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Posts tagged network marketing business
Build Your Network Marketing Business By Focusing On Your Target Market
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Network Marketing Business
When most new people get involved in a home business they are full of excitement with dreams of fast cars, big houses and working on their laptop from the beach. They’re finally going to hit it big and become successful home business owners. This is THE ONE! So…
They go to their upline or read their company marketing manual (if there is one) and are told to approach their “warm market”, sign up a few of them who will in turn repeat the process, and that’s how they’ll grow their MLM and build their organization. In my humble opinion, this “training” (I’m using that term very loosely) contributes to the high network marketing business failure rate!
First of all, very few if any have ever truly built a large network marketing business by approaching friends and family. This strategy simply doesn’t work for most people for a number of reasons. The primary being most people hate rejection and the last thing they want is to be rejected by those closest to them so they never approach their warm market to begin with.
The second reason is let’s say you do recruit your Aunt Vera into your business. Does she have the same mindset as you? Is she an entrepreneur or is she a loving relative trying to hook you up and do you a favor by signing up? It’s more than likely the latter! Now, many people will know a few people with the entrepreneurial drive required for network marketing success and that will certainly help to kick start your business but that’s still not enough.
Building a network marketing business is a numbers game and, to give yourself the best chance for success you need to know who your real target market is and then learn how to recruit from that prospect pool. And, you need to consistently GROW that prospect pool to play the numbers game.
So who is your target market (and most companies don’t tell you this by the way!)? Other Network Marketers! Why?
It’s simple really. You immediately get passed having to explain the viability and legitimacy of the industry AND you get someone who is much better suited (maybe even trained) to hit the ground running after you sign them up. You don’t need to “convince” them that MLM is not a pyramid scheme or money game, which can be a major objection of the uneducated.
I was listening to a training by Rod Stinson yesterday who validated my opinion. Rod has been a very successful network marketing business owner for over 20 years and has built his business by targeting other network marketers.
Then, the question becomes “How Do You Find Other Network Marketers?”. There are numerous strategies to do this, using both online and offline marketing strategies. The key really comes down to YOU being willing to put in the time and effort to get some network marketing training, learn a few strategies that work for you and then being diligent and consistent in working those strategies. Make it a great 2012!
To Get My FREE Network Marketing Training On How To Sponsor More Reps Into Your Business in 2012…CLICK HERE
Network Marketing Business
What Business Should I Start?
So you have the entrepreneurial fire and drive and you want to go into business for yourself. This could be because you’ve always wanted to start your own business or because our crappy economy has taken away any other options. Nonetheless, this is what you’re going to do. But you’re thinking “What Business Should I Start”?…what kind of business is right for you? I’ll layout some options for you here.
What Business Should I Start?
Brick & Mortar Storefront
This used to be your only option. Lease space, get product to sell, and sell to your local community. This is becoming less and less attraction with other options. Why? There’s a lot of overhead (rent, employees, insurance, etc) and your prospects are pretty limited to your local area. Sure, you can advertise online now but the vast majority of your business will be local. AND, most local business owners never even hit a 6-figure profit level while working their business 16+ hours a day. This is tough work!
Franchises
Franchises are pretty popular with Subway being the most popular in the world as of today. Franchises are attractive because you are buying a brand that already sells (for the most part) and a business plan that works. They are generally pretty expensive with Subways going for anywhere from $80k – $200k depending on location. Then you still have the same overhead as with a typical brick and mortar business AND franchise fees. These models are typically based on volume sales (ie. lots of sandwiches and chocolate cookies) and it can take years to get into profit.
Ebay & Other Online Stores
This was and is still very popular and I have to admit that I’ve never sold anything on Ebay. The competition in the online store marketplace is tremendous and if you don’t know what you’re doing, you’ll be eaten up by your competition. Nowadays, who will buy from a seller that doesn’t have a 95%+ rating with at least hundreds of sales made? Plus, you need to either have re-sale agreements with vendors OR inventory product yourself. The advantage is that your overhead and other associated business costs are low.
Online & Offline Network Marketing Business
Now we’re talking my landscape! A Network Marketing Business or MLM allows you to start a real business usually for under $1500 with zero overhead. The compensation plans typically allow the serious entrepreneur to get into profit pretty quickly and the products for most companies are actually very good. There are 1000s of companies to choose from so you’ll definitely be able to find one with products and a compensation plan that will get your blood flowing! Another advantage is that there is a lot of inexpensive marketing training available specifically for the industry that will show you how to market and make money with your new business.
I’ve always been an entrepreneur at heart and enjoy interacting with like minded individuals. Whatever business model you choose, stay focused on your goals and don’t stop until you surpass them!
To Learn About My #1 Home Business Recommendation…CLICK HERE
Why Did You Get Involved In Network Marketing?
I’m on a call right now and they’re talking about a “Plan B”, which has been a great marketing mantra since 2006 when the economy took a steep downturn. We can no longer count on government or college degrees or advanced degrees to ensure that we will live a financially comfortable (or better) lifestyle.
Personally, I graduated from college way back in 1986 and went to work for a large company with benefits because that’s what my parents told me to do and what all my friends were doing. I was always someone who wanted more and I have had a few different jobs or careers in my lifetime. I was always looking to make more to improve my lifestyle and was not someone who is just “satisfied”. That being said, I never started my own business. I have worked on commission but always worked for someone else prior to getting involved in network marketing.
As someone who was involved in the mortgage industry, I really didn’t have an option but to find a “Plan B”! There are many in network marketing with similar stories – real estate agents, contractors, mortgage brokers, laid off executives, small business owners…the list goes on. But, I’ve found that many don’t fully take advantage of their new “Plan B”.
The reason why we get involved in network marketing varies but is basically the same. We’re looking to make money. Right? But, why is it that most people NEVER recruit even 1 person into their business or make $1.00? Is it lack of desire OR fear of success? Is it just not having any idea how to make money with the business? Or is it, dare I say, laziness? I’m not really sure but in my 2 years in the industry it never ceases to amaze me how many people take the initiative to start a new business but that’s where the action-taking ends.
Where else can you start a business that can earn you $50k – $100k or more in PROFITS in your very first year in business? Certainly not a brick and mortar business or franchise. Network marketing affords the average person to start a REAL BUSINESS on a shoestring budget and potentially change their lives completely in the first 12 months in business. I encourage you to grasp this thought and make a commitment to your self to do WHATEVER IT TAKES to make your business a success. Why wouldn’t you?
We all get involved in Network Marketing for the same reasons. What we do with our opportunity is what will allow us to either achieve our dreams or just continue dreaming.
For Help Getting Your Dreams On Track…CLICK HERE
