Tag Archives: tips

10 MLM Home Business Success Tips

Navigating an MLM Business Can Be Tough — Follow These MLM Success TIps
Many people are scared away from network marketing, also known as multi-level marketing (MLM), because of all the myths and misunderstanding about this business type. Part of negativity comes from low MLM success rates. However, a multi-level marketing business isn't destined to any more unsuccessful than any other business. No matter what business you start, you need to build it to be successful.

To enhance your multi-level marketing (MLM) and recruiting efforts within the world of direct selling, consider using these MLM Success tips:

1) Brush Up on the Realities of MLMs
To stay safe from pyramid schemes and MLM scams, arm yourself with knowledge. Learn about the industry as a whole, research MLM companies carefully, and determine if you're a good match with your sponsor. The truth is, while you can get rich in MLM, statistics show that less than one out of 100 MLM representatives actually see MLM success or make any money. However, that's not necessarily the business or MLM industry's fault. Most athletes never make it to the Olympics, but that's not sports or the Olympics' fault. Any great feat requires knowledge and action. 

2) Find a Company With A Product You Love
You can’t sell something or share your business if you don’t genuinely have pride in what you are representing. Do your MLM research and partner with a company that has a product you can get excited about.

Don't forget to look into the company's compensation plan before you join and make sure it is favorable to you.

3) Be Genuine and Ethical
One reason that direct selling gets a bad rap is that many representatives use hype and sometimes deception to lure in new recruits. This leads many to believe that the MLM companies themselves condone this behavior, but in truth, they don't.

Legitimate MLM companies encourage you to be honest in your dealings with customers and potential recruits. If you love your product, your enthusiasm is enough to promote it. Just make sure you're not over-the-top or making exaggerated or false claims. Good business conduct will ensure that your customers and recruits don't feel duped, and as a result, will stick with you. 

4) Don’t Barrage Your Friends and Family
Nothing will annoy your family and cost you friends more than constantly pestering them about your business. There's nothing wrong with letting them know what you're doing and seeing if they have an interest, but if the answer is "no," let it go. Many companies suggest making a list of 100 people you know, and while that's not wrong, you should consider that most successful MLMers have very few people from their original list of 100 people in their business. In most cases, friends and family who are in the business often come AFTER seeing the MLMer's success. Success in MLM comes from treating it like any other business, in which you focus on the people who want what you have to offer.

5) Identify Your Target Market
One of the biggest mistakes new MLMers make is looking at everyone (including friends and family #4) as a potential customer or recruit.

This is one area where the MLM industry gets it wrong. Like any other business, you're going to have greater success and efficiency if you identify your target market and focus your marketing efforts at them. Someone who doesn't care about vitamins or health and wellness isn't a good person to pester about your business. 

6) Make an Effort to Share Your Product//Business Plan Everyday
Many MLM sponsors will have you focus on recruiting new business builders; however, your income, in legitimate MLM, comes from the sales of products or services. Further, customers who love the products or services can be more easily converted into new business builders. Just like any other business (home-based or otherwise), getting the word out about your product or service can benefit your target market is the key to generating new customers and recruits.

Some ideas include sharing a product sample, inviting a neighbor to host a product party, or starting a website or social media account.

7) Sponsor, Don’t Recruit
One of the benefits of MLM is the ability to bring in new business builders and profit from the sales they make in their business. While some see this as "using" others, the reality is that you're being rewarded for helping others succeed. But for them to succeed, you need to see your role not as racking up as many recruits as possible, but in being a leader and trainer. The focus then is on the success of those you help in the business, not on you. That means you need to take time to train them, answer questions, celebrate their successes, and be a support when things are tough. 

8) Set a Goal for Parties or Presentations
MLM is a person-to-person to business. While many people don't like that aspect, especially in the digital age, the reality is that it's the personal touch that sells the products and business, and retains customers and business builders. Based on your compensation plan and goals, determine how many people you need to show your products or business to reach your goals in the time you want. Doing so will ensure you grow your business rather than just sustain it.

7) Listen and Sell the Solution
Many companies provide scripts to help you sell the product or service. While these can be helpful in teaching you about your product and dealing with objections, sales is all about being a solution to what a customer needs. By qualifying your contact first, and then listening to their needs, you can tailor your pitch so that you're the solution to their problem. 

