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Business Mentors Worth Their Weight in Gold

Home based and small business owners have to wear many hats to run a successful business and is a very stressful career path for many people. One of the ways to solve your skill shortage problem and reduce some of your stress from the unknowns of business problems is to use a business coach or mentor.

Phone a friend

Imagine being able to call someone when you find a problem in your business that is stopping you earning more money and they provide the answer for you. A business advisor or mentor is the person that you call when in trouble. During the life of your business it is very important to have two or three specialists in key areas of business development to help you when something goes wrong.

Mentoring

Mentoring is when a person provides ongoing support and advice for you and continue to bring value to your business as it grows with you. A good mentor will be a sounding board and listen to the day to day goings on and provide some insight into why your business is doing what it is. They are in touch by phone or email often to help your business.

Business Coaching

Coaching is when the business advisor works with you to help solve business problems. This may include them actually do some work for you, including creating documents or training employees and you when you need more skills. Often business coaches are used to fix a short term problem and then they are no longer used.

Value of Business Mentors

The money spent on mentors is well worth it because they should bring about healthy increases in your revenue and customer streams from their advice and support. Getting a mentor is more cost effective for your business than hiring the specialist staff because:

o Mentors stay current and trained to the latest knowledge and skills, at no cost to you
o There is no wage costs or paperwork treating them as employees
o If they don’t produce results, you can look for another one and not worry about terminating an employee, because they are contracted instead
o A good mentor has experience and knowledge from many industries and not just the same one as the rest of your employees.
o Mentors enjoy solving problems in business and look forward to achieving good results because they are achievement focused instead of being focused on watching the clock each day

If a business mentor can increase your profits by 5% every year from now your business will become stronger and healthy. All this for a small investment to get their knowledge working for you

© Copyright 2009 by Paul Baker

Thirsty Horses Are Good For Your Network Marketing Business

In Richard Poe’s book Wave 4: Network Marketing in the 21st Century, he tells a story of a woman who had build a very large organisation in one of the major, long established MLM opportunities. She had a downline of several thousand distributors, but her monthly bonus cheque was only a couple of thousand dollars. Her business was stagnant. No amount of motivating her downline could make it grow.

She realised what the problem was…most of the people in her organisation were not hungry enough. As the old cliche goes…”You can lead a horse to water but you can’t make it drink.” If you want a growing business in network marketing, you must have thirsty horses. You want business builders. You want people who are going to follow your lead and duplicate your success.

A numbers game…or something much more?

It’s my opinion that the traditional network marketing approach of prospecting – writing a list of friends and family, the 3-foot rule, holding home meetings, one-on-ones at coffee shops, weekly hotel meetings – trains network marketers to be recruiters. It’s all about getting that “yes” or “no” and moving onto the next prospect. It does not train network marketers to be sponsors.

You’ve all heard the saying, “it’s a numbers game.” Well, when it comes to sponsoring a prospect, when you’re belly-to-belly with them, nothing could be further from the truth. It amazes me when I see experienced network marketers, those who have been in the industry 5 or more years, still happy to sign up anybody that would say “yes” to their opportunity. That’s all they know because that’s all they’ve been taught through the tradition school of MLM.

While getting that “yes” might feel good, it is not necessarily good for your business. Why? Because most people who sign up as distributors should not be in network marketing. Most sign up for the easy money. They want to get rich quick and they’re going to be out of there faster than you can put ‘em in, onto the next idiot who tells them they can make thousands of dollars a week doing nothing. Your time is far too valuable to be sponsoring these people.

The Difference Between Sponsoring and Recruiting

There’s a crucial difference between sponsoring and recruiting. When you’re recruiting, it’s the prospects decision to join you or not – you give all of the power to them. When you’re sponsoring, it’s you who makes the decision – you have the power. In other words, you are qualifying them for your opportunity.

You do not just want anybody in your business. When propecting, your attitude and mindset should be that you have a multi-million dollar business and you’re looking for good business partners.

Who do you want in your multi-million dollar business? Someone who is destitute? Someone who needs to pay off their credit card? A penny pincher who shops at discount stores? Someone with low self confidence and low energy? Of course not…

You want to sponsor motivated people who have big dreams, people who want it as much or even more than you do. Sponsoring people is all about finding your prospect’s “REASON WHY”. If you have a prospect who has shown genuine interest in your opportunity, don’t just rush to sign them up. Find out why they are looking. Find out their level of motivation. Ask them the tough questions and listen.

Connect with your prospect’s pleasure and pain

Believe it or not, but every single decision a person makes is in an effort to gain pleasure, or avoid pain. People are more motivated to move away from pain than they are to move toward pleasure. Find out your prospect’s pain, or what problems would disappear if they had all the time and money that your business opportunity could provide.

What level have they reached in their job? What price are they paying for maintaining their salary? Is it time away from loved ones? Is it burn out from stress? Is it not being able to live a healthy live? What else do they want to get away from?

Then found out your prospects pleasure. Ask them about their dreams that they could achieve by building the opportunity.

But listen intently to the feelings behind the spoken worlds. It’s not just about what they say, but also how they said it.

At the end of the day, building a downline that will grow and reward you is like panning for gold. Most networkers are happy to take anything that glitters and hope they’ve got one or two real nuggets of gold. Leaders know the difference between fool’s gold and the real thing. Leaders value their time and are willing to disqualify the wrong prospects in order invested it in those who genuinely want success.

Is a Business Plan a Prerequisite For a Home Based Business?

My honest suggestion to the people who desire to start a home based business without the proper business plan is, “Please don’t start it at all”. It is better than jumping into the rat race by not equipping yourself with this essential document. Your plan will be your road map to success.

Why is that considered important to your long term success?

A business plan of a home based business is considered essential for many reasons. The primary reason is that you will not stand a chance of getting financial help or loans without it.

Apart from that, it helps you to stay focused on your objectives and it helps you to think in a more organized manner at every step of your decision making opportunities. It helps you stay focused when you get discouraged or overexcited. It also helps in figuring out the solutions to the possible problems even before they occur.

A business plan which is created in a comprehensive format assists the owner to know more about his business and it is a lot easier to make presentations wherever required. The format makes it easy to organize your plans and ideas into cohesive plan for building a successful enterprise.

Business plans show a lot of variations depending upon the type of home based business you wish to propose. What suits you well may not be applicable to another organization. You cannot have only a single plan for various types of businesses.

Here is a business plan outline that will help you get organized and it will guide you through the writing process.

Executive summary: It includes the key ideas of the home business plan. The executive summary is written at the end and it summarizes the ideas of the business owner and why they will work. Your purpose, your goals, and what you expect to accomplish within a stipulated time frame.

The business background: It describes your home based business, the formation, and the major players involved.

Description of your products: What you are going to sell, a product, or a service? How will the products be developed and sourced? The answers to these questions will have to be listed in this section of your plan.

Competitive analysis: The investigation of your competitors and, why will your business have a competitive edge over other business? This will help you to evaluate and make entry into the market.

Marketing analysis and plan: A thorough research of your marketing analysis will help you to launch or re-launch your business. A Marketing plan of your business needs to answer the following questions.

  • What publicity and advertising avenues will you choose?
  • How will you price the product?
  • How will the business take advantage of the gaps identified in the marketing analysis?

Management and operations: It would involve your business legal structure, management resources, suppliers, employees needed and manufacturing processes to make your business move.

Financial Plan: This would involve a detailed description of your funding, financial statements, capital investments, license fees, and financial analysis.

If you make a mistake in your financial planning and overall planning, your home based business might come to a screeching halt very soon.