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Home Based Businesses – Myth or Magic?

The short answer is – there are a lot of myths, and very little magic.

The reality is that any home based business you choose is going to take some work on your part…and chances are you won’t get rich overnight. Some of the opportunities advertised are simply pyramid schemes disguised as a business, with specific wording included to take advantage of legal loopholes that exist (for now).

The good news is that there are many legitimate opportunities advertised – in fact, so many that selecting one could drive a person crazy. So how does one go about choosing a home based business that will work for them? Ask yourself the following questions when determining whether or not a home based business that you’re looking at will be appropriate for you:

Does it sound too good to be true? If so, it may be…on the other hand, that should not be the sole determining factor in your decision. There is a lot of money to be made out there, and it is easier than you think.

Are you willing to do what it takes to recruit the way you’re being recruited? For example, if someone spends 30 minutes on the phone with you and gives you the hard sell routine, are you going to do the same? Many of these opportunities involve a great deal of phone time; if you’re uncomfortable with that you should look at something else…but keep in mind that whatever you choose, you will have to develop new skills and talents.

When someone is trying to recruit you for a particular business, ask a lot of questions about average operating costs, the amount of time and effort it will take to realize the profits they’re claiming, and details about the compensation plan. If they are reluctant to give you this information, there may be something fishy going on. Answers to these questions should not be part of the training process after you buy into the business.

Can you realistically make time to do what’s required? Don’t fool yourself into believing that you’ll do this in your “spare” time – most of us don’t have any…but if you are willing to cut out some of the leisure activities in your life (at least temporarily) you can be sure that down the road you’ll have more recreational time than you do now.

Many home based businesses require you to spend a lot of time interacting with your sponsor/mentor. Figure out if you like them…you may not like all the people you work with in your 9-to-5, but this is a little different. You are going to become a partner in many ways with your mentor, so be sure he or she is someone you are willing to spend time with.

Can you afford the initial investment? Using the rent money to start a home based business is risky – if you’re confident enough that you’ll recoup your investment in time to pay the bills, great – just be aware of the risks and have a fall-back plan.

These are a few of the important factors to consider when looking at a home based business – certainly not a comprehensive list, but an excellent place to start. Another important thing to keep in mind…almost every program you get involved in is going to stress personal development. There is good reason for this, and although some of the things they ask you to do may sound goofy (like telling yourself out loud every day how great and successful you are), the reality is that this concept has been around for a long, long time and has been proven to be effective.

So get out there and start your search!

Bill Cox is a budding entrepreneur and Network Marketer learning to capitalize on the power of the internet to build multiple income streams.

Find out how to secure your financial future at my website!