Starting your Own Business

The Keys to the Entrepreneur Decision

Are you overwhelmed with the number of business opportunities available today? Confused about what is right for you? Now is a great time to change careers or better yet jump from employee to business owner. Here are the 7 key elements to consider when taking the entrepreneur plunge.

Here are some very prevalent reasons for going from a job (just over broke or just obey the boss) to business owner: recently downsized, lack of any future job security, desire to grow personally, nest egg is too small, job burnout, money for college, bills too high, income too low, desire for freedom.

Now is a good time for change, but how do you navigate the thousands of opportunities available? Use this checklist to find the right home business for you. Position yourself to increase your income, gain independence, grow personally, and lead yourself to financial and time freedom. Step with confidence into entrepreneurship!

1. High Priced, High Quality, High Value (in demand) Products
Realize you must trade something for money in order to be in business. Simply put you must sell a product or service. The product must have a Unique Selling Proposition meaning what makes it better than anything else on the market. In addition there must be a high demand for the product and a price point must be set for high profits for you and high value for your customer.

2. Expanding Market
When starting a business you want to enter a market that is growing and has projected long term growth. There must be a continual influx of prospects reaching the right age, right circumstances, etc to want the products or services. Given local and national economic swings, you want a business with no territorial boundaries and a product which is global in appeal and longevity.

3. Systems To Make Money While You Sleep
You want a simple system to follow to ensure you have financial and time leverage. Most people are not born sales people so the system must assist you in the sales process. The system must provide you the capacity to increase your income without increasing your effort (leverage). Understand the daily activities of the business, many claim to be a home based business but require significant daily activities outside the home such as sales presentations, hotel meetings, or product demonstrations.

4. Mentorship, Ongoing Assistance and Teamwork
Mentorship is crucial to your success. Focus on a business that allows you independence and offers the benefits of teamwork and personal mentorship. In essence you want to be in business for yourself but not by yourself. Establish rapport with your mentor, understand how they are compensated for assisting you, and meet the team before you invest in the business. Make sure your mentors compensation plan encourages him/her to assist you on an ongoing basis, not just during your initial training period).

5. Mindset Training
We are just beginning to understand the mind and how our thoughts create our reality and how our brain works. Connect with an organization that offers extensive mindset training. You’ll learn to visualize your goals, make them concrete, expand your goals, upgrade your core values, remove struggle/obstacles quickly, and achieve success both personally and financially.

6. Start Up Cash – Compensation Plan
Understand the details of the compensation plan before you invest. Look at the startup investment compared to your profit per sale. Can you profit quickly and repay yourself? Understand the qualification process, the better opportunities require a one time qualification not a monthly volume based process. Also make sure customers pay you directly, you shouldn’t have to wait weeks or months for your money. The compensation plan must have leverage; otherwise you’ll be trading your time for money like a job. There must also be exponential growth of income due to high profit step up products. These sales are made without marketing expenses and arrive in your bank account automatically.

7. Guaranteed Customer Satisfaction
Make sure the the supplier has a customer satisfaction money back guarantee which does not negatively affect you as a distributor (no charge backs).

Using these keys to the Entrepreneur Decision will assist you to find the right Home Business opportunity that’s in alignment with your values. Enjoy your research and welcome to the wonderful world of Entrepreneurship!

I'm really looking forward to working with you to reach new heights of success and balance in your personal and professional life! Sonia Gallagher, JD Holistic Executive Life Coach PS. If you are ready to be challenged, to steer your life in a new direction, and to achieve the goals you desire, I invite you to request a Free Coaching Session and Experience Coaching and How It Can Benefit Your First-hand!

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