Module 5 – Video 2
Picking your business
YOU’LL BE WITH YOUR BUSINESS A LONG TIME…. CHOOSE IT WISELY!
Network Marketing is still a business selling a product!
It is important to remember that network marketing companies are as valid a business model as any other, providing your main focus is selling the product. Becoming a great advocate and sales person of any product (including non MLM), then building a team of sales people could result in the same levels of wealth that is experienced by the top earners in any MLM company.
The great thing about network marketing is that you can very easily build a sales team without the need to create the infrastructure and legals that you would if you were to set up your own company selling something, then build a team of sales people.
It is still important to remember that selling a business based on selling a business it effectively building a pyramid scheme. However, I am a strong advocate of the fact that creating a strong product based network marketing business is a brilliant way to build a business, today.
If you are against network marketing, then maybe you should consider getting information from someone who runs a successful and ethical MLM business.
If you are a network marketer who focusses mainly on recruiting, then we will show you how to build an ethical business by promoting your product via creating a service that you love, Something you’re passionate about.
In any business, it is important to do something that you’re passionate about. I believe that we should all try and build a business that we would love to do even if we weren’t paid for it. I love the fact that the skills that I develop for my business are things that I would study in my free time when I still had a corporate job.
How can you make a business from something that you love? Or how could you make something that you love directly feed into your business?
What is it that you’re the go to person for in your group of friends? What are you always educating your friends on already?
Doing something in which you’re already an authority is a great start!
Something that the market wants.
You can make money doing almost literally anything. It’s an important thing to ensure that you have an understanding of the market and that people will actually want what you are selling. A quick bit of investigation will usually let you know if there is a market, in that people will already be selling that product or service.
Remember. There is virtually no such thing a unique idea. And you don’t necessarily have to have an untapped niche in order to make a successful business.
Something that will actually make money
It will be important to ensure that there is sufficient market out there. There are some products or services that would be very difficult to compete in the market with, so you either have to pick a product/service that you can compete on a price point, or ensure that you have a brilliant point of difference so that you can charge a higher price.
It is also imperative that you choose a business that you can scale up using systems and processes, and that can leverage the efforts of others.
Things that make you happy
In this section we will make a record of things that make you happy. Try and list a few that are recreational, some where you help others, some where you’re learning, and some other things that just interest you.
Where are you an authority
Here list some things that you would be considered an authority in. Things that you are good at, skills that you have that aren’t necessarily common, or that your friends would come to you with assistance with, or that you feel that you help other people with currently.
Things that people need
Here list ten things that you think that people around you need or problems that people have. For this section, it is good to think about issues that you have had, that your friends and family have had, or that you know are common problems for people who are in a similar demographic to you.
People buy emotionally and justify it logically, so it is often far easier to sell someone a solution to a problem they have then to try and sell someone something that makes logical sense, but they don’t have an emotional connection to. It is also far easier to do business with someone that is like yourself, than someone that is not.
What is the outcome?
Here list some businesses that you think that you could create based on the combinations of what you love, what you know about, and what people need. You may be surprised at some of the things that come out.
If you are a network marketer, then these options will become ways in which you could create a tribe of people that become you ‘Network’ of people that are more likely to be your customer than everyone else in the world. These are the people that you can introduce to your products or services based on the fact that they will engage with whatever service you offer, it’s about you being your own shop and your network marketing company being one of your offerings. This way you can have multiple different streams of income based on only the work of promoting your one front facing brand.
The great thing is that by growing something that looks like a traditional business, we can down the line have higher value offerings that will greatly add to our income streams.
What are your top 3?
Which is the best?
Please write a rough first draft of what would become the story of your business. Try to cover the following points:
1. Why you chose that business
2. Your own struggles
3. The need that you’ve seen in the world
4. The value you want to provide