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Network Marketing Home Business – Advantages Over a Traditional Business Or Job

Maybe like me you’ve become underemployed. Maybe you are one of the less fortunate who’ve become unemployed. Or maybe you’re even a college graduate who has discovered, that even with a degree, there are not many quality job opportunities out here right now. Sure you might be able to flip burgers for minimum wage, but that certainly doesn’t support a family or pay off loans from college.

Personally, I had to make some changes. I had worked full time in the same industry for about 20 years. I had started out as an unskilled laborer and learned skilled labor and customer service the first five years. From there I’d gone on to be a crew chief and supervisor for the next ten years. After that I went into logistics, management and sales for the last five years. Even after a long period of experience, honing skills and ever increasing responsibility I suddenly found me underemployed! With my wife out of work and things slow at my job we began falling behind more and more.

I found myself having to make the same kind of evaluation you are making about home based business. I had been exposed to many opportunities like Amway, Pre-paid Legal, Young Living, Mona Vie, etc. I’d spent a ton on books, audio books and eBooks. I’d checked out and read tons of books from the libraries. I even spent $6,000 on an e-commerce home business that I have not seen a dime of profit from. I’d started my own home and small businesses (even losing $50,000 on a small business). I’d been actively researching network marketing home business for a few years.

I thought about it quite a bit and determined what disadvantages might be of doing network marketing home business over a traditional business. (I knew just going to my job every day would get us nowhere but on the streets at that point. After 20 years, that was pretty shocking!) First of all, it would be wholly based on the quality and amount of effort and commitment I was willing to make, at least in the beginning. If I truly wanted leverage of my time and money I would have to work very hard and very smart for quite awhile. If I was lazy about it, my expectations and goals would certainly not be met.

There would be no healthcare, dental, vision, stock, 401K or any traditional benefits. Everything would be my responsibility. For me, this was no different than my job, since as a contractor I didn’t get any of that stuff anyway. If I went to another job I might get these things, but if I moved full time into a network marketing home business I would not.

I looked at these and other aspects and not only were there a lot of advantages of network marketing home business over a traditional business, but a lot of disadvantages could actually be advantages to me. It just depended on my point of view. For instance, since it is wholly based on my level of commitment I would get out of it what I put in. If I wanted a raise I would give myself a raise.

Advantages of a network marketing home business were many and varied. Ability to choose the amount of time put in daily and rate of growth would be an awesome benefit. I could put in 5 hours in my spare time or 50 hours. I could keep my job in a traditional business while working my home business part time or do network marketing full time. I chose to keep my day job while building my network marketing home business full time. Everything else was put on the back burner and I worked several hours in the morning before I started my regular job, getting up very early. If I had dead time in my workday, I would put in more time on the home business. I would work on network marketing for long days on my two weekend days.

My thoughts were that I would put in far more time, effort and commitment than the average network marketer is willing to do. I wanted to grow an organization fast reaching leverage and freedom as quickly as possible. Other advantages were to be had. The time flexibility was a phenomenal advantage. I had the freedom to put the time in whenever my schedule allowed as well. I could work in the middle of the night, during breaks at work, early morning, weekends or whatever it took. This was not to be had in a job or in a traditional business.

Most have heard and somewhat understand the concepts of leverage of both time and money. This is what the owner of a large business has. He gets a percentage of the efforts of many others. The lowest cost and quickest way for me to get that type of leverage was through the right network marketing home business. This was the place that had the least barriers to entry, but it had a steep learning curve. I discovered in my research three areas where most network marketers fail. Marketing effectively to generate unlimited quality leads, leadership and communication were the areas I found to be lacking in most network marketing home businesses, systems or so-called gurus. I resolved to make myself an expert in those areas while building my home business so that I could help to educate my down line in these areas.