8) Learn How to Market
MLMers often stick to the three-foot rule (everyone within 3-feet of you is a prospect) and other traditional marketing tactics. But direct sales is like any other business. It can and should be marketed in a variety of ways that takes into consideration your target market, what it needs, how you can help it, and where it can be found. To that end, you can use a variety of marketing tools including a website (check your companies policies about websites), email,​ and social media to increase product sales and interest in your business. 

9) Stand Out from Other Distributors
One of the challenges of MLM is convincing prospects to buy or join with you as opposed to the other reps that live in the neighborhood or they know online. You're selling the same stuff as thousands of others, meaning consumers have a choice. So you need to do something that makes you unique compared to everyone else. Give people a reason to choose you over other reps.

While you don't want to pester and annoy people, in many cases, with good follow up, you can make the sale or recruit at a future time. Sales is often about timing, and 'no' in sales doesn't always mean 'never.' If someone tells you no, but there was something in the dialogue that suggested they might be interested in the future, ask if you can put them on your mailing or email list, or if you can call in six months to follow up. Many will give you their email or phone number just because they want to be nice. Even so, use your calendar or contact system to remind you when to call. 

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Entrepreneurs And Finance People Share DNA

Gone are the days where your average finance person was the stereotypical bean counter. Today they come in all sorts of shapes and forms and you will find that many of them are starting to show some DNA of an entrepreneur. Wow, did he just say that? I couldn’t think of two kinds of people that are more different. OK, hang on and let me try to explain. First, let’s just agree on what an entrepreneur really is.

“a person who sets up a business or businesses, taking on financial risks in the hope of profit.”
There are two main elements of above and then some other aspects that are not that well covered. 1) Someone who starts a business and 2) Someone who takes risks in hope of profit. I’ll give you that while there are finance people who set up businesses because they are also entrepreneurs then that’s not the main point as finance people, in general, are not people who set up businesses. As for the second point then there’s starting to more resemblance.

Risks vs. profits
At school, all finance students are taught about the relationship between risks and profits and how to balance them. A typical framework used is the Capital Asset Pricing Model (CAPM) which describes the relationship between the expected returns at any given risk profile.

So the balance between risk and returns is a finance person in a nutshell and a clear area where entrepreneurs need to also become more like finance people. If we continue to test that argument then let’s look at what’s missing from above definition. The idea! So in order to become an entrepreneur you typically need to have an idea. Entrepreneurs are full of these although it’s always harder to get idea #2 after you’ve made a living out of the first one. When it comes to finance people I always say that they don’t have to come up with the ideas but more need to be facilitators of ideas i.e. take them from the idea stage to something that gets executed on. But does it stop there? It shouldn’t. Finance people who truly know and understand business will be able to come up with just as many ideas as entrepreneurs. Finance people then have the added advantage that they are able to quantify and qualify the idea, create a business case and connect with the right people in a company or in the market to execute on it. Some entrepreneurs do this very well, of course, but I’d also say that here another area where entrepreneurs can learn from finance people.

Glorifying the finance person at the expense of the entrepreneur?
Right, if all finance people are so great at everything an entrepreneur does then why are they not all successful entrepreneurs? OK, so I might be glorifying the finance people a bit here and maybe what they lack is the true courage to jump into a business adventure, yet the evidence of sharing DNA is definitely still present. While they might not be bean counters anymore they are still a bit conservative and perhaps not willing to become entrepreneurs also. So if you can take the best of both you will get entrepreneurs that become better at managing risks for profits and managing the full cycle from idea to execution and delivery. What’s not to like about that? Then we can talk about what finance people can learn from entrepreneurs another day!

To stay updated on how Finance can help the business create value I would encourage you to follow my “value-series” where you can find past articles below. To be sure to stay informed about future articles you can either connect with me or join my group Finance Business Partner Forum. Last but not least you can also follow me on Twitter.

Finance Needs A 20/20 Vision On The Business

How Much Value Does Your Finance Job Create?

5 Ways For Finance To Start Adding Value Now!

Finance’s 5 Drivers Of Value Creation

How Can Finance Help The Business Add Value?

