Five Pillars of Success As a Home Business Entrepreneur

When you take a look at the performance of a top producer, one is certain to spot persistency and consistency in each and every one. You can take a room full of home business entrepreneurs and hand them the same exact set of tools. There will always be a few who excel right away. Those few have learned how to apply the tools of their trade with the consistency necessary will achieve their goals. Regardless of the level of talent as long as we stay persistent and committed to our vision and goals, we will accomplish what we want. 

There are a variety of tools available at any given moment. The only difference between a top performer and all the rest is the way in which they stay the course. There is a determination with which the most successful home business entrepreneurs perform their daily activities and the way they maintain their laser focus on their big vision. Yes, obstacles pop up here and there for everyone, but the top performers are like a river flowing over a rock. Flexible and on task, they find ways to bypass the obstacles and advance toward their goals.

I recently attended training conference. What an amazing event. It is not very often you have a wealth of information presented that provides valuable information to people at all levels of marketing and experience. At the conference, I noticed something that was common among all of the most successful home business entrepreneurs. Each and every one of them had a vision and a plan to realize that vision. Every single one of them maintained their vision while performing their daily activities. They all applied 5 Pillars to Success in their daily activities every single day. They are persistent and consistent in everything they do.

So, what are the Five Pillars to Success as a Home Business Entrepreneur?

1.   Daily Visualization

2.   Being a Student of Personal Development

3.   Income Producing Activities

4.   Masterminding with Leaders

5.   Expectation of Leadership in you and others

If your life and your business are not where you want them to be, I can almost guarantee that you are not being consistent with the 5 pillars in your daily activities. I encourage you to take an honest look at your daily activities and find the area(s) you can improve on. Commit to making the changes and be consistent. You will definitely see a change for the better.

 

Why is Affiliate Marketing Popular with Home Based Business Entrepreneurs?

The great strides made in the development of the Internet in the recent past has enabled information to be transmitted thousands of miles away with such ease and clarity that time and space are hardly of any consequence to the Internet Marketer today.

Marketing Programs have literally taken over the Internet and riding high, is Affiliate Marketing.

According to the Computer Industry Almanac “The world-wide Internet population for 2004 was 934 million and the projection for 2006 is 1.21 billion.”

Sean Michael Kerner in an article in Click Z News quoting a spokesman for eBay states “According to eBay their largest affiliate earned over $1.3 million dollars in January commission, the largest amount yet in their affiliate program’s history. Their top 25 affiliates averaged over $100,000 per month each and the top 100 affiliates earn almost $25,000 each per month.”

With this sort of statistics around, is it any surprise that thousands of entrepreneurs especially those Home Based Business entrepreneurs with very small marketing budgets are jumping on to the Affiliate Marketing band-wagon!

Given below are some of the Popular reasons for this desire and urge to do Affiliate Marketing:

1. Cost Factor:

Most Entrepreneurs refrain from starting a brick and mortar business or for that matter a Home Based Business (non internet) because of the investment required. In Affiliate Marketing the set-up cost is negligible with most programs being free to join and the merchant even providing you with the tools, tips and websites.

2. Pick and Choose Products:

With dozens of Affiliate Program providers and thousands of merchants having their own affiliate programs, there are several thousands of products to choose from. You name it they have it! In fact there are even Fortune 500 companies to choose from. The idea is to pick and choose your niche products and promote them.

3. No need for an Inventory.

The hassle of purchasing, stocking of items and storing of finished items (in a production unit) and dispatching them are not there. There is no need to maintain an inventory. It is all handled by the merchant.

4. No need for Employees.

In any business the wages of the employees is one of the major expenditures to contend with. Here the problem does not arise since the marketer himself will operate his home business and probably get the assistance of a family member to help him.

5. Necessity for Customer Service does not arise.

Customer service plays a major role in the success or failure of a business. The advantage here is that there is no direct dealing with the customers. The website will automatically direct the customers to the merchants.

6. Two Tier Affiliate Marketing:

An attractive feature of certain affiliate programs is that they have a Two tier system, whereby affiliates can sign up as sub-affiliates below them. When the sub-affiliate earns a commission, the affiliate above him too earns a commission.

7. Income without a limit.

In a paid job the salary structure has a vice-like grip over your monthly income. Here the possibilities are limitless. Though it is not every marketer who earns a big income, the fact remains that avenues are all there for the enterprising marketer to make it to the big time.

8. Global Market Place.

You no longer need to restrict your market to your home town or country. With your well chosen niche product you can sit in the comfort of your home and target the Global Market.

9. Low Risk Factor.

The risk factor in Affiliate Marketing is so small that it has become one of the major attractions for many Home Based Business entrepreneurs especially for those with low marketing budgets.

10. Business works Right Round the Clock.

One major asset of Internet marketing is that your Website, or in other words, your Home Based Business never sleeps. It works right round the clock (24/7) making money from home for you.

