Is a home-based business a scam?
In the world we live in today, almost anything can be made to look legit and trustworthy, doesn’t it?
With the advances in technology and the online world, extra due diligence had become a must. I am sure we all know someone who has been scammed, their identity or money taken away with a click of a link.
How can you weed out a scam from what’s legit and worth your time?
Having been someone who has put their trust in an online business opportunity, started a home-based travel agency, managed to grow it against all odds during a pandemic year I wanted to share with you how you can tell if an opportunity is a scam or trustworthy.
This would not just apply to the travel industry but also to other online business opportunities out there.
You need to do your homework before you jump in!
Things you need to check to know if a home-based business is a scam or not
The company you are affiliating with has a physical location, an address, an online presence with a customer base. And that you are able to speak to the person you are looking to work with and collaborate with once you take up the business venture, not just have a DM exchange. Ask to speak to them and ask questions.
The company has passed the 5-year test.
In the business world it is well known that businesses can collapse within five years of starting, that’s due to poor planning, large overhead requirements and little to no profit made to sustain the running of the company.
So, check how long has it been around since establishment. Are they making profit and expanding their customer base and geographic footprint? A successful company would be.
Does it offer assurances and protections for both you and the consumer?
Talking specifically about the travel industry, you need to know that the company has the appropriate protections in place, for example ABTA and ATOL certificates to protect holiday bookings. And also has the appropriate data protection measures in place as well for both you and your customer.
Check if there is customer service available to help you deal with arising matters.
When you start an online business, you need to check how are you going to be supported by the company.
Check if you are going to be getting any training as part of your affiliation, would there be a licence granted or a certification to hold you in good position to advise your customers on the products.
What is the training and support structure, check if you are expected to work solo or would have a team that would help you out.
Is the company and ergo you selling an ethical product? A product that people would use and genuinely benefit from?
Is the pricing of said product reasonable? Vast majority of products sold and distributed in home-based businesses are unique products you wouldn’t be able to buy off the shelves at the supermarket or if you can they would come with a unique niche attached to them, they also come with a personal service from the business owner. So, you would need to consider those things when evaluating the price of the product.
Red flags to take note of
No investment or very high investment required.
Unfortunately, there are a lot of business opportunities out there that are out to get people rather than service them. “Get rich quick” or “get rich easy” doesn’t exist and I know you are too clever to fall for it.
There has to be an investment of capitol to gain a return of investment from the business you are starting, you can’t expect the flood gates to open while you have put in no money investment at first. Also, the same goes for time and effort investment.
But that shouldn’t break the bank, it should be a modest investment that is held by a money back guarantee by the company and if a profit guarantee existed, well even better!
You should be taking huge loans to pay for a home-based online business start-up. They are termed the great equalizer because most people from most backgrounds can access them and the success is down to the time and effort investment rather how many kidneys you sold to be able to get into the business opportunity.
Having to meet targets and quotas to qualify for payment
While the company provides the support and structure, the business should be on your terms. After all that’s what people start a home-based business for, the flexibility.
So having to push a certain amount of product or service per month can get quite taxing and missing by a small percentage can mean you don’t get the whole month’s income.
Make sure you check and conform that before you make a start.
Having no product or service to sell
Well, that’s just exchanging money and it’s illegal. Like I mentioned earlier, the company needs to have an ethical product or service, one that people would use and genuinely benefit from.
The home-based business model is a clever one and you need to understand it and check it works for you. Like anything else in the world, it will work if you work it.
You cant go to the gym one day and have a ripped body the next morning, you can’t eat a salad once and drop 3 dress sizes and you cant definitely just start up a business and expect to be filthy rich by the weekend.
It doesn’t work like that and if that’s what you have to be told or promised then get out! That’s not the place to be.
Yes, you can get rich, you can replace your full-time income, you can use it as a side gig to pay off debt or some luxuries you’d like to have but same as your employer won’t pay you if you don’t show up for work then your business is not going to pay you if you don’t work it.
It’s only fair to deliver as much as you expect to be delivered to you.
So that’s my take on a home-based business, was it worth it for me? Absolutely yes!
Top Reasons Why I Started My Travel Business & Why During a Global Pandemic
- Travel is the LARGEST industry in the WORLD! $8 Trillion Dollars and growing to 15 Trillion within the next 10 Years! It kept growing despite the pandemic.
- Everyone wants to, has to, or needs to do it at some point! Whether it’s for work or a holiday people are going to travel.
- More and more we see people wanting experiences, not things! Travel gives you experiences and a lifetime of memories.
- After a modest initial investment, it costs about £1 a day to operate my travel business. That’s less than the cost of a cup of coffee. I get access to a world-class system, training, licenses and protection, customer support, and 1:1 mentoring.
- I don’t charge customers extra for their travel bookings, the commission is already built into every travel transaction. My customer benefits from my services and experience and I benefit from the commission.
- Traveling as a consumer and traveling as a business owner is COMPLETELY different!
A world of a difference I would say! You have access to different things not available to consumers and also different ways of experiencing travel.
- I work with a highly reputable company that has been around for over 30 years, holds the appropriate systems, protections, insurance, and license in place. Also offering the appropriate guarantees.
- I’m surrounded by a great thriving community that is all about collaboration and building each other up.
Did you get some value from this post?
I hope you did because each week I put my heart into making sure you get some good tips so you can rock it in your travels while creating a life you love.