Business Building 101 For the 21st Century – Old School Vs New School

Network marketing is essentially business building. Yes you do not own the company and the product, but you do own the network and the profits that come from it, and isn’t that what business building is all about? Now for those who have been at the network marketing business long enough (network marketing has been here for a long time), you are familiar with the truth that there are two schools of business building – the old school and the new school of business building.

How do you characterize old school business building? Well, basically it was around the 80′s – the era when a large number of networkers were told that the best techniques in business building was by creating a 100-200 names list of their warm market. Your warm market is your network of friends and family. Another characteristic business building using old school rules is to use person-to-person business building methods such as holding seminars and inviting people to an informal gathering where you can present your product. Old school business building does work, albeit slowly.

Now, how do you characterize new school business building? The new school of business building came when the Internet became a major force in international business. When the bandwidth and Internet penetration reached critical mass, business building through online marketing became the way to go. Using the new school of business building through the Internet, there’s really NO need to ever leave your home to build a large organization.

Before proceeding further, let us reiterate – there is absolutely NOTHING wrong with either of these business building approaches. To help you decide which approach to take, here are some pros and cons of each of the two schools of thought.

Old School business building Pros and Cons
Using the old-school business building, you are able to start out quickly as you have a built-in warm market that will be receptive to your offerings. However you run the risk of being part to the NFL or the No Friends/Family Left if they fail at the endeavor. Belly to belly marketing will allow you to get a more personal feel for your prospects, and though you get to explain it better and stand a better chance of signing them up, you do so only at a slow pace.

New School business building Pros and Cons
Using the new school of business building, you get to reach a wider set of people, and these people are tech savvy already, as they are familiar with the ins and outs of the net. You don’t have to teach them much about using the Internet, as they know how to do that already. E-mail broadcasting will also net you lots more prospects and you get to stay in the comfort of your own home. However, it is less personal than the old school business building.

In the end, there is really no substitute for doing the work, whether old school, new school or a combination of both.

To discover tried, tested and proven marketing techniques to building a solid business, please visit [http://www.KnowYourMLMTricks.com] and get your free report titled “The No-Nonsense Facts To Making A Six Figure Income In Less Than 12 Months”.

Barbara Harrington is a well respected network marketer and has grown several different home based businesses using the same revolutionary techniques that she shares in her much sought after free report.

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MLM Business Building Tips – The Single Most Important Thing You Should Know

What is the most important MLM business building tip?

Some would say that having extensive product knowledge is the most important factor in building a MLM business, while others would say that being able to explain your MLM compensation plan is the key.

There’s another school of network marketers that say the most important factor in building an MLM business is the quality of your marketing and your ability to generate high quality leads.

Some network marketers would say that it’s your sales skills and how well you can overcome objections in the prospecting process that will lead to your success in MLM.

Although all of these aspects are important for building an MLM business, the best tip that I’ve ever heard is;

-People only do business with people they know, like and trust

This is a saying that applies to all businesses but I feel it’s particularly relevant for building an MLM business.

Let’s analyze each of the elements — know, like and trust:

It’s Not What You Know but Who Knows You

People have built their MLM businesses in the past mostly through people that they already know. The most common way is to write up a list of all the people that they know and then approach them about their business. This is typically referred to as the warm market.

Dealing with your warm market or people that already know you has its advantages but the major problem is that the majority of the people that you approach will not be interested in starting a business. This is a very un-targeted way to get prospects.

Thanks to the Internet people are able to get to know about you and who you are very easily. If you do some simple marketing, people will be attracted to you through your articles, blog posts, Facebook posts, videos and other social media outlets.

When you get to the point of speaking with these people on the telephone about your business, there will be a sense that they already know you.

People don’t need to feel like you are their long lost friend to want to do business with you, as long as they have a good sense of who you are and what you represent, it will be enough to start a business relationship.

Over time that relationship may develop into a deep life-long friendship or it may just be a mutually beneficial business relationship.

Do People Like You?