Having indicated the above reasons for the popularity of Affiliate Marketing, it has to be mentioned that statistics indicate that only 5% of the marketers do make big money. It is presumed that there are of course several thousands of marketers who make some money, thus giving them an additional income.

As long as the top marketers in the 5% slab, continue to make their millions and the latter continue to make reasonable amounts of money and have the urge to emulate the top marketers, Affiliate Marketing will continue to draw the attention and be popular with Home Based Business Entrepreneurs.

Avoid These Mistakes As an Affiliate Home Based Business Entrepreneur

Many internet based business entrepreneurs today, who have websites of their own choose to earn an income with affiliate marketing. This is a great way to make money as there is no need to develop your own product or have any of the hassles that one encounters with collecting payment for products that you have sold, or the headache of having to ship these products to the respective customers.

The beauty of affiliate programs is that they are really simple to join and implement and the affiliate gets paid their commissions on a regular basis. This also gives everyone an equal chance of making money online and this attracts many people who are looking for a way to earn an extra income.

These are some of the mistakes that affiliate marketers need to avoid as these could end up costing them a fair amount of their profits on a daily basis.

1. The first mistake that many new affiliate marketers make is that they want to begin earning right away and they tend to choose a program that appears to be “hot” without actually thinking about whether or not the product really appeals to them or not. Making a decision in this manner is obviously not a good idea.

Instead of blindly following the crowd you would be wise to take a bit of time choosing a product that really interests you. For success in any undertaking you need some time to plan and work out what actions you should be taking.

If you research and choose a product that you find appealing and make sure that it is in demand, you will be able to promote it with far more confidence than something that you are only trying to sell to make money from.

2. Because it is so easy to join affiliate programs the temptation to join a multitude of them to try and earn more is something to avoid. We have all heard how important it is to have multiple sources of income and you may feel that you cannot lose by being a part of all these different programs, but the truth of the matter is that all this will do is dilute your focus as you will find it impossible to concentrate on each one of them.

The result of this is that you will not gain the maximum potential in any one of them and you will lose out on the kind of income that it may be possible to generate. The best way to achieve great results is by initially joining only one affiliate program and concentrating all your effort building that one.

The best time to look at joining another affiliate program is after the first one has begun to make a profit. If you follow the system of adding programs slowly but surely to your arsenal the chances of building a successful online income business are a great deal more achievable.

3. The last mistake that we are going to discuss here is the mistake of not buying and using the product or service yourself.

If your aim is to convince people to purchase a product the best way for you to do that is by using it yourself so that you know what the benefits and drawbacks are. If you have never used a product of service yourself how could you possibly convince someone else that it is good and know that this is true?

It is only when you experience something with a good outcome that you can truly get enthusiastic about it. This is the best way to relay the message that you want to pass on, as your natural excitement will be apparent in the way you promote what you are offering. Failing to do this will cost you dearly.

So to summarize; time is of the essence here. To build a profitable and successful online income based business you must take the necessary time to analyze and plan your strategies and check regularly to see whether or not you are on the right path.

Some Resources For Finding a Business Broker

Before we talk about resources for finding a business broker, let us first understand who is a business broker. Business broker resembles very much to the real estate agent. The job of the business broker is to bridge the gap between the buyer of the business and the seller of the business. If you wisely choose the right business broker, you can save a lot of money in the business transactions taking place through him. Here are some resources for finding a business broker for you.

Ask the People Whom You Already Know For Referrals:
Whenever we look for something that is new to us and we are not familiar with it, we try to gather information from the people we already know, and have faith in them that they would not misguide us. Same procedure we can apply when we look for the resources for finding a business broker. Take the advice of your business associates, accountants, lawyer and other associations of the industry to get the names of business brokers. If a reliable person gives the reference of any business broker then there is no harm in considering him for hiring his services.

IBBA:
Another very good resource for finding a business broker is the International Business Brokers Association or IBBA. This is an institute of business brokers working on non-profit basis. There are approximately one thousand three hundred members of this association.

Go Through the Advertisements in Newspapers:
One very good resource for finding a business broker is newspaper. Look for the advertisements under the business opportunities. You should check local, regional and national all types of newspapers for this purpose. You will observe several businesses for sell in these advertisements. Although, these advertisements are intended to attract prospective buyers yet you can check them to find out the names of the people who are managing these deals.

Yellow Pages:
Another resource for finding a business broker is to look in the yellow pages. However, do not get confused with the real estate agents and look specifically for the brokers who have experience in the selling of businesses. Any broker who just lists the name of your business on the multiple listing services is of no use to you. These kinds of brokers do not give required time to make such business deals.

Sign an Agreement After You Have Selected the Business Broker:
After your search for finding a business broker ends and you succeed in finding the right business broker, sign an agreement with him. State clearly in the agreement that what type of marketing strategy the business broker will adopt to sell your business. Do not forget to mention that any such advertisement must not carry the name of your business.