In this post, I’m going to share my opinion of one of the
best types of home business
models if your goal is to build a mobile based business, meaning
you can work from anywhere in the world,
with more predictable monthly residual income, a flexible schedule,
and high income potential, yet, without a big startup cost.
First, though, here are some things to consider before choosing the best type of home business model for you and or your family’s needs and goals. I’ve also included, below, a video talking about my own experience owning a brick and mortar business.
Things to ask yourself before starting a home business
- how much do I have to invest to get started and wait before I need a return
- will you be able to scale (grow) your business without adding employees and costly infrastructure
- is is a seasonable business or year round (this can make it really stressful if you have to make all your income in only half the year)
- do I really just want a side hustle or to earn enough income to fire my boss
- do I need to keep working my current job while I grow my income
- am I prepared to handle extra legal and tax paperwork
- If one of my clients does not pay, do I have what it takes to go after my money
- do I have the stomach to live through the lean times in my business when I’m use to getting a regular paycheck.
It can be daunting trying to figure out the best type of home business,
and no entrepreneur has ever had a completely smooth road. Ups and
downs come with the territory. Yet, for many of us, it’s a journey well
worth the extra effort.
One way to get started as a business owner that I really like
and that may work well for you is affiliate marketing
of a high payout monthly residual paying product.
What this means is you sell someone else’s
subscription based products and get paid a recurring
commission every time their customers pay their monthly,
for example, payment. As you build a base of
customers attached to you, you build your income and
don’t have to start from zero every month.
This is the best type of home business model for many people for the reasons listed below…
Low Start Up Costs
- Normally, the startup cost is the price of a subscription of the product you will be selling as an affiliate, which is much lower than starting a traditional business. I look for high percentage commission payouts for products that have sticking power. Sticking power, meaning my affiliate customers will keep paying and generating me commissions for a long time.
Flexibility in schedule, location
- Flexibility is one of the things I love most about working from home with this business model. If you need to take a child to an appointment or yourself to an appointment, no problem. If you want to take a vacation knowing you can work from anywhere there is an Internet connection, you can do it. And, if you need to help a family member who is having health issues, you can be there with them without having to worry about your job.
You are paid directly by the company so no chasing money owed to you
- if the customer pays for the product, you will get paid on the next qualifying cycle . You need to read the terms of payment. Some programs have minimum earned balances before they send payments. Also, some affiliate plans have long payment cycles meaning they pay once a month or less. You won’t have to chase payments, though, so you can focus on income producing activities.
Your Fixed expenses are generally very low with affiliate marketing
- as you grow you may do some paid advertising, but it’s a flexible expense
- there’s no need to have a physical office; you can work from anywhere you have internet, so no rent
- the company will do most of the heavy lifting so you won’t need expensive support staff for customer service. When your business is getting big enough so you need help, you can hire a Virtual Assistant
- you will probably want to spend some money on a website at some point, but you can start advertising for free on social media and other free platforms
Choosing high payout affiliate products with residual income provides stability because once you get to the monthly income you need each month to cover your expenses, you will have that income base to build upon the first of each month. Of course, you will lose customers sometimes, that will need to be replaced to maintain your income, but unless the business you’re selling products for goes out of business or suffers a huge business crisis, you won’t be starting from zero each month. This is why I think this is one of …
the best home business
models for many people. We all like to know we have a set amount of money coming in each month.
Caveat -You need to do your research. Align yourself with a real business not a matrix, forced matrix, here today gone tomorrow get rich quick program. It will get shut down by the FTC. Also, be careful of any appearance that people are being paid to recruit with no real product. Ask yourself, “if there was no compensation behind this product, would I buy it”
When you are vetting an affiliate commission payout structure, keep in mind that marketing the product has to pay enough to be worth your time and make you money after expenses (time is money too). This is another reason I keep going back to residual pay products. If you decide to do paid advertising one month, you may bring in some new customers but not making any gross after your advertising expenses, but you will during the lifetime of the customers.
I really like plans that have a residual but also some higher commission one time payments that can give your income a nice boost.
In conclusion, the best type of home business for you is the one that keeps you excited and has the potential to be a bride to your income and personal goals.
Thanks for reading. I’d love to read your comments below.