Can a Home Business Really Work

At some point, many of us have thought about working from home and how nice it would be. The one thing often stopping us is the question of “Can a home business really work?”  It’s a very legit and valid question and there is not concrete answer as it depends on many factors. Mainly – you! A home business can certainly work, but it does depend on many factors. Let’s examine them in detail.

What You Need to Consider With a Home Business

There are many things to consider when looking at a home business. Below we will go over some of the important things in summary.

Quotas to Reach

If the business you are looking at has quotas you must reach each month to remain active or to be paid on sales, you may find it more stressful and not profitable than you were hoping. Look into the compensation plan and see if there is a certain amount of sales you must make in a time period and if that will work for you.

Autoshipments

The love hate relationship with autoshipments! On the one hand, they can be good as they often ship for free and ensure you have a good supply of your favorite stock for customers (and yourself!). On the other hand, it can get costly if you don’t sell that stock every month and you end up with a stockpile of goods sitting in a room somewhere. You ultimately become your best customer and no profits are made until you sell that product off.

Sponsoring/Building a Team

MLM companies do encourage you to sponsor others and build a team. There is certainly some benefit into doing this as it provides residual income and grows your business stronger (just like any company, if you have some strong people on your team who help boost sales and contribute to the businesses success then you are more likely to stay in business and have stability.) However, you should not be forced to build a team if you do not wish to do this. Look into the companies policy and see just how important sponsoring is and if most of the compensation plan is based on team sales and recruitment or individual sales or combination of both.

Product Demand and Availability

It’s pretty hard to sell something we don’t want or believe in ourselves. Plus it’s hard to sell ‘want’ items especially in hard times of looming recessions and financial hardships. ‘Want’ items are those we would like but do not need. Selling ‘need’ items are easier because people do need them (think essentials like household goods, cooking supplies, clothing etc.) Look into the company and see how in demand their products are and is the company good at keeping those items in stock. Nothing more frustrating than customer who wish to buy and there is a supply shortage.

Methods of Selling

You will also want to know how the company allows you to sell things. It sounds like this should be pretty basic but you would be surprised. If you want to do trade shows and events, some companies do not allow you to sell on the spot, rather customers must contact you after the show and place an order. In this day and age, most people see the item and want it now, that’s the appeal to immediate sales. Find out if you can advertise online and where you can sell. Does the company have assigned territories or countries you can and can not sell to. Are there any other costs, exchange rates, customs etc. Can you buy for personal use or does it all have to be for customers only?

Tools and Training

Does the company offer training? If so, is it mandatory or online where you can work at your pace? Do you get free websites and other tools like graphics to help promote your business?

Watkins home business for family life

Are You Ready to Make a Home Business Work

 Oh so important! Most people think they have what it takes, only to sign up, order product, spend some time and money into advertising and creating business cards, only to realize they didn’t think it all through. Common mistake, so take a read through the readiness checklist.

Time Availability

Do you have the time to work from home? You may say “Yes, of course!” but let’s really look at it. Do you have kids at home and will you have enough un-interupted time to focus on your work. How much time do you have (3 hours a day, 1 hour a day, 3 hours a week etc.) Will you still be working out of home and if so, when will you find time to work at home? If you are a stay at home parent and kids have sports and appointments plus you are taking care of the house and meals etc (been there!) how much time can you set aside for your business?

Financial Availability

Every business takes some money to start up. With the Watkins home business it’s pretty affordable, only $29.95 for the year and no need to buy anything else. However, if you are wanting to make business cards, or order some product to have on hand or to do trade shows, or have a tablecloth and signage made for a tradeshow, then you will need to have the available cash. Financial availability also means things like if you are cutting down or leaving your other job to focus on this – can you afford to do that? All businesses take a bit to start bringing in consistent income (though doing direct customer sales like at markets and trade shows are the quickest way to get profit fast!)

Family Factors

This can be touchy but if you have a partner, do they support you and this decision? There will be frustrating times ahead (as all business owners face) and you will need some dedicated time to work your business. Having a partner who supports your and will allow you the time to grow this business is important. Also, if you have kids or are planning to have kids, will you have the time to work at home? If you are caring for a relative or fostering a bunch of pets, will you have the time.