Don’t Measure Finance’s Value Creation

How To Become Great At Business Finance

We Need More Business In Business Finance

How Finance Business Partners Improve Company Performance

What Finance Business Partnering Really Is

How Finance Can Help When Business Is Bad

Anders Liu-Lindberg is the Senior Finance Business Partner for Maersk LineEurope Region and is working with the transformation of Finance and business on a daily basis. I have participated in several transformation processes among others helping Maersk Drilling to go Beyond Budgeting and transformed a finance team from Bean-counters to Business Partners. I would love the chance to collaborate with you on your own transformation processes to help you stay out of disruption. If you are looking for more advice on how to get the most of LinkedIn I also have a few tips to share as well as if you want help in your job search. Don’t be shy! Let’s get in touch and start helping each other.

Anders Liu-Lindberg Anders Liu-Lindberg
Senior Finance Business Partner • Maersk Line 

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7 Tips For Motivating Your Team (Even When The Going Gets Tough)

“ When people are crystal clear about the most important priorities of the organization and team they work with, and prioritize their work around those top priorities, not only are they many times more productive, they discover they have the time they need to have a whole life.” 

Stephen Covey'

You can spend months defining your team’s core values, articulating your Mission and Vision, and fashioning a flexible, up-to-the-minute strategy — but your whole tower will crumble if your team members don’t feel motivated enough to execute rapidly and consistently.

If their collective attitude boils down to “Who cares?” then you’ve lost the game before you’ve even begun.

If that’s true, then who’s at fault?

Well, you can blame your team if you like. You can even punish them for being unmotivated — a dangerous form of self-sabotage that will most likely force you farther toward failure. Or you can decide to shoulder the responsibility and work to engage your team and rev their motivational engines.

 

7 Tips For Motivating Your Team (Even When The Going Gets Tough)

The Lowdown
“Individual commitment to a group effort — that is what makes a team work, a company work, a society work, a civilization work.” So said legendary football coach Vince Lombardi, who had plenty of experience with both commitment and motivation.

The son of a second-generation Italian-American butcher whose business prospered during the Great Depression, Lombardi grew up with daily exposure to the type of commitment required not just to survive but to thrive during hard times. He later earned a football scholarship to Fordham University, where he picked up the skills necessary to excel as a coach at West Point, and later with the New York Giants, Green Bay Packers, and Washington Redskins.

What can you do to inspire your team to the Lombardi level of commitment? Start by showing them you believe in them; you are going to hold them to a higher standard, because you have confidence they can achieve it.

Try these tips, especially when the going gets tough:

 

1. Make sure everyone understands the big picture
If your team isn’t already familiar with the organization’s main goals, then lay them out in plain language.

Show them where they fit within the organizational structure, and why their work moves everyone toward those goals. Make them feel valued, so they’ll have reason to engage with and “own” their jobs.

2. Give them what they need
If team members lack the right tools or training, they may not feel capable of or confident about doing the tasks you’ve assigned them. Whether they need training, a new computer, a smartphone, or a better printer, make it happen, so they can move forward with confidence.

If they express a need for something to help them be more productive, and you fail to provide or approve it, they soon will stop coming to you with improvement ideas.

3. Plan carefully
Because long-term strategies rarely survive their first brushes with reality, you’ll need to collaborate with your team on how to best achieve them, because they probably know best. Review the plans and get everyone involved in how to proceed.

Give them active, important roles in building those plans, as well as controlling deadlines, scheduling, project management, and scope creep.

4. Establish performance goals
Provide reasonable objectives to shoot for, both as individuals and as a team, but make everyone stretch a little to reach them.

The goals can take the form of quotas, profit margins, commissions, projects completed early and under budget, or whatever else matters to your company or team.

5. Provide tracking metrics
Along the way, show them how they’re doing.

If the team realizes they’re they front-runners in a company-wide sales race, for example, they may work extra hard to stay there; or if they’re in second place, they may redouble their efforts to take first.

Consider it a report card for the team, one that may inspire them to kick it into high gear.

6. Be there for them
Lead from the front, ready to smooth the path and provide anything they need to in order to execute.

During a crunch time or crisis, roll up your sleeves, and work side-by-side with them until everything’s back to normal.

7. Celebrate successes
When something goes right, even something small, make sure your team knows you appreciate their efforts.

Public pats on the back are cheap, and in some cases, just as effective as cash. You can also provide treats for the break room, or take everyone to lunch when things go well.

 Flávio Rodrigues Vieira Flávio Rodrigues Vieira
Analista de negócios / Business Analyst • Mainland 3

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