7 Tips of How to Build Successful Home Business Fast
I have been involved in network marketing business for over 20 years quite successfully and I would like to share with you seven tips of how to build a successful network marketing business fast.
How the products are moved from manufacturer to consumer?
There are basically three methods of moving products from manufacturer to consumer:
- · retailing,
- · direct sales and
- · network marketing.
When you go to a store and buy something well that's retailing.
Direct sales ...
and network marketing businesses are basically very different.
In direct selling companies’ salespeople work for the company and are paid as managers or a commission just for their own sales effort.
is a strategy based on building a distribution network of consumers for a given manufacturer. The sales force is compensated not only for the sales or consumption that they personally generate but also for the sales or consumption of everybody in their organization.
Many manufacturers would like to put a new product on the market using network marketing strategy because they can save millions of dollars and they don't have to totally give up their product to somebody else.
When you build a network marketing business you are in business for yourself but not by yourself.
Good network marketing company provides a great training and support. It is like owning a franchise but without a huge investment.
When you succeed in network marketing business that will generate you a long term passive income.
What is passive income?
Well it's income that is generated without your effort.
For example if you had a million dollars and you put it in a bank and you get 10 percent or a 1 percent actually turn that money so you’ll generate about $833 passive income a month.
With network marketing business, one can build an multi million dollar business with a very small, usually only a few hundred dollars, investment.
So,...how you can succeed?
Well, first you need to know why you want to do it.
Then you need to choose the
- right company that also had to have a
- good compensation plan and an
- excellent training.
Ask yourself a question:
- Where are you going to be in five years if you are doing what you are doing right now?
- Will you be able to retire?
- Do you like to be your own boss?
- When you have enough time to spend with your friends and family and enough money to do what you like do the most?
How to chose the right company?
There are thousands of network marketing companies that start out each year but less than 10 percent of these companies remain in business for even one year.
So, what will happen if you choose the company that will go out of business?
What will happen with your residual income that you should get?
- Chose the company that is financially stable. It should be at least two years in business and preferable debt free.
- Chose the company that has a product that is unique, consumable, preferably patented, that most people need or like so that the reorder rate is high.
Timing is everything
And finally look for an unfair advantage.
There are basically four phases of growth of any business:
- momentum, and
Momentum is the time when the company exceeds 50 million dollars in annual sales and then something amazing happens.
There is an exponential growth in that company if the company remains in business, of course.
If you joined the company before the momentum the sales in the company it grows exponentially and income will grow exponentially as well.
When are you joining the company that is already in a saturation, then it is possible still to make money, but it’s very difficult to make a fortune.
Compensation Plan is usually difficult to understand. but for at the beginning just ask yourself how much money would you like to make per month and sit down with your sponsor and create a feasible plan to achieve it.
Stick to your plan through consistent and focused work and you will get there sooner or later.
Be aware that if the company is promising to pay over 100 percent of their business volume, they will not be in business for too long. Very few companies can afford to pay over 50 percent.
To build a successful business one is to develop business skills, sales skills, and leadership skills.
There are three levels of training:
- · Level one working with a warm market locally or long distance. It is necessary to have a proven successful and duplicatable system that everybody can follow.
- · Level 2: working with cold market. This is much more difficult and can be tough to distributors who already exhausted their market.
- · And finally Level 3, implementation of internet marketing strategies. This is the highest level of network marketing strategy and it takes time to develop it. But it leads to the most lucrative and stable business.
No mater which level of training the best results are achieved using the "attraction marketing" strategies.
If you’re ready to get started now with building your business using “attraction marketing,” I’d like to invite you to sign up for Elite Marketing Pro’s FREE 10-Day Online Recruiting Bootcamp, where you’ll gain the knowledge to create an automated selling and prospecting system to attract highly-interested prospects to your product or opportunity online.
Please let me know if you found this information useful.
Dr. Grazyna Pajunen