4Life Independent distributor.

Why do some home businesses fail? 
Why do others succeed?

Why do some home businesses fail?  Is it just luck, or are there other factors?

I would submit that there are 4 things you absolutely need to have a successful home business.  If any one of these elements is missing, you have to fight your own business.  No amount of hard work can turn a weasel into an eagle.

The four things you need are: 

  1. Products that stand on their own
  2. A business model that promotes growth
  3. Confidence and support from the company; trust in the company.
  4. Training and a good team.

These are essential.  Yes, people can make money from an opportunity that lacks one or more of these, but it's an uphill battle

1. Products that stand on their own.

beanieIf you are trying to build a business, you've got to have a product or service people want to buy. No product, no business. Some "home businesses" claim to be legitimate, but have no products. These are not businesses, they are scams, and illegal, and more than that they just don't work. Some schemes try to get around this by selling cheap junk. One guy wanted me to join a company that sold 3 e-books. Who on earth is going to buy the same 3 e-books more than once? If nobody wants to buy your products, there's no money to be made.

The best businesses have products or services that are of high quality, unique, and people want to buy them month after month, year after year, even if they have no interest in the business whatsoever. If you can buy something similar in the grocery store, even if it's an inferior product, you have a hard time making the case that people should buy yours. You can't build a business when there's no demand for your product at your price.

2. A business model that promotes growth.

You can have the best products in the world, but if the business plan does not reward both beginners and full-time entrepreneurs, you are going to have a hard time keeping people involved. If you have a plan that starts rewarding people right away, and provides even very high achievers incentive to grow, you've got something that has long-term sustainability.

3. Confidence and support from the company; trust in the company.

Some home businesses have a great product and a great plan, but still manage to sink because of mismanagement. Sometimes this is due to greed, sometimes due to egos, sometimes simply to inexperience. If the company drives away the people who are making it successful, it will fail.

This holds true for any kind of business, and it's why executives of fortune 500 companies make, well, a fortune. They know they can't leave this to chance. A company that is well run, has a solid track record, and a corporate culture that shows real heart is a good sign that they will still be there for years and years.

4. Training and a good team.

So you have a must-have product, a killer business plan, and a company you trust and believe in. How do you get started?

untied shoelaceSuccessful business leaders are made, not born. You are not born knowing how to tie your shoes. There's nothing about a shoelace that makes it obvious how to tie it. At some point, someone taught you how to do it, and you've probably done it enough by the time you are 12 years old that you don't even think about it. To a toddler, seeing your hands flash as you turn some string into a perfectly tied shoe, it looks like magic. But it's something that toddler can and will learn how to do just as well as you did.

The same goes with a home business. Nobody is born knowing how to do it. The guys who have been doing it for years make it look easy, but every single successful business leader started out new. Everyone who is successful went through a process of learning how to do it, often by trying and failing any number of times.

Obviously, running a successful home business is more complicated than tying a shoe! But the idea is the same. You have to learn how. Having a good teacher, and even better, a good team with you, makes the learning so much quicker and easier.

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