Motivation and Independance

BIGGEST POINT EVER! I can not stress enough how important it is you are motivated, can work independantly, are a problem-solver and can set goals! Lots of people have big dreams and start strong but then get a bit, shall we say….lazy! Maybe it’s a nice day (or week) outside and you decide to go to the park or rollerblade, or maybe take the kids to the splashpark. not really a problem, as long as you still fit your hours in for work. This is where making your own schedule is important. Maybe in the summer you only work 2 or 3 days, that is fine! Part of the perk with a home business is WORK LIFE BALANCE! Have time with the kids, or for you and still manage a business!

You must be able to remain motivated though, because no big boss is going to remind you to stay on track. Problems will arise and you need to be a problem-solver and find solutions, not just go all negative and give up. #1 reason for failure is saying “I will do that tommorow”.  (Saying it one day and then doing it tommorow is fine…but if you say it every day….)

Expectations

So let’s just put this out there right now – what are you expectations? Ok so you are working from home, have great work life balance. You spend time with family/friends when you want, set your own holidays, write off business expenses and home office expenses, get great job out of successes….but what are your expectations? How much money do you want to make monthly and in what time period? Is that feasible with the hours and investment you have to offer? If this a short job for now, or a long time plan? Is it a hobby for fun and a bit of income or perhaps something you are building for retirement so you can earn residual income instead of pulling RRSPs out? What do you hope to get out of this business and is it feasible with what you have to offer at the moment. Being realistic with your expectations is important so you don’t get discouraged and can reach your goals more easily.

Sale price on Watkins home business membership

Things to Know About the Watkins Membership

So we have gone over a few things to consider if you have been wondering ‘Can a home business really work’. I am familiar with many businesses as I dabbled in various ones over the years (many to get discounts for myself!) and I’m familiar with various business models. I have had home businesses ranging from MLM (turn key ready) businesses to ones I created myself and even sold products globally online. My answer is yes, a home business can work but it depends on you. As of this writing, I have been doing the Watkins home business for 14 years now and am very comfortable with their whole business model. Products that are NEED products, in demand, good supply, satisfaction guarantee, company in business over 150 years, good compensation plan, lots of tools and training….so here is a little more about the Watkins home business:

Buying Products: 

  • You can buy your products anytime and order as much as you want or as little as you want
  • The discounts begin at $150 and go up from there (but they are also cumulative during the month so if you place multiple orders you may earn extra money, see discount chart above and Compensation bullet below.)
  • You can buy products from the country you are in. So if you are in Canada you can buy products available in Canada. If you are in the USA you are able to buy products available in the USA
  • Products ship from the country you are in, so there is no across border issues or exchange rates to worry about!
  • No quotas to remain active, no autoshipments, no pressure

Selling Products: 

  • You can choose to sell products if you wish. As a Watkins member you have this right and can charge customers whatever price you want. Share the discounts, mark up the prices etc. There are no income tax slip given out, it will be up to you to report your income.
  • There is no need to sell products if you are a Watkins member but if you do want to know more about selling and different methods, check out our FAQs here…
  • No assigned territories. If you live in Canada you can sell anywhere in Canada. If you live in the USA sell in the USA. If you have customers in Canada and/or the USA use the website and they can order through you that way.

Shipping Fees: 

  • We have flat rate shiping of $9.95 when you order direct from Watkins
  • If you decide to deliver to customers (should you wish to sell products) charge what you want as a shipping and handling fee

Extra Compensation: 

  • If you place multiple orders a month you may be entitled to a higher discount than what your individual orders got you, you can review the compensation plan and videos here to understand how this works
  • If you do earn extra compensation you will get that in the form of direct deposit on the 8th day of the next month

Satisfaction Guarantee Policy: 

  • We always have our satifaction guarantee so whether you buy as a member or customer, your satifaction is guaranteed or money back!If you have any questions at all, please contact me.
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