I
was thinking of making the
title “How To Succeed In
Business” because perhaps
these tips could be applied to any
business and not just in network
marketing (or MLM). Business is
business right? I am going to write
and see if perhaps I come up with
something unique to network mar-
keting, if I do maybe I will rewrite
a little... but in the mean time.
HAVE YOUR OWN BRAND.
The first step to succeeding in business
is to have your own brand. If you are Joe,
the XYZ distributor, you are promoting the
XYZ company. Create your own brand...
perhaps Joe Smith, Network Marketing
Coach, or Joe Smith Company; something
to differentiate yourself from all the other
distributors in your company.
ADDVALUE.
If you are just “You can buy from me
too”, you are adding no value. You must
add some sort of value. For instance, a
while back we made great looking baskets
and sold them as a product. By reorganis-
ing the product the way we did, we added
value to the product.
If you do home delivery, write books,
consult with other network marketers; you
are adding value. Perhaps extras that you
could charge for. The extras are definitely
what customers want, otherwise they will
just go for the lowest cost product the clos-
est to home.
HAVE YOUR OWN PRODUCT.
In network marketing, we typically
represent a company and its products but...
we could potentially have our own prod-
uct, such as a recipe book that features our
products (for instance). We have our own
“Attraction Marketing” or “Black Box
Recruiting” site, which is a service that is
free, but it counts as a product itself. You
could also consider our blog a product.
Brainstorm to see what kinds of products
you could offer to your customers or to
others who might join your business.CONSIDERYOUR IMAGE.
Image is very important in business.
Having your own business name.
Positioning yourself as an expert. Being
uniquely an expert
in something is even
better. Having a
resume that people
want to be associat-
ed with. Not neces-
sarily a Word
resume, but accom-
plishments that you
can point to. If you do not have accom-
plishments that would relate, you can build
lists of accomplishments over time.
Avoid negative things that could tar-
nish your image. Treat your customers
right. Do not do illegal or unethical things.
Be prepared for challenges and consider
your options carefully.MAKE THENUMBERS
IMPORTANT.While all of the above are foundations
of a good business, the numbers are your
measurement of success. Most importantly
profit. Profit is your businesses revenue
(income) less expenses. Without profit... at
some point... no business can survive.
Cash flow is also an important meas-urement. While sales is great (or commis-
sions), keeping cash in your business is
life or death. Often we sell on credit, i.e.
we invoice somebody, and if they take too
long to pay that can be extremely stressful.
If we run out of money, we are out of busi-
ness.
We can improve cash flow by selling at
a certain margin. Margin is the price sold
less cost, divided by price sold... usually
provided in percentage form. For instance,
an item that costs $10 sold at $15 has a
50% margin. Many items are bought, or
manufactured, at a very low cost and sold
at a margin of 100% or more. The higher
the margin, the better. Especially when
you get to the point of having to cover a
slow paying customer.
For instance, you sell to a customer for
$10,000 monthly at 100% margin. That
means your cost is $5,000. If they pay in
30 days, once they have paid the first time
you have two month’s worth of cost cov-
ered. So your business survives for two
months before you
need more cash (for
example purposes
only because we are
not considering
other expenses). If
your margin is
lower, you have
more risk of run-
ning into cash flow issues; if higher, you
have less risk. Your optimal margin is
something that is different business to
business.
Now if you are only earning commis-
sions, margin does not mean much, you
just need to keep your commissions well
above your business expenses.
If you are using an accounting package
like QuickBooks, you will want to keep an
eye on your profit/loss statement and your
cash flow statement.Adapted from an article on The SplashPlan
Blog at http://splashplan.net.Tips To Succeed
In A Network
Marketing Business
by Brian Satterlee48 • Australian Opportunities Magazine • M/J/J 2017 • http://www.workfromhomemagazine.com.au
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