In recent times there has been a sudden increase in the number of home-based business opportunities. In fact, nearly 50% of all small business owners work from home. According to a study, the home business industry is expanding and the revenue generated from this industry will increase by 17% yearly through the year 2008. Growth by such leaps and bounds has seen its share of scamsters along the way, claiming lots of unsuspecting victims. They succeed by typically playing on the inexperience and gullibility of wanna-be entrepreneurs, and roping them into participating in dubious ventures. If you’re planning to start one, and have to choose between several proposals, first of all make sure that all the ideas are for a legitimate home based business.
To begin with, you might have trouble looking for the right business option but nevertheless, exercising few precautions can go a long way in making sure you choose the best program. So, how do you find a legitimate home based business in an ocean of fraudulent schemes?
Before you rush into something that might burn your fingers, take time to evaluate the business ideas. Some safety measures are:
Look for established businesses: Look for tried and tested business ideas that have been successful over a period of time. See if there’s a good buzz around the business, or better still, try to talk to others who have a stake in it. If the business has been around for a bit, chances are that it is a genuine opportunity.
Keep a cut-off date for success: Sometimes, a proposal which might seem like a legitimate home based business on the surface may actually be a smokescreen for something more sinister. If you’re already into it, but haven’t seen any returns so far, there’s not much point pouring good money after bad. Most businesses that have a leg to stand on turn in a profit within a couple of years. It’s wise to work to a deadline for success, failing which opt out of the business.
Get real: While consider competing offers, remember that the other parties will glorify their programs, so do remember to discount the hype. For example, a home business that promises you millions of dollars in next to no time is likely to be a “get-rich-quick” chimera. A legitimate home based business proposal will not offer implausible guarantees.
Check for reliability: Check the credibility of the business before you buy-in. Organizations like the Better Business Bureau can help you check a company’s pedigree. Ask whether the business enjoys a good reputation among existing and prior members. Interact with customers or vendors to get some true feedback.
Try it out: A great way to suss out a legitimate home based business is to try out the product or service that is being offered. If the product is delivered as promised, and works satisfactorily, you’re probably onto a good thing. If it’s one of those businesses where you’re asked to send a check of $20 in the mail, and that’s the last you hear of it, thank your lucky stars that you got away easily!
Evaluate payment plans: Before going ahead with the prospective business opportunity, find out how and when you will get paid. A fraudulent scheme will insert onerous terms and conditions in fine print in the business agreement, and you might find that you never get paid. For example if you’re planning to participate in an affiliate program, check out payment policy – Do you get paid for clicks, or purchases? Is there a minimum business that your website must generate before you get paid? Is it a monthly or quarterly payout?
Luckily, plenty of resources are available on the Internet and in local libraries to help you in your decision making. Finally, back your instincts while evaluating an option of what you think is a legitimate home based business opportunity!