You’ve done your research.
You read 20 different blog posts and watched 5 hours of video on Youtube.
You left no book unturned.
Even the gurus told you how to be successful.
You know exactly what it takes to succeed, but there’s one problem.
You haven’t started.
As Michael Jordan once said, “you miss 100% of the shots you don’t take”.
You can never have a successful business if you don’t start.
With so many new home-based and online opportunities, there are a ton of ways to make money at home and in your spare time.
Starting a business can be intimidating and stressful, but you’re equipped with the proper knowledge and resources. Now you have to jump in.
If you’ve been struggling with starting a business, keep reading because we’ve compiled a list of 5 network marketing tips to help you out.
5 Network Marketing Tips to Jumpstart Your Business
#1 Create a Business Plan
Numerous studies have shown that one of the major reasons new businesses fail is poor planning. If you are starting a business, you must have a business plan. This will serve as a road map for you and will show your bank and/or investors what you’re doing and why they should invest in you.
It should include a mission statement, executive summary, product or service offerings, target market, marketing plan, industry and competitive analysis, pro forma financials, resumes for the company’s principals, your offering, and an appendix with any other pertinent information.
It’s great to own a business, but ultimately you will probably want to retire or move on to other challenges. With that in mind, make sure your business plan includes how you will transfer, sell or close your company. If your business depends on your unique knowledge and contacts, it may not be able to be assumed by another party.
Setting realistic goals is also a critical component of a business plan. This will help you set a realistic budget for your marketing campaigns and promotional materials, in addition to measuring your success. It’s easy to become discouraged, but goal setting will keep you focused.
Your business plan will force you to evaluate the competition, your business model, and most importantly have a plan for your marketing and expenses. These are the many reasons that small businesses fail but having a proper plan will reduce the likelihood of failure.
#2 Evaluate your Strengths and Weaknesses
Evaluating your strengths and weaknesses is key when starting your business for a multitude of reasons, but saving yourself time and stress is the most important.
Do you have experience with a specific industry? This knowledge and expertise will help you select the perfect network marketing industry. For example, if you worked at Sephora, and you have a passion for skincare, Arbonne would be a great fit.
You will save yourself the hassle of learning a completely new industry and beginning as a less credible business owner.
Consider your experience when selecting your first business endeavor. There are many niches, and one will work for you. Work smart, not hard.
The next part of the evaluation is understanding where you will need help.
If you’re great at numbers and can handle the data analysis, but you lack copywriting skills for your marketing content, you know where to focus. You can watch youtube videos, take online courses, and even get a mentor.
Your time can be spent on filling the knowledge gaps instead of aimlessly throwing darts at a board.
#3 Leverage your Full-Time Job
If your network marketing business is your side hustle, as it is for most people, it will be easy to become overwhelmed or burned out, but your day job is just as important.
Your stable income will give you the opportunity to try and fail with your business. Not being dependent on that income is likely to make things less stressful. You can test out new marketing strategies or products/services without fear of not affording your bills. That’s critical.
As a new business owner, it will take some time to earn a steady income. Keep your nine-to-five and work on the business during off hours so you can earn during those tough, first stages. Once you have a healthy inflow of cash from your company, you can tackle business ownership full time.
You can also leverage your full-time job by using your resources and network. Your coworkers could be potential clients or partners; treat them as such. If your company offers any training opportunities that could benefit you, take advantage. This could help you grow your business.
It will get tough but continue maintaining your excellent work ethic at your daytime job. Use your salary and resources to grow your side hustle into a profitable business.
#4 Focus on Marketing
Marketing is essential to growing your business. These are network MARKETING tips after all. You must become a marketing expert for your actual product and with recruiting team members. There are several marketing strategies you can use to jumpstart your business.
The parent company of your network marketing business will have resources available for you to use. Utilize the professionally designed online and offline sales and marketing tools that they provide. This will save you some valuable time and money – especially in the beginning. Online tools include company-approved websites, email addresses, and banners. Offline materials include business cards, brochures, catalogs, and sales flyers.
Use social networking websites to promote your business. Let your friends and contacts know about your business and ask them to help you meet your goals.
Social Media Marketing is a powerful way for your network marketing business to reach prospects and customers in ways you never could before. Your customers are already interacting with brands through social media, and if you’re not speaking directly to your audience through social platforms like Facebook, Twitter, Instagram, and Pinterest, you’re missing out! Social Media has changed how people communicate and it’s changing how organizations do business. Social Media needs to be an integral component of any successful network marketing business plan. Remember, to them, YