So…you’ve decided to take a look at starting a home business and are realizing that there’s over 4000 “opportunities” out there to choose from. What is the Best Home Based Business for 2014 and beyond? You don’t want to finally make your decision and then have the company shut down like most end up doing.
Something else you need to consider when deciding on which business to select is what “business model” best fits your goals. Most people in this economy start a home based business because they want and need money NOW. There are some who are happy building a business that may produce a decent monthly income in 3-5 years but those people are the minority for sure.
I’m going to attempt to narrow down your decision making process for you by sharing some logic AND experience that I have acquired since becoming full-time in the home based business industry back in 2009. This industry affords the motivated individual a terrific lifestyle of freedom that just isn’t available in the traditional job market OR for people who choose to start a franchise or open a traditional “brick and mortar” business. And we offer this at a fraction of the cost with much higher profit margins!
Best Home Based Business 2014: The Business Model
There are essentially 2 business models in the home business industry…Multi-Level and Top Tier. Multi-Level (aka MLM) has a back end compensation plan that pays you a little (typically $1 – $5) per person in your organization and is designed to reward those who are able to build very large organizations. This is the most popular business model and also is the reason for the very high failure rate in the industry simply because most cannot recruit enough people to build a sales organization of 1000′s of people. The compensation plans in the MLM business model include binary, cycler, matrix, unilevel to name a few of the more popular ones.
The Top Tier business model (aka Big Ticket), my preference, pays large commissions up front and typically also has a passive income feature built into the compensation plan. These programs typically cost more to get started which is why many “newbies” shy away. In the long run they’d save themselves tons of money and disappointment if they’d just start a top tier business initially. These businesses pay out big enough commissions up front to live on, similar to how Real Estate Agents, Mortgage Brokers, Insurance Agents, and other “traditional” salespeople get paid.
You can read my comprehensive write-up discussing Top Tier v MLM HERE
Best Home Based Business 2014: More Due Diligence Info
My experience tells me this is what you should look for if you’re serious about making an income with a home based business and not just looking for a hobby…
1. Potential For Big Commissions Right Away. This means keep away from Multi-Level-Marketing programs which make up 99% of the home based industry. There, I’ve narrowed your search substantially already! Why do I say this? It’s simple. Because only about 3% of all people who get involved in an MLM ever make more than $1000 per month and only 0.02% make more than $10,000 per month. Those odds stink and it’s unrealistic to think that you will fall into the .02% category so I’m not going to push you in that direction.
2. Other “low cost” compensation plans. There are other compensation plans out there that have come into vogue lately that are “better” than MLM but you need to be informed. Be logical…you can NOT create a $10,000+ per month income for $25 or even $100. As an example, there’s a very popular program in the marketplace right now called Empower Network. There are a few industry leaders who are making a fortune with this business that markets itself as a blogging platform and to just get in for $25. So tons of people join for $25! Well, the cost to get started is substantially more than that if you plan to make a good income with the program. The people making at least $1000′s per month have gone “ALL IN” which actually costs $5,144.95 PLUS $144.95 per month. The reps who stay at the $25 level make less than $200/month on average.
3. Do the math! I’ll admit that I haven’t always done the math either. What I mean is if you’re recruiting into a business that only costs $25, you’ll need to recruit 400 people make $10,000 per month and that assumes none of them quit. The problem is 80% will quit within their first year, according to industry averages. And most MLM business pay substantially less than $25 per person in your downline and you’ll need to build a team of 1000′s to make a full-time income.
4. You need a marketing system you can plug into. The fact is most people who get involved with a home based business are not professional marketers or salespeople. They are just regular folks chasing a dream and if you’re like me, you don’t want to start your business by trying to recruit your friends and family. This doesn’t work anyway because most people are too embarrassed to do it. So that means you need to start a business that will provide you with training and a real system that will work to get you qualified prospects. Without a proven system, most people will struggle.
So What’s The Best Home Based Business For 2014?
I’ll admit I’m biased but I’ve arrived at my decision through personal experience and trial and error in this industry. I’ve been involved in most types of compensation plans in the home business industry and the only one that has allowed me to earn a solid 5 figure monthly income is Top Tier and the specific business is THIS ONE.