Use These Questions On Your Business
Are you in a home based business? Have you considered the opportunity of joining a network marketing business? I’ll elaborate on why this is a good idea in future posts.
Maybe you already joined a network marketing company, or maybe you’re still educating yourself in the different opportunities and companies out there. Either way, you want to know if you made a wise decision and if you have selected the right company for you.
What I’m going to share with you is some critical questions you show ask yourself before spending any of your hard earned money to get involved with any company. The all claim to have the best compensation plan and even the best product. But how do you know whether they are saying the truth or just giving lots of hope and hype.
Before you choose from the thousands of companies ask these 4 critical questions. If you’re already involved in network marketing, I would still recommend for you to take a serious look at the answers to these questions.
Critical Question #1
How long has your business been around?
If we look at statistics, it shows that roughly 60-70 % of businesses are going out of business after 2 years. With that in mind, it will be a wise choice to select a company that has been around for a while if we believe the statistics. It will be even better if you can find a solid publicly traded company. This way, all of the financial statements, officer information, supplier information, etc. is all public record and you can visibly view documents that have been generated by legitimate accounting firms. The last thing you want to experience is that the company which you got involved with is declaring bankruptcy and your business is literally overnight eliminated, and not a single check from that company will come your way again. That sucks! If you’ve put your hard work, time, effort and energy into growing your business and you have grow an amazing residual income, supporting your family, the last thing you want to see is your company going out of business.
Critical Question #2
Are the management team qualified people?
One of the greatest investor Warren Edward Buffett critical components in his company analyzes is the management team of a company. He will not invest in a company where he found the management team unqualified. Who is running your network marketing company? What are their stories? You don’t want a CEO who’s only experience is managing a blockbuster down at the corner. You want someone with a history of some great accomplishments. You want a management team in your network marketing company who has already proven themselves based on things they’ve accomplished.
Critical Question #3
Does the company have exclusive products?
This is definitely important! Honestly, do you want to market something people can buy from a Wal-Mart or something hundreds of other companies are marketing? I hope not.
Look for products that are trademarked and cannot be duplicated or replicated by any other company for the duration of the patent. Trademarked products, patented products, proprietary products; these are all great things to have. This component falls back to the management team.
Critical Question #4
Are you truly passionate about the company’s products?
The products and/or services your company is what you get paid to distribute. You don’t want to look for a company based on the compensation plan (they are pretty much the same anyway), you want a unique product that you are passionate about. You want a product with great benefits. If the value is not perceived by the end consumer, it doesn’t really matter how much the company are going to pay you, you are not going to sell any products. If you choice a company based on the compensation plan and couldn’t care less about the product, you will definitely have a long struggle ahead of you, trying to make to success you seek.
Enjoying the product or service you’re marketing is absolutely essential for your success. If you got involved because of your greed factors went ding-ding-ding I am going to make a million bucks, and that is the only reason you joined and still are active as a distributor, if you haven’t made money yet with your business – quit! But only if the greed factor is the only reason, I know that almost every network marketer got recruited because of the opportunity and we all thought of the lifestyle we would enjoy when we got to go on stage and we receive the big residual checks, but if you’re not at all happy about the product you’re marketing find another company, there are A LOT of great network marketing companies.
I truly hope you’ve enjoyed this information, and if you come back soon I’ll promise to have more great content for you. This information is designed to benefit you and your network marketing business. Let’s make your business prosper as it should.
The back of your t-shirts from my material art training says; NEVER give up. That was the motto. That is a life lesson! If you keep your head in the game, if you are persistent, you will eventually cross that finish line and see yourself on stage with the big dogs.
Be teachable, study, absorb, and most importantly; implement! Take ACTION and you will see results.
Filed under: Network Marketing
