Starting a Home Based Businesses – How to Make REAL Profits and Live Your Dream From Home

Most folks I talk to who are thinking about starting a business they can run from home fall into two categories:

o the ones that think all home businesses are scams,
o and the ones who think they’re going to get rich overnight.

I guess when I started investigating a home business of my own,I had mixed feelings about the issue. I wanted it to be easy. I wanted to believe all the stories of people who were living out of their car one day and vacationing on their own yacht six months later.

There ARE Some BIG Successes Out There…

And believe me, those kinds of successes are out there. I’ve met them. Oh, maybe not the living out of their cars part, although I’ve talked several times to a network marketing guru who claims that’s where she got started. But there are certainly real stories about real people making real money from home. The problem is, well, more people fail than get rich. And the overnight millionaires are the exception to the rule, even among the successful ones.

So what are we to think? If more people fail than succeed, does that mean home businesses are simply traps for the naïve and desperate? Or worse yet, outright scams?

You Can Just Dream . . . or You Can Act to Achieve Your Dream!

It depends on how you feel about the so-called “American Dream.” If you believe dreams are only for the naïve and desperate, then you would be foolish to take a substantial financial risk to pursue your dreams. But if you believe all successful people began with a dream, then dreams are not lightly to be ignored.

A Japanese proverb that I love says: “Dreaming without action is but a Daydream.”

So, is there a dream that you’ve always had and have desperately wanted?

What have you done to achieve it?

Or have you sat there on your hands just dreaming? Just waiting for success to come to you?

The Scams Are Out There, But You Can Avoid Them

My point is not that there are no scams in the home business industry. Of course there are. Anytime someone promises you that they can sell you a system that takes care of all the hard stuff, like finding prospects aching to buy what you’re selling, delivering them to your doorstep (or desk top) with credit card in hand, and converting them into sales with little or no involvement from you, it’s time to put away the check book and move along to the next idea.

But many people make the mistake of equating unsuccessful home businesses with scams. So, they conclude, if a lot of home businesses fail, they must all be scams.

I disagree. There are many reasons you can lose your money in a home based business, and many reasons you can succeed. But most of the failures have nothing to do with scams. Actually, the percentage of home based businesses that fail tracks pretty closely with the percentage of all small businesses that fail.

To avoid being one of those that fail you must not make the same mistakes that most of them do. Most small business owners make the same mistakes–fall into the same bear traps–from lack of knowledge. That is to say, they don’t know what they don’t know. They don’t know a mistake until they make it. Getting the right knowledge along with the right business and the right people helping you can go a long way toward avoiding mistakes and assuring your success.

The Dirty Little Secret …

The dirty little secret is that the things which lead to success (or failure) in a home based business aren’t any secret. They’re the same things that lead to success (or failure) in any business. In no particular order, they include clear-headed goal setting, careful researching of the market to find profitable trends and business sectors, and evaluating the strengths and weaknesses of businesses which can serve as useful vehicles for taking advantage of those trends and sectors. Organizational skills, passion, and commitment don’t hurt either.

If these are traits or abilities you do not have. Do NOT risk any substantial portion of your assets on a home based business-or any other business for that matter.

The Single Most Important Key to Success in Your Home Business

It is not my purpose here to give you the “10 Most Important Secrets to Success in a Home Business,” or the “8 Steps You Must Take to Generate Incredible Wealth from Home,” You can find a hundred articles with various formulas or lists of that sort.

But I will give you the one suggestion that I think is critical to creating real wealth for yourself in any new business, and particularly in a home-based business, where the usual “social network” present in the normal business may be absent, it would be to get yourself a good mentor or coach.

I would submit that, of those home businesses which do fail, most fail simply because they don’t find their way before they use up all of their money on all of their mistakes. Based on my own experience, I would strongly recommend that you spend as much time to find the right person to coach you as you would to find the right business. If you can’t find a coach, see if you can find someone in the same business, or same kind of business to, mentor you.

That is one real advantage to a good MLM or Network Marketing Business. Despite what you may have heard or read, there are many sound

MLM’s, big and small, old and new, with solid reputations and solid products. (If you are thinking about a Network Marketing Business, read Richard Poe’s excellent book “Wave 4: Network Marketing for the 21st Century” (Prima Publishing 1999)).

When Looking for an MLM, Find One with a Strong Upline

If you are interested in an MLM, look for one with a strong upline, i.e. an upline with successful and highly motivated individuals willing and able to mentor you in the tools and techniques necessary for your own success. If you can find and afford a good coach, by all means get one. If not, or if you prefer a less expensive and perhaps more personal alternative, a good mentor can certainly get you to the same place.

But don’t try to go it on your own. I don’t think it an exaggeration to say that every wealthy and highly successful home business person I know at some point learned his or her business under a truly good coach or mentor. There is another favorite saying of mine:

o Some people don’t learn from their mistakes.
o Smart people do learn from their mistakes.
o Successful people learn from the mistakes of other people.

The best way to learn from other people’s mistakes is to work with a good coach or mentor. In the world of MLM’s, that means finding an opportunity with a strong, experienced upline.These folks know what those mistakes are, and how you can avoid them.

That, more than anything else you can do, will ensure your own success, and provide you the surest and shortest path to real profits, and ultimately real wealth.