Exploring Business Ownership – Putting it All Together (part 7 of 7)

We’ve explored the options for earning income in this 7 part series, ranging from the world of employment to full entrepreneurial business ownership. We’ve covered some basic concepts of what it means to be in business, the personality types that do well in this arena, and how to gauge your tolerance for the risks involved.

If, after absorbing all this knowledge, you decide you’re still interested in business ownership, then you’ll want to know how you can stack the odds of being successful in your favor, and when in life or an economic cycle is the best time to start or buy one.

When Is the Best Time to Start or Buy a Business?

Frankly speaking, there’s never a best time in life to get into business. In fact, there’s almost never a “good” time to get into business at all, because there’s always a good reason not to.

Reasons not to include, “We just got married and we’re saving for a house.” “We’re expecting our first child and we’re saving for that event.” “We’ve just started a college savings account for the kids.” “We’re pregnant (again).” “We just bought a bigger house and it’s put a big strain on our budget.” “The economy is up, so my job is secure.” “The economy is down and we have to watch our expenses ‘just in case’.” “I just got laid off, so we’re really watching our budget.” “I just got hired, so we have to rebuild our savings.” “We have kids in college and tuition is due.” “Our parents are in failing health and we’re contributing to their financial upkeep.” “Retirement is just around the corner and we’re making maximum contributions to our.401(k).” And finally, “We’re retired.”

So, there’s never a best time in life to get into business for yourself. If you’ve decided that your risk temperament is right for some type of business ownership and you have the motivation to take the plunge, then at some point you just have to take the bull by the horns and do it.

Why Businesses Succeed

Remember that you must have the basic ingredients in place to be a successful owner, regardless of your degree of risk tolerance or the business model you operate; self-motivation, the willingness to ask for help, a clear understanding of what you want to achieve, and the emotional ability to change when the business or market needs require it.

Of all the attributes I’ve listed, the willingness to ask for help, insight, advice, and counsel at every opportunity is the single most important thing you can do. Don’t try to go it alone; there’s simply too much at stake.

Successful business owners have a drive to succeed, know that they don’t have to singlehandedly blaze their own trail, recognize what’s at stake if their business fails, and realize that every great team and performer has a skilled coach helping them.

Eric Schmidt shared in the July 6, 2009, issue of Fortune Magazine that the best piece of advice he ever received was to hire a coach. And frankly, if the chairman and CEO of Google needs a coach, then you need one, too.

Why? Good business coaches give a 3rd party look at an issue and how you’re handling it, they discuss alternative approaches or options with you that may be more effective, and they encourage you to change habits or take risks that you wouldn’t be prepared to do on your own. They are a sounding board; they become a trustworthy confidant who has your best interest at heart. Finally, a good business coach will help you break through to achieve what you couldn’t on your own.

Then, successful business owners will grab the bull by the horns and implement the advice they’ve received. And if execution is not their strong suit, they’ll ask for help in learning how.

Wrapping Up

Business ownership is a high risk venture that can have great rewards. I hope what I’ve shared here has given you some personal and professional insight as you explore the world of business ownership. I’d enjoy your feedback on whether this series has helped you in your decision making process. If you decide to go forward, I’ll look forward to hearing how you’re doing. I wish you the very best of success.

Selecting the Best MLM Business

It happens every week. You open your email inbox and find another message telling you that people are getting rich in the best MLM business on the planet, and the only person left out is you.

In the world of MLM there are some truly great opportunities and there are also some real MLM scams out there as well. So the question becomes how do you find the best MLM business? In some respects the answer to this question is somewhat subjective, because so much of it depends on your personality, passions and work ethic; however, there are factors that are universal in choosing the network marketing business that is best suited for you.

The first area of consideration is the product. Is it something you are using? Is it something you would use? Can you see how the product would meet a need in the life of someone else? If the answer to these questions is not positive, then this is probably not the correct business for you. All the hype in the world won’t move a product or service that does not meet needs in the lives of people.

The next item of consideration is the reputation of the business. Does the mention of their company name bring up positive or negative responses in the MLM community? Does the public at large have an opinion of the business? Do your homework. Check the Better Business Bureau for complaints. Do a Google search for legal actions involving the company. Remember when you choose to represent a company, not only do your actions reflect upon them, but their actions also reflect upon you.

Company stability is a critical consideration in finding the best MLM business. You do not want to take the time and effort to build a solid business for yourself, only to have the company close up shop a short time later. Do some research and find out how long the company has been in business. What are their sales trends? Are they increasing or decreasing in the number of affiliated distributors? If they are publicly traded, take a look at their financial records and pay attention to changes in upper management.

Beyond these universal factors there are also the more personal considerations. Do you understand the company’s compensation plan? How easy is it to move through the distributor levels? Do they offer a website or other marketing tools to their distributors, and if so at what cost? What is the startup cost? Does the company website and promotional material appear professional and well put together? What types of training and coaching are available?

Of course the most important ingredient in any multi level marketing is you. If you will take the time to consider your choice of company carefully and learn the key skill sets needed for success, you will have no trouble finding the best MLM business for you.

How Do You Determine The Best MLM Business

Determining the Best MLM Business in the Market

If you are planning to become involved in an MLM opportunity in the hopes of earning a decent income from home, then you want to make sure that you join only the best MLM business around. In most cases, you do not know which is actually the best unless you have personally tested out the system yourself. However, not everyone is willing to take this risk and wanted a sure route towards success with an MLM opportunity.

You need to be aware though that there is no such thing as an easy MLM business. Each one will entail its certain challenges that will make your success more rewarding. However, you have the control over what really makes the best MLM business depending on what knowledge you have, how you use that knowledge, and in choosing the marketing and promotional system you use.

Creative Marketing Schemes

There are a lot of MLM businesses out there, but how can you market yours to make it stand out from its competitors? This is where your creative insight will matter most. Enjoy your liberty to choose whatever marketing schemes you will is fun, engaging, and gives you results.

You need to consider your products or services first before diving right into any marketing approach. No matter how good your marketing approach may seem, if it does not suit the type of business you have, then you cannot guarantee results.

Working with an Expert

The best MLM business always works closely together with an expert in the industry, especially for those who are new to the MLM business opportunity. This will provide you with some knowledge on the ins and outs of this type of business. If you do not know any, then you can conduct a research to learn about whom you can speak to such that you can gain more insight into what makes a good MLM business company. It will also reveal crucial information about the industry that you might not be aware of.

Run By An Experienced Marketer

To make your life easy, go for MLM businesses that are operated by some who is considered an expert in the industry. Indeed, how can you expect to succeed in an MLM opportunity wherein the owner does not even know how to market or position their company against its competitors? There are a lot of other challenges that wait for you ahead in this MLM business, so you have to make your job easier for you.

Study the Company Structure

Finally, beginners into the MLM industry must take the time to study the company structure before opting to join. This will enable you to weigh in the positive and negative aspects of the company before you can make your decision. Take time to look specifically into the marketing plan. This is the most potent aspect for the best MLM business so make sure that it has the tools and method to compete in the market. Avoid thinking that a company has to be run the exact same way as others company do, because each one will have different results. You must also look into how that marketing plan is being executed.