When you are looking into starting a business in a down economy it is important to understand how you are going to get paid. Compensation for you work is something you should understand right away from the start. Now if you are starting your own business from scratch that will definitely has it’s own challenges but you should understand how you are going to be paid. If you are starting a franchise or working with anyone of a number of reputable online business plans then you must understand how you will compensated for your work as you start building your business. There are a some things that you at least want to be aware of before you start your search.
First, be wary of compensation plans that tout phrases like “7 ways to get paid” The number seven isn’t a magical number I’m just using it for an example. Often times you will see companies online that will tout multiple income streams and how they will pay you 7 different ways or 6 different ways or 8 different ways for the work that you do once. Well more often than not what this really means is there are 7 ways the company can prevent you from getting paid for your work. Let’s say for example that a company says they pay out 50% of their profits to their distributors. This is probably reasonable and fair. However, it’s not as simple as just bring in customer A and earn X. Instead it will be bring in customer A and earn 25%. Another 5% will be a training bonus that may go to you or someone else. Another 10% could go into some sort of a monthly distributor fund. Another 10% could go into a car bonus or housing bonus. Now I am not saying this is necessarily a bad thing. You will want to recognize that to take advantage of the full compensation that the company makes available you will probably have to do more than just bring in a few customers.
Also be aware of the disadvantage of the multiple levels of compensation that many home based businesses offer. I could go on and on this one but I probably should save this for Part B. of this post. Stay tuned.
Thanks for reading,
Jackie O’Quinn
Phone: 1-888-309-5759
