Tips From The Top

What To Look For In A Home-Based Business

Just today at the gym, a gal I take Spin class with reminded me that she hadn’t had time to take a look at the information from my home-based business. She’s like most folks these days – she has two jobs, plus kids, plus a husband, and the idea of even opening personal email is sometimes too much for her – not to mention looking farther ahead than the next day’s packed schedule.

I mentioned to her that about three years ago, I posted a podcast about “what to look for in a home-based business.” I thought I’d share that link here, in case you’re interested. Just go to the bottom of that post, and you can click on “Download” to get the podcast. Some of the specifics in my chosen company have changed in the three years since I made this podcast, but not the bulk of the information. (And I’m even more happy with my chosen company now than I was then!)

People often approach me with different businesses – often the “next great thing.”  The thing that I know for sure is that the business would need to meet all the criteria that I mentioned in my podcast – and exceed how well my current home-based business meets those criteria. So far, no business has done that.

Now, another quickie thing. A lot of folks are going into one MLM, Visalus. Health-related and “commodity-related” MLMs aren’t for me. Why? Well, as for the health related ones, what is someone gets sick? And for the “commodity-related” ones (e.g., where you are providing phone service, electricity, etc. to your customers), what happens when something goes wrong? You KNOW that they will be knocking on YOUR door at 2 a.m., right? I prefer to have a product that won’t potentially make someone sick, and though they love to use it, isn’t integral to their safety or life to have.

The “Terms and Conditions” that almost no one reads when they sign up to be an Independent Distributor virtually all state that not only (a) will the company not defend you if YOU get sued because of the product but also that (b) you have to indemnify and hold THEM harmless, too.

Have you read the Terms and Conditions of the distributorship you’re considering? Before you “click through,” I certainly hope if you are considering entering into a home-based business, you look at the potential RISK of your product. Even if it’s a crazy, longshot risk, you need to consider it.

And, do you have business liability insurance?

You CERTAINLY need it! If you don’t, then if you’re sued, no one is there to pay for your legal fees. As a lawyer, I can tell you right now that even if you are incorporated, form an LLC, etc., that’s not going to “save you” because if someone sues you, they can take your corporation, but you STILL have to pay for your own legal fees!

The guy that I use is actually linked here – you can tell him Sandy sent you – even if you’re not in his state he will answer your questions and help you out. Seriously, he’s truly amazing and his company’s products, as far as I have researched for my entrepreneurial clients, are the best.

Hope that you enjoy the podcast – if you’re crazy busy, at least you can download it and maybe listen to it when you’re on the treadmill or running errands!