Anyone who has ever searched online looking for a legitimate work from home business will know that there are plenty of opportunities available, but is it really feasible to set up a legitimate work from home business which actually makes you money and is sustainable?
Sadly, most legitimate work from home businesses fail. In most situations this is not caused by a lack of commitment but more often by a lack of the right kind of support and a lack of cutting edge marketing techniques. This article contains an overview of the five essential elements needed to build a prosperous and legitimate work from home business.
Firstly, you need to learn and understand about personal branding and attraction marketing. Personal branding and attraction marketing is all about promoting yourself and positioning yourself as a leader who can be of value to other people. I’m sure you’ve heard the saying, ‘People buy from the people they know, like and trust’. If that saying is true then you need to let your potential customers to get to know you and your style. Fortunately, each of us is unique and this can be used to your advantage even in a crowded market. There are many ways of personalising your business, for example, by adding personal details about you and your background to your website. Another way is to produce personalised videos. In fact, personalised videos are a great way of allowing people to get to know you in their own time frame and comfort zone. When you use personal branding your USP (Unique Selling Proposition) becomes you and your style.
The second key element needed to build a profitable legitimate work from home business is to set up a funded proposal. Before explaining what this is let me give you a few surprising statistics:
1) 90% of home business owners spend more than they ever make.
2) 95% of potential customers will not buy the product and will not join the business.
(This means that home business owners are missing out on 95% of their potential profit).
Setting up a funded proposal can help you avoid being one of the statistics above, by establishing multiple income streams. The idea is that you choose a low cost, high value product such as a ‘Mike Dillard’ or ‘Ann Sieg’ product which you then sell and earn commissions off as an affiliate. The income generated from this can then be used to drive your main business forward.
The third essential element needed to build a legitimate work from home business is an automated system. By taking advantage of the many advances in technology you can build your customer list fairly easily on auto pilot. The days of having to actively sell to people have gone. For example, by setting up an email auto-responder linked to personalised web pages with personalised videos you can literally be in thousands of different places all at the same time. In reality you may be out with friends, down the beach or simply asleep in bed. As mentioned previously, personalised videos are very valuable and allow you to build relationships with your prospective customers much more rapidly and with absolutely no pressure. With a conventional job you trade your hours each day for a set amount of money. In contrast, with a successful legitimate work from home business you do the majority of the work up-front and then get paid forever.
The penultimate key element needed to build a legitimate work from home business is to have a big ticket, high quality product with true stand alone value. Making a $50 sale can take just as much time and effort as making a $5k sale. Actually, in some cases making the $5k sale can actually be easier. This is because with the $5k deal you often deal with more educated and more motivated individuals who need less support. Having a product with real stand alone value is important. You need to have faith in in and feel good about the product you are marketing. If you can honestly say that it has true stand alone value and is not excessively over priced then you will be able to build a solid and sustainable business.
The final essential element needed to build a legitimate work from home business is a decent online business coach or mentor. In addition to being experienced a good coach must be the sort of person who is going to keep learning on a daily basis so that they keep up to date with the cutting edge techniques. The internet is moving so rapidly these days that techniques used today can easily be out of date within a few days time. An additional attribute to look out for is the ability to break down information into easy to follow actionable steps. Unfortunately, it’s common for an expert in their field to be unable to efficiently pass on that knowledge to other people. Other factors to consider are the level of service he/she can provide, for example, how long will it take for him/her to get back to you when you need support, and how much time will he/she be willing to spend helping you.
In summary, in order to build a legitimate work from home business which is prosperous you need five key elements. These are personal branding and attraction marketing strategies, a funded proposal, a big ticket high quality product with stand alone value, an automated system, and finally an excellent coach.