Earning money from home is among the best blessings in my life. I have been an entrepreneur at the time I could walk and talk, and have enjoyed a career in serving others through my home-based businesses.
Durіng thе раst 13 уеаrs, І hаvе оwnеd sеvеrаl tуреs оf hоmе-bаsеd busіnеssеs. Some were very successful, some weren’t, but what I heard is that there are only five types of businesses that can help you make money from at home job.
All take discipline and structure, but some require more skills and money to operate than others. Below is the listing including their pros and cons:
1) Traditional Business – This is where you conduct a conventional business from your home instead of a storefront or office. For instance, my traditional business was a safety training company. The support I provided was custom training programs for producers and business. This type of business required many contract workers such as designers, copywriters, photographers, safety specialists, and more. There was high overhead associated with running the company (to the tune of approximately $100,000 per year), and I had been paid based on signed contracts. The proposal was made up of the projected raw costs plus a percentage markup. The advantage was that the jobs were rewarding. The cons included fierce competition, rising costs, trading time for money, a lot of travel, and high stress.
2) Work for Someone Else – This includes jobs like medical transcriptions, stuffing envelopes, or copywriting. The advantages include flexibility and reduced stress. The drawback is that there is limited earning potential, and reliance on work being available.
3) Direct Sales – Direct sales is a commissioned based job where you are paid for your efforts when somebody buys your product. Tupperware, Avon, and other direct selling companies fall into this category. You’re paid on the sales you are directly involved with. Benefits include flexible hours and team atmosphere. The cons include having to solicit family and friends including the focus on selling others.
4) Network Marketing – This is a group environment where others help you to build your business by sharing product and business opportunities with others. Benefits include earning money from everyone in your downline (not only from your efforts), residual income, team environment, and reduced overhead. Disadvantages include a constant need to maintain your prospect funnel full and resources and time to grow your business into a money making the machine.
5) Internet Business – This is where you become an affiliate and attribute other products and services on your site or web pages. Every time someone requests a product from you, you receive a commission. Benefits include easy income with no products to ship and no overhead. Cons include the time it takes to learn effective marketing on the web, finding the ideal products that sell, and learning how to sell to a niche industry.
Currently, my successful home business is made up of three of the above methods: conventional business, a networking business, and online business. So my question to you is this: what is YOUR passion? Which type of home-based business would YOU like to start?