If you have read any of my other articles or my blog you know that I try to speak objectively about this business. On this subject, I will admit I am biased. I love what I do. I have freedom on the horizon that I have never seen my life. I now get to really utilize leadership skills I have been developing for a lifetime. I have control of my destiny. There is a professor in Chicago named Dr Charles King who has been doing rigorous research on the network marketing home business phenomenon since 1994. He has created accredited courses in network marketing home business skills and teaches them as well. If you can find video on YouTube with him speaking, it is really worth watching for his well-educated and objective viewpoint on the business.

Why People Fail in Home Based Business Opportunities?

Home based business opportunities are attractive to a lot of people who are looking to work from home to gain financial freedom and to also gain time freedom. There are many additional reasons of which “being your own boss” tops the list. You can set your own working hours, avoid the traffic and chaos on the road during office hours, have the time freedom to do give priority to family for vacations and etc. Every person has multiple reasons to consider home based business opportunities.

Only a few succeed in online businesses amongst thousands of people who are actually brave enough to venture into a home based online business. One reason is that they fail to overcome all of the difficulties involved managing a home business. Owning a home business is not for the timid. You will need patience and the financial support to achieve success. You will not see financial results overnight and you will need to put in long hours of hard work and commitment during the initial startup of your home business.

Why people fail in their home business?

Most home based businesses fail due to lack of research prior to startup. Gathering information about the product or service you want to introduce in the market is the first step of any business. You have to understand every detail involved in the business starting with product information, client information and also your competitor’s information. Many people get confused and don’t know which step to take next in their planning and execution stages of their business.

Planning is another crucial aspect of any business. Quite often people tend to rush into a new business without doing the actual planning stage of the business. They are intent mainly on making money fast and they completely forget to do the planning. You will never succeed in your business if your plan isn’t completed and implemented. If you are in doubt as to how to set up a business plan, you should seek the advice of a business consultant or someone that you know who has current or previous business experience.

Every business has highs and lows which you will need to be able to cope up with. Getting frustrated with your own failures could be disastrous unless you learn from your mistakes and make changes to fix the problems. You can always seek out the help from a mentor who has experience in setting up and managing a home business.

Prioritize your work and be productive

Prioritizing your work is an essential aspect of managing a home business which unfortunately many people fail to do. Putting things off will never help you to grow and become successful. Plan your day ahead, list the important things to be done and start working on them. Planning and prioritizing your work will help you to stay organized and there will be little risk of forgetting to do the important things in your business.

A person has to go through a lot of psychological stress while setting up a business. You are your own boss and therefore responsible for the success or failure of your business. If you are used to working in a group of other people who share the responsibility for the business and you finally become the boss of your own business, you may feel stress from the lack of interaction which may make you feel isolated. You will need to find ways to cope with this and other similar stressors within your new business.

Utilize your time in a productive way rather than just keeping yourself busy. Focus on delivering a high quality product with the highest regard for customer care. Your clients are the most important people in your business. It is your job to make them repeat customers.

Setbacks are common in all businesses and you will no doubt experience your share in your business. Don’t let setbacks scare you. They should be considered learning experiences on which to restructure your business. You should take setbacks as an opportunity to rectify the mistakes and improve the quality of your product and/or product. You should always keep a positive attitude about your business and in the long run it will return benefits to you many times over in all of your home based business opportunities

Save Your Small Business – 10 Crucial Strategies to Survive Hard Times Or Close Down & Move On

If there were ever a timely business book, “Save Your Small Business: 10 Crucial Strategies To Survive Hard Times or Close Down & Move On” by Ralph Warner and Bethany K. Laurence is certainly it. Promoted as a road map to small business survival, Warner and Laurence provide simple, no-nonsense, steps that can make a huge difference in running, saving, or if needed closing, your small business. Running a small business has always been hard, but currently it can be brutally agonizing, if not downright scary. This guide may just provide you with the information to make today’s bad economy, or bad economies in the future, opportunities so that in good times your business will be poised to thrive.

The book starts out saying it will be your small business companion, and recommends you create a business survival plan, prepare a current profit-and-loss statement and cash flow analysis, and establish an advisory board. It the delves into chapters that will provide the tools to help you decide whether it makes sense to continue, hibernate, close, or sell your business and offers some strategies you can implement to get your business back on track.

