Do you have a hobby?
You’ve probably heard it said that if you want your business to pay you like a hobby then treat it like a hobby and if you want it to pay you like a business then treat it like a business. I know I’ve heard that saying at least 2,000 times over the years.
Of course I laughed every time I heard it. How could anyone treat a business like a hobby? You paid your money to own a business. Why wouldn’t you treat it like a business?
My personal opinion is that people don’t really treat their businesses like a hobby. They just don’t take them as seriously as they should.
The low entry price allows anyone to get into a network marketing business. That’s a double edged sword. Paying $300.00 to own your own business is dirt cheap. If you lose it, is it really going to kill anyone financially? For the most part, no. If you are paying with your last $300.00, then it could hurt, a lot, but it probably isn’t going to be the final straw that breaks the camel’s financial back.
If you are going to be in business and take it seriously, what things should you be doing?
This is probably everyone’s least favorite subject. I’ll keep it brief. It is probably in your best interest to talk to a tax consultant or account. Pay the $100 and find out the best strategies to minimize the amount of taxes you’ll be paying each year. A professional should be able to advise you about write offs and quarterlies.
Setting business hours
While driving around your town, you’ve probably seen those, “we’re open” signs in the window’s of the stores. Whether it’s 9:00AM -5:00PM or 8:00AM-9:00PM, all businesses have operating hours. Those hours are when they will be conducting their business. We, as network marketers, are no different. We need to know what hours we are going to work our businesses. This is not to say that we need to be “open for business” 8 hours a day. In the beginning we may only be able to put in 5 hours a week. When, exactly are you going to work your 1 hour? It can be, whenever you feel like it! You must have an hour slotted to work, 5 days per week, every week. Consistency is the most important thing!
Acquire the skills
Yes, there is a certain skill set that you will need in order to be successful in this business. There are many reasons why people fail in network marketing. Lack of skills may be the primary one. Knowing what to say and to whom to say it is critical. You’ve probably heard the saying, “you can’t say the wrong thing to the right person.” That couldn’t be further from the truth. Do you want to find out for sure? The next time you think that you’ve got someone sponsored into the business, keep talking to them about the comp plan and the products. After about 20 minutes of this, their eyes will glaze over and you’ve lost them! Trust me, you can say the wrong thing to the right person.
Learn how to do this business! You will probably need to read lots of books and talk to a lot of people, but learning the skills, that are needed, can be done. You may need to invest in yourself and your business. This means that you will probably need to buy the books that you will be reading and there might be expenses to run your advertising and marketing. Don’t be afraid of this. It is a natural part of doing business. I would suggest that you try to make your business self sufficient, as soon as possible. Self sufficient means that the business should be run on the profits that it generates. You won’t be able to stay in business, too long, if you have to put your own money into it.
Find people who have done what you want to do. Talk to them about how they reached their goals. Tony Robbins says that, “success leaves clues.”
I think that, “success leaves a blueprint!”
The road to success is as simple as following that blueprint, tracking your activities and your results, learning from your mistakes and adjusting as you go.
Every business, including yours, will have customers. You need to provide them with top notch customer service. Your company will probably have monthly sales goals that need to be met in order to be qualified to get a check. Why make more work for yourself? Keep your customers happy and they will be customers for life!
Do you have a hobby?
If you aren’t into profit within 3 years, the IRS says that you have a hobby.
These are the things that a real business would be doing. How many are you doing, in your business?
If you want a business, run it like a business. If you want a hobby, try collecting stamps.
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