If people don’t like you then there is a very slim chance that they will decide to partner with you in business, no matter how good your opportunity may seem. There have been many surveys done as to why people decided to join a MLM business and the overwhelming majority join because of the person that introduced them rather than the company or product.

Luckily humans aren’t a one size fits all and like attracts like. With good marketing you can be yourself and attract the people that like your particular style of doing business. The old saying that you can’t please everyone is definitely the case here.

Can I trust You?

Perhaps the biggest factor in building a MLM business is the trust factor. If people don’t trust what you say then they will never do business with you…full stop. When you are authentic and truthful in your marketing and prospecting, people will sense that and naturally trust you.

Trust is also gained over time by doing exactly what you say you will do. If you say you will call at a certain time — you absolutely must do that. If you say you will mail something — it has to be in their letterbox in a timely manner.

Not following through on what you promise to do is the quickest way to lose trust with your prospects. Even a simple thing like not sending an email will eat away at your trust rankings. A couple of seemingly minor slips will crush your chances of getting people to join you in your business.

The MLM Prospecting Process

If you are using the Internet and attraction marketing principles to attract prospects into your MLM business opportunity then the chances are that they will already have a sense that they know you. Another excellent way to build up trust is to use testimonials on your website.

Using this kind of approach gives you a huge head start over people that are purchasing MLM leads. When you purchase MLM leads, those people don’t know you from a bar of soap and it takes a lot of skill to break the ice to the point where they feel they know, like and trust you.

When you are working with your warm market to build your MLM business you obviously don’t have to get over these barriers but the people that you know most likely aren’t looking to join a business so that is just as hard as working with prospects that don’t know you.

There is an old saying in the marketing world that holds true:

- A mediocre sales message delivered to the perfect prospect is infinitely more powerful than a perfect message delivered to the wrong prospect

When you attract people that are looking for what you have to offer you don’t need tricks and sharp sales skills to get business.

The first contact…

When someone has come through your marketing process there comes a point where you will need to make personal contact (usually via the telephone). The best possible scenario is when your prospect has contacted you (usually via email) to ask for more information about what you do.

Even though your prospect feels like they know you, it’s still very easy to blow it on the first contact if you are too pushy and try to hard sell them or try to get them to make a decision too quickly.

The secret to building a MLM business is having a large pool of prospects that you are developing a relationship with over time.

Building A MLM Business = Building Relationships

Here are some points to consider when you get to the phase of speaking with your prospects that you have generated through your marketing;

During the first conversation you will want to ask focused questions and then listen very carefully. Be an active listener and ask for clarification on anything that you don’t understand. As a rule you should follow the 80/20 principle – you listen for 80% of the conversation and speak for 20%. Most sales people and MLM distributors get it back the front. Avoid a sales pitch at all costs!
Position yourself as an expert and leader. When people are coming to you looking for a business they will have questions and concerns. If you can help your prospect understand aspects about the MLM industry and what to lookout for — what pitfalls to avoid, they will be more motivated to work with you. People are looking for leaders and people that can help them get what they want, not a company or product!
The quickest way to build a relationship with a prospect is to understand what it is that they want on a deep level. If someone tells you that they want X amount of money, don’t leave it at that. Ask them why they want that money. If they tell you that their child is a talented musician and their deep desire is to send them to a music academy then you have something to work with. Later when you are talking about your business opportunity, you can talk about how there is potential to earn an income that would allow them to achieve their goal of sending their child to the music academy of their dreams. Now your MLM business opportunity actually has a meaning that is relative to them and their dreams and aspirations. If you are too busy talking about how great your company is then you’ll never get to know this sort of information and your prospect will never feel as though you truly know and understand them.
Take detailed notes of every conversation that you have with a prospect. Rarely will a person join your business after one conversation. Sometimes it may take months or even years before a person is ready to do business with you. Keeping good notes will allow you to refer back to previous conversations and this will refresh your memory about things that are important to them. Your prospects will feel valued when you remember details about their dreams, their spouse and their children. This is one way to build trust and have people like you. When you remember details about people they feel important and everyone likes people that make THEM feel important.

