David Wood: A Candid Interview on the MLM Industry
Listen in as one of the top leaders in the industry shares his insights and tips
I Want To Go Into Business. What Can I Do? Get The Answers.
Almost on a daily basis I’m asked the question: I want to go into business, can you give me some ideas? What can I do?
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“He who deliberates at length before taking a single step will spend his whole life on one leg” Chinese Proverb.
I truly can’t answer that question for anybody.
What I can do, however, is highly recommend and promote network marketing / multi-level marketing, as it is a fabulous tool for anybody wanting to get into business and gives you a proven business model that works – quite simply, it is ‘micro-franchising’. Provided you don’t ‘vomit’ all over people with your opportunity; provided you treat the business as if you paid a million dollars for it (i.e. a real franchise business); and provided you learn business fundamentals (i.e. marketing, sales, networking, etc)… then you will be more successful in network marketing / multi-level marketing compared to going out on your own and winging it – even more-so if you have never encountered business before, or have yet to master the entrepreneurial mindset.
Even global leaders such as Robert Kiyosaki, Mark Victor Hansen, Robert Allen, Donald Trump, Brian Tracy and President Bill Clinton (amongst others) endorse network marketing.
Of course, there are thousands of network marketing / MLM companies out there… so the next question I frequently get asked is: Which one?
And you know what? I truly can’t answer that for you either. (Note: a good guide when undertaking your due diligence: http://www.mlmwatchdog.com/MLM_DUE_DILIGENCE.html)
Which company you decide to partner with will be determined by your own ideals, values and passions. If you haven’t gone through my values, wants and needs worksheets, this is a great place to start. Because if you’re not in a business that is aligned with your values; then it won’t sit true for you and, quite simply, you will not succeed in that company. It will not hold your interest long enough in order for you to build a long-term, profitable business.
Next step is to define what you are passionate about. And I mean, deeply passionate about… something which makes your stomach churn with excitement. Something you feel so passionate about that you can’t sleep at night because it has you jumping around all over the place with crazy excitement… something that really lights your fire!
And sometimes, this can be hard to define. In ‘Living An Abundant Life’ with co-authors Brian Tracy, Jack Canfield, Mark Victor Hansen, Dr Wayne Dyer and Neil Donald Walsch, I wrote about connecting with your inner child to find your abundances (or passions) in life:
“What ‘picture’ did you create when you were dreaming of who you were going to be when you grow up? Did that image come real in your adult life? If you created the picture, it must mean something to you. If you are not currently in the picture you created, there is no reason why you cannot re-invent or transform yourself into that picture you hold in your mind. When you are living in your picture, you are feeling abundant.” ~ Tara West in ‘Living An Abundant Life’.
If you can’t define a passion that really excites you, I invite you to have an exploration session… think back to when you were a child (or young adult). What really interested you? What subjects did you excel at? What did you dream of becoming one day?
You may discover you have several passions which you can utilise in the one company. For instance, as an example, I have a passion for personal development, a passion for transforming lives, and a passion for marketing; all of which I meld into my network marketing company which is in the personal development industry.
Once you’ve defined your values and passions, you can then set out to determine which network marketing / multi-level marketing company will fit your needs. Because when you find a niche, product or service that you are truly passionate about, and is aligned with your values, you will not only feel like you never ‘work’ a day of your life, but you will also be committed, focused and happy to share your opportunity with others in a genuine way.
“If thou follow thy star, thou canst not fail of a glorious haven” Dante Alighieri (1265-1321)
If you find that one of your passions is personal development and making a difference in the lives of others, then I extend an invitation to success and invite you to work direct with me in your own network marketing company.
I wish you a blessed and fruitful journey, full of everything that your heart desires. 
MLM Business Plan: How to Develop An Effective MLM Business Plan
Can you imagine taking a 6 month holiday – the holiday of your life – without first giving thought to where you would like to go, where you would like to stay, and what attractions you would like to visit? Whilst it may be fun and exciting at first to just set off into the sunset without a plan or care in the world, it would begin to wear a little thin when you get lost and don’t enjoy the towns or cities you’re visiting.
This is why it is important to plan first.
Your MLM business plan gives you the opportunity to objectively look at your options, analyse your market and competitors, devise appropriate strategies, and set your goals so you can hit your targets and have success in your business.
With thousands of people starting and failing in MLM each year, your MLM business plan will be your blueprint to staying on track and, importantly, saving yourself time and money in the long run.
Why Research Is The Backbone To Your MLM Business Plan:
Consider your research as the backbone to your business plan. The research you conduct now will form the basis of your plan and allow you to objectively analyse each key component of your business plan, namely: the industry; your target market; your competitors; and your operational requirements.
Once you have researched and defined these areas, you can then begin to develop your business plan.
But before your begin your research, take time in thinking about the questions you would like answers to; in alignment with the industry, target market, competitors and operational requirements.
- What do you need to know?
- What problems must be solved in each area?
- Who are your customers? Dependable on the MLM company you are involved with and how you intend to market, there will be certain customer characteristics that need defining such as: geographics, lifestyle, age, gender, customer requirements, motivations, brand loyalties, and so on.
- What type of people would you like to attract as business builders?
- How are you going to find your business builders / leaders?
- What type of marketing channels will work best for you?
- What type of product do your customers buy and why?
- What do your competitors do to attract those customers?
- What have been the trends in the industry; and what are the forecasted trends?
- What are the legal or regulatory requirements in your industry / niche?
- What are the costs to starting your business?
- How should you structure your business (i.e. sole trader / company / trust / etc)?
Prepare your questions beforehand so you don’t waste valuable time in re-visiting your research sources to gain additional information.
Dependable on the MLM company you are involved in (or wish to be involved in), your research can be conducted via a number of different methods, including (amongst others):
- Reviewing the company’s website and marketing material.
- Personally calling the company.
- Reading third-party reviews.
- Talking to leaders in the company.
- Accessing statistical data by Government agencies and other independent bodies. This is also important to define industry trends.
- Gathering information from trade or industry associations associated with your niche.
- Contacting educational institutions to access research projects.
- Examining the competition: opt in to lists, talk to leaders from competitor companies, and research competitor websites.
- Consulting with a qualified accountant.
- Networking with other people and leaders who are already involved in network marketing.
The 6 Key Parts (or Elements) In Your MLM Business Plan:
- Executive Summary: This is an outline that may describe such matters as your background, goals, assets, financial returns, vision / mission, and so on.
- Business Description: Outline your business name and structure and describe your product (or service), industry, your market, customers and so on.
- Competitor Analysis: Outline your strengths, weaknesses, opportunities and threats (SWOT) in accordance with your own business and competitor analysis.
- Sales & Marketing Plan: Outline your sales and marketing strategies, which should also link to your financial plan.
- Financial Analysis: Include an income statement, cash flow statement and balance sheet which also provides a break-even analysis and ratio analyses to determine stability of certain aspects of your business.
- Appendices: Include references, examples, case studies, spreadsheets, etc.
In closing, your MLM Business Plan should be approached in the same or similar manner as a business plan for a ‘traditional’ business.
FREE RESOURCES:
- SWOT Analysis Template, including methods and examples.
- The Game of Business and How To Play It by Paul Gorman: free eBook
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