As a home-business entrepreneur you have spent a lot of time and money building your company. You have advertised, built and promoted one or more URLs, and maybe developed an e-mail list. Repeat customers for your products have been your constant goal.
Suddenly your company tells you it can’t afford to continue in business. It will close its doors and shut down all websites tomorrow! Just as bad may be an announcement they have sold out to another company.
Sales and mergers are seldom beneficial to people (other than the owners) associated with the sold company. Usually many company operations are already in place with the new owner. People performing the same tasks in the bought company are terminated.
New compensation plans are put in place. If you are an affiliate or associate a new plan may reduce or eliminate your income. That is your worst fear!
Should your product or service become obsolete you will be out of business. Technology is developing so rapidly that many things are quickly outdated. Even if your product is still useable people will buy the latest versions rather than your old one.
The company supplying you with merchandise may execute actions beyond your control which are illegal. Some government body like the Federal Trade Commission or the Food and Drug Administration may put them out of business. You will have nothing to sell.
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These are all worst-case scenarios but they happen many times every day. Probably someone you know has experienced some of these. With the advent of thousands of Internet business opportunities the possibility of disaster is multiplied many times.
A prime idea behind a home-based business is never having to work for an employer. You control your destiny and you get all of the rewards. Entrepreneurs must concentrate on only a few things. Stay focused on your business and avoid going off in all directions at once. With all the hype about great opportunities it’s easy to be distracted.
While you remain focused on only a few things you still need to utilize the methods of very wealthy people. They all have several different “streams of income”. So should you. The reasons we’ll discuss are much different from merely making money. What we’re talking about is continuing to have any money at all!
Some of the newer business opportunities are filled with many risks. They are subject to the same financial and market risks that have always been associated with every business.
Everyone knows about the disasters of many dot.coms whose leaders thought the Internet was different from basic economics. Some of you may have suffered if your business was built around one of these companies that failed.
Network marketing, or MLM, is another very effective business model for many people. Those who have been in this kind of business long enough have seen many network companies bloom and quickly fade away. Imagine if you had put in a great amount of time, effort, and money, built a successful down line organization, and suddenly your company goes away?