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Internet Business Building For Seniors – Why and How?

We seniors perhaps do more thinking and worrying about our finances than most. How much do I still have in reserve to cover all my expenses for the future? And how long will this future be? How can I cover medical expenses? How will I pay my rent or mortgage? Do I have enough to enjoy life and travel now that my 9:00 to 5:00 years are over?

It may seem that you are looking through dark sun glasses and that things look awfully bleak. You didn’t save up nearly what you had wanted or expected to save. Inflation keeps eating away at the buying power of the little you did save. Add to this the current financial crisis with losses in what you thought were fairly secure mutual funds and loss in the value of your home, and things really do look dark.

Radical Proposal for Seniors: Start an Internet Business!

I know that that doesn’t even sound reasonable to some of you. “I can see that for young people, maybe even my children. But for me? Get real! I can barely send e-mails let alone run a profitable business on the internet.”

Many of us seniors do realize that we need to be proactive. Our financial world won’t improve all on its own. We could go back to work or could just keep on working and never retire. I want to challenge you to take a second look at the internet as a viable means for making extra money, and even lots of money, for those of us who are “internet challenged”.

Why Should Seniors consider Building an Internet Business?

First, I’ve already mentioned the current financial crisis, to say nothing of our individual financial crises, that cry out for an ongoing source of additional income.

Second, we do have a number of favorable circumstances going for us that are conducive to building an internet business or a network marketing business that leverages the internet to make it successful. These vary with the individual, but let me just mention a few of the things we have going for us.

We do have time to invest in learning and working a business on the internet. The “rat race” of our former lives has slowed down and we are free of the 9:00 to 5:00 job that used to fill our days.
An internet marketing business is “home based”. You don’t need to rent extra space or make any great outlay of capital to start such a business. In fact, Robert Kiyosaki of Rich Dad, Poor Dad fame, says that multilevel marketing offers an inexperienced person a great way of getting started in one’s own business.
We need worthwhile things to do to keep us involved in life and involved with people. When we don’t have this, something inside of us dies. Our bodies deteriorate much faster when we don’t have a reason for living.
Many of us continue to have a thirst for learning, for growing in knowledge and skills. The more we quench this thirst, the more we enjoy life and stay strong in mental health. There’s a great world out there to explore on the internet! There’s a lot of new skills that we can learn on the internet. The more you master, the more you’ll get paid, if you know how to use them properly.
Third, you may still have dreams that you haven’t realized, maybe even given up, that you’d love to experience if that were really possible. I know that for myself, I didn’t even realize that I had “dreams” till I first saw the potential of making good money in network marketing. Then all of a sudden I discovered dozens of such dreams that I wanted to make happen.

Fourth, let’s go one step further and talk about “mission in life”. Do you feel as if you’ve realized your “mission” in life or have you been afraid to even think about it because it seemed so impossible to realize. I believe that seniors have the chance of their lives to accomplish things they never thought possible. Just think of what you could accomplish if you were able to make “significant” money. Think of the good you could do with it. I grew up and worked in a Third World country (the Congo) for many years. My exposure to Third World need makes me realize how much difference we in the developed world could make.

Finally, what is your passion? We each have different things that we can get excited about…Learning a foreign language and all the enrichment and opportunity that could afford. Or teaching others how to use artistic skill in beautifying their home. Or helping someone with no mechanical skill learn to do some basics in maintaining their own car and the satisfaction that comes with it. Or a thousand other things! Any interest or skill you may have can be transformed into a profitable business on the internet. And we seniors are rich in experience and skills!

How Can Seniors Build an Internet Business?

Let me first say, You can do it, if you really want to! This is what is behind the whole concept of Web 2.0. It’s the second wave of the internet. The first wave was mostly for those who were technically inclined. They could master the “mind boggling” skills to work the internet. However, today the internet has been made available to the technically challenged. This is me! I have found that through the friendly teaching tools out there, I can learn all kinds of skills.

