How Do You Choose?
People are starting their own business in record numbers. One reason is that the corporate world and jobs are providing less security. If jobs don’t provide security then it becomes far more attractive to start a business if only on a part-time basis. However, it may be time-intensive and confusing to decide what business to start. Here’s some help on doing just that.
Contrary to what most people would naturally do, you have to think about the right business model for you first before you start looking for specific businesses. The reason to look at business models first is that some models might be too cost and time preventative for you to start and operate.
3 Main Business Model Types
There are 3 main business models available. You can start from scratch on your own. You can purchase a franchise. Or, you can leverage an already-built infrastructure and system and go into network marketing.
Start from scratch businesses are typically costly and time-intensive. The time to research the market, pricing, marketing, and technology could take months if not longer. But the biggest downside is that unless you have a large amount of capital to invest and hire staff, you’ll be running this all on your own after you launch your business.
You can purchase a franchise that cuts your time in building your infrastructure but this is also costly. Some franchises cost in excess of $100,000 up to many times more.
Another option, which is a hybrid of the two mentioned above, is to start an online business in affiliate marketing. The cost is much lower. But the research may be overwhelming and you must be a great online marketer. Those are skills that people underestimate the time it takes to acquire.
When we were looking for what business to start we had to be sensitive to cost and the time to get it started. So we chose network marketing. If you find the right company in the network marketing sphere it can be a perfect option. You don’t have to invest a lot of time or money to get it started. The company provides the product or service, the systems are already developed, and the technology is already in place. And, if you choose the right sponsor you'll have a built-in business coach at your disposal. That is huge!!
Another point about network marketing is that if you haven't been involved in the industry recently, or maybe never, then you don't know network marketing. The industry has changed in many ways over the years. Most recently the biggest change has been that you can use social media, blogging, and other tools to build a business online. It opens up the entire world to you for customers and distributors.
What Business to Start?
How to Choose the Right Network Marketing Company
Having said that about network marketing the question then is, how do you find the right network marketing company (or any business for that matter) for you?
It comes down to 3 keys to remember. To be successful in anything it requires being passionate, being coachable, and being persistent. Not being all 3 of these things is the biggest reason for failure.
What are you passionate about?
Your passion is going to get you excited every day to spend time on your business. Especially if you worked a full day at a job and you’re tired when you get home. Instead, you need to be fired up to get home and work on your business. What’s going to do that for you? Is it health, finances, beauty, fashion or something else? What are you willing to learn everything about? What will get you reading blogs, watching videos, and attending events so that you become an expert? Start by making a list of things that you love to do. Then Google that passion to find network marketing companies that sell products or services in that arena.
Who’s your coach?
The biggest reason people don’t do well in any business including network marketing is that they have no training and no coach. Professionals in any field have coaches. Ask yourself, who’s my coach? If you don’t have one, get one. Find someone that’s already successful in what you want to do and contact them. Keep doing this until you find someone that’s willing to coach you. That is another distinct advantage network marketing has over other business models. As mentioned above, if you are sponsored by the right person (you have to choose that right person) they can be a great coach and resource for you. We were very fortunate to find someone like this and have, as a result, had great success in network marketing. Now we coach others.
Can you be persistent?
This is huge too! Once you start a business of any kind you have to maintain the momentum, especially at the beginning. If you stop, you’ll have to start all over again. It’s also the biggest thing others will judge you and your business on. People will be watching. Know that once you start you can’t stop, or take a time out, or you’ll fail. Make sure you have the time on a consistent basis. And, recognize that you may have to sacrifice family time, time off, trips and other activities until your business gains momentum.
Owning a business, home-based or not, is a very positive thing to do for yourself and your family. But there’s responsibility that comes with it. So when choosing what business to start, choose wisely.
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