Home Based Businesses can be wildly successful, and can be a fantastic way to earn a great income from the comfort of your own home. The statistic that approximately 94% of these ventures fail, however, can make it seem as though these are risky and ill-advised ventures.
Not true! The reason that so many of these businesses fail, is that people don’t know how or are given really bad advice on how to grow these businesses. Home based business marketing is not difficult once you learn how to do it the right way. Much of the advice being given on how to market a home based business is unfortunately completely ineffective, often costly, and in almost all cases a one way ticket to failure.
Here are five of the most often home business marketing strategies that you want to avoid at all costs. They rarely if ever work. The only thing they will effectively do is drain your bank account and run your home based business into the ground.
- All You Need Is Your “Warm Market”: It’s fine and dandy to reach out to your warm market — your friends, family, dentist, neighbors and co-workers — but the idea is to keep your business growing! How in the world can you build a big business by calling your mother and that neighbor you pass once every few months? This is a slow and inefficient way of building what has the potential to be a pretty small sized business.
- Stuff And More Stuff: Most home based business marketing techniques are learned from the businesses being marketed. So what do virtually every one of these companies encourage you to do? BUY lots of materials — from pamphlets to CDs to business cards to posters to samples. They tell you that if you hand all this stuff out, that people will get excited to get into your business. Not only are these materials extremely ineffective, but they will make your cost per “lead” be HUGE. Why would a company recommend such an ineffective marketing technique? If you never bring even one person into the business, the company has already profited plenty off of all of the material you already bought! There are far more effective and cost efficient home based business marketing techniques!
- Letting Your Upline “Help”: Many times, new home based business owners will be offered help from their upline in the form of letting their upline speak directly (usually via 3-way calls) with new leads. While it initially might seem great to have someone help you while you’re learning, this is a colossal mistake. One of the most important parts of effective home based business marketing is to position yourself as an expert whatever you are selling. By letting your upline “help” you and speak with your prospects, you are telling those prospects that you are NOT an expert. This is exactly the opposite of what you want. You will sabotage yourself by doing this every time.
- Traveling To Run Your Business: Many network marketing companies will encourage you to set up meetings all over the place — at hotels, other people’s homes, restaurants and who knows where else — to build your business. This is a bad home based business marketing strategy for a couple reasons. For one, and I don’t know about you, but I started a home based business to be able to work from HOME. So it is impractical and undesirable to have to travel to run a home based business. Not only that, but is another costly way to market. By the time you rent hotel rooms and pick up lunches for everyone, you could easily end up spending way more than you are bring in.