Starting a Home Based Internet Business — How Will I Get Paid?
This is the 3rd in a 3 part blog series about Starting a Home Based Internet Business.
The first part focused on “What Products Will I Sell?. The second post discussed the topic of “How Will I Market My Products,” and explained the value of using an automated marketing system to reduce the number of skills you must master to become a successful Internet marketer.
The third and final part of this series concerns the topic,
“How Will I Get Paid?”
When evaluating any home business opportunity, the compensation plan is critically important, because it is within these paramaters that you will derive your income.
What should you look for in a Comp Plan?
- Commission Percentage — what percentage of the products retail sale do you receive as a commission. Typically, commissions for home based businesses are around 20-30%, although a few are a high as 50%. Look for one with a high commission base — THE HIGHER THE BETTER.
- Residual Component — not only do you want to be paid through your own efforts, but also by the efforts of your team. Make sure that there are no sales quotas that must be met each month in order to receive these residual commissions. Again, the higher the residual commission base, the better — but look for some companies that offer residuals at 25% or greater.
- Multiple Streams of Income — look for multiple ways in which you can get paid each month. These could include straight commissions, residual commissions, funded proposals and affiliate commissions. Ideally, a home business opportunity should have all of the above income sources in place to maximize your income each month.
There you have it — the 3 characteristics to look for in a great compensation plan. Do your homework here, guys.
There are definitely opportunities out there that offer the best of all worlds — high commission base, a residual component, and multiple streams of income all under one roof.
Don’t settle for anything else.
To your success!
Curious which home business Dr. Clarke chose to work with?
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