower.
- Smart economics – there must be great value in being a customer.
- Look at where the products are manufactured; think of quality control and recession proofing.
6 – YOU’LL WANT TO LOOK FOR A HIGH REORDER RATE
- The consumer chooses the brand, which creates the residual income.
- You want a high reorder rate – not the normal 5 to 20% where you will be constantly replacing your customer base that drops off!
- Will the company show you its Business Report to prove the reorder rate?
7 – LOOK FOR A LOW PERSONAL PRODUCTION REQUIREMENT
- Can you tell you customers ‘No requirement to spend new money – no need for a budget change, simply switch stores’?
- Look for a variety of products so that anyone can be a customer.
8 – THE HIGHER THE ENTRY FEE, THE SMALLER YOUR MARKET
- Look at the cost to sign up – is it huge or is it a small membership fee?
- If the Sponsor gets paid commission on every new customer’s entry fee they may be more interested in recruiting new people than helping the ones they’ve already signed up.
- You should not be required to invest in inventory. You only want to buy what you’ll need and use yourself.
9 – RESEARCH THE COMPANY’S ATTRITION RATE
- You don’t want to a company that encourages you to play a sign up game – sign up new people and ignore them until they quit. You want a company that trains you to nurture relationships with your Enrolees for the long term.
- You want excellent products that will result in brand-loyal consumers who then create stable residual income through repeat purchases.
- Look into how much value you can offer, if your customers get enough value they will retain their memberships.
10 – YOU MUST CONSIDER TIMING IN SEVERAL AREAS OF THE BUSINESS
- Is the company growing? How well known is it – does everyone use their products already or is there still growth potential?
- What are the market trends, what are consumers looking for? Does the company provide these products?
- Product timing – is the product available, how long does it take to manufacture and ship, where is it being shipped?
- Are we heading into a recession & is the company recession proof?
11 – LOOK AT RISK – FOR YOU AND FOR YOUR ENROLEE
- Is the refund policy better than the statutory or even industry standard?
- Can people get hurt, lose money or get stuck with a lot of inventory?
- Is it something anyone can do?
MORE TO CONSIDER?
I found an additional four factors that you’ll also want to consider when searching for your home-based business:
- Is there training available on how to start your business?
- Do you need to travel in order to be trained?
- Are there home parties or hotel meetings or is it truly a home-based business? And
- What is your monthly overhead?
I’ve researched many different companies in the Business From Home sector and found one that responds positively to all 11 Key Success Factors, as well as the additional 4 factors above.
NOW I HAVE A QUESTION FOR YOU . . .
Are you serious or just curious?
This research will save you time and money but it can only take you so far. You will still need to apply it to your situation and then make a decision to get stared or you aren’t going to get very far. It’d be like having the keys to a gorgeous car but never taking it out of the garage or driving it.
If you are serious and apply this research I’m confident you will be excited about the same company that I ultimately partnered with.
So what are you waiting for? Are you ready to start your own business from home?
Go ahead and take the plunge – we’ll be here to give you the training and support you need BUT 1st let me tell you which company I chose and if you agree follow the link below the video and we’ll get started.