Chapter One: Can You Save Your Business? This chapter discusses topics such as planning for short and long term, selling your business, putting your business in hibernation, and saving your business. It also looks at some special considerations for retailers, services, construction, restaurants, wholesalers and importers, and franchises.

Chapter Two: Don’t Ignore Bad News. Why you can’t wait, cutting costs, changing direction, quitting and selling are addressed. There are also strategies on determining how much to cut expenses and acing slowly to reverse cutbacks.

Chapter Three: Control Your Cash Flow. This area can be one of the most important, especially for the small business. Topics include: Keeping paying your bills on time, how to create more cash, and what not to do, such as using merchant cash advances, maxing out credit cards, and borrowing against your house.

Chapter Four: Minimize Liability for Your Debts. Are you personally liable for business debts? Liability for jointly owned debt. What can creditors do if you don’t pay? Prioritizing debt payments, including payroll, taxes, utilities, and many more.

Chapter Five: Concentrate on What’s Really Profitable. Face it, the goal of a business is to make a profit. This chapter looks at getting a quick profits plan on paper, making money in a service business, and making money in retail or manufacturing. It is a short chapter, but if it gets you thinking about making a profit, it has done its job.

Chapter Six: Innovate on a Shoestring. Invention, Copying, Serendipity, and Making Innovation a Continuous Process are addressed in this chapter. This chapter may inspire you to brainstorm the next wonder gadget that every household must have. Depending on your business, this may be what you need.

Chapter Seven: Identify Your Customers. Before you can create an effective marketing plan, you need to know who your likely customers are. This chapter discusses aiming at the bull’s eye and filling in your target. Topics include current customers, need, price, access, and experience.

Chapter Eight: Don’t Waste Money on Ineffective Marketing. If we only knew which of our marketing efforts were producing the best results. This chapter helps you determine things about your marketing such as: Marketing the right products or services to the right people, not spending big dollars on advertising, asking long-term customers for support, encouraging customers to recommend your business, using paid listing effectively, marketing on your own website, and holding a “trying to stay in business” sale.

Chapter Nine: Handle Layoffs Fairly – And Keep Your Best People. Laying people off is often one of a business owners most dreaded tasks. This chapter provides guidance in this area by looking at: Making a wise layoff plan, the logistics of a layoff, and keeping the great people you hire. Some very good advice for this unfortunate part of business.

Chapter Ten: Don’t Work Too Much. What? If your business is floundering, you must work more, right? This chapter tackles the subjects of the importance of a sane schedule and how to work less and make more. Priorities and delegation are the keys the authors discuss.

Chapter Eleven: Work With Your Best Competitors. The four areas this chapter covers include: Treating competitors with respect, getting business from competitors, working for competitors, and working with competitors.

Chapter Twelve: How to Close Down Your Business. Most people don’t ever want this to happen, but the reality is that it does. This chapter offers some good strategies if you decide it is time to close the business and do something else. Topics include things like creating a closing team, looking at contractual obligations, dealing with landlords, collecting bills and selling off inventory, notifying and paying employees, liquidating assets, notifying creditors and customers, paying your debts, paying taxes, and dissolving your business entity. This is not a pleasant topic, but unfortunately an important one if you find yourself having to go this direction. The book provides guidance in the process.

Chapter Thirteen: Dealing With Debt: Bankruptcy and Its Alternatives. Introductory chapter on these topics with some good advice, but you will need more resources if you choose to go down the bankruptcy path, or better yet, seek counsel from a qualified professional.

Appendix A provides guidance on preparing a profit and loss forecast and a cash flow analysis. There are more complete references on these out there for sure, but this short bare bone basics on them will get you started and at least help you determine where you are at.

“Save Your Small Business” is a good guide for the struggling small business owner, and also provides information for the small business owner who doesn’t want to fall into hard times. Educating oneself regarding business is crucial for small business success. This is one more Nolo title that will help small business owners hopefully survive, but also liquidate and close with less pain if that is the course that must be taken.