There are training programs for just about anything and everything. How to do Squidoo or Twitter? How to build a business on the internet? How to build a web site or a blog? These training programs are extremely user friendly. They take you step-by-step or literally click-by-click through the training. Fast learners learn fast and slow learners, like me, learn slow. Yet, at the end no one will ask you how long it took you to learn “X”, but rather “Do you know how to do ‘X’?”

Now let me get very practical and tell you about three such training programs that I’ve come across. You’ll doubtless come across many more as you proceed.

Site Build It! This is an incredible training program and support system that provides you with all you need for building an internet business. They will show you how to take just about any interest you have or skill you have and turn it into a business. If you were into “bug collecting”, they’d show you how to build a profitable business out of it! They give you the broad theoretic foundation of business building on the internet as well as the step-by-step tools to do it and all this at an incredibly inexpensive cost.

IM (Internet Marketing) Success Library by Bob the Teacher Bob used to be a high school teacher and now teaches internet skills in a user friendly way. What I like about his instruction is that it is taught for the bottom of the class (me) rather than for the top of the class. You’ll see the breadth of instructional tutorials that he’s prepared and he’s constantly adding to the list.

Renegade University is a cooperative effort of Ann Sieg and Mike Klingler. You can actually get started free to understand their approach to business building and to try out their click-by-click tutorials. If you want to go further, you can decide at what level of seriousness you want to build. They show you how to make money almost from the very beginning of training which will enable you to cover the costs of starting an internet business. You get the overall picture and get to decide what kind of business you want to build. You can do direct marketing or learn to build a network marketing business. The cost is a fraction of the real value of what you are getting. They literally teach you how to build a money making machine on the internet, while your focus is on helping others succeed. And what’s even better, they model it for you. You feel like they are really there for you and are taking your own personality seriously in the process of business building.

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Business Building Insurance and Business Interruption Insurance

Business Building Insurance

If your business is run out of a building that you own then purchasing business building insurance is something you should definitely consider. Another important point to remember is what is actually inside your building. The stock inside some buildings can be worth more than the buildings themselves and also any other furnishings that you have might need some cover if they are worth a lot of money. This is a point that many people overlook when purchasing insurance for buildings as they assume that if the building is insured then everything inside it is too. This is usually not the case and there would be nothing worth than losing all your business stock because of a fire or flood only to find out that it is not covered under your insurance plan. You should have a really good read of the fine print and see what is you are truly covered for with your business building insurance plan.

There are many different companies that will provide insurance for business buildings and it is always a good idea to look at different insurance brokers to get an idea of the types of plans offered and what price they come at. This will also help you to find any specials that insurance companies might be running and thus lead to more savings. Finding a plan that is well suited to your business will help to reduce expenses for unneeded cover. Some insurance plans can be custom created to help you get the most cost effective policy available.

Business Interruption Insurance

This type of insurance which is also known as business income coverage as created to protect business owners against things that might bring their company to a halt such as floods, fires and other things that can be insured against. A very important point to keep in mind is that this type of insurance does not cover damages caused by fires or similar events, only the loss of income that you might experience as a consequence. These plans normally reimburse the holder based on the amount of time that your business has been forced to stop working. Some companies will offer things such as extra expenses coverage but remember, the more that you are covered for, the more that you will pay.

This type of policy is usually not sold separately but as an addition to another business insurance policy that you purchase such as property insurance. If you are considering purchasing this type of insurance then you need to take into account how long it would take you to rebuild your business if something was to happen. This should be the amount of time that your policy will cover you for.

Most major insurance business will offer this type of plan in conjunction with other cover. If you are thinking of purchasing business interruption insurance that make sure that you get as many quotes as possible to ensure that you find the most suitable policy for your business at the best price. One of the best sources for this information is the internet because of the amount of companies that you can look at with the click of a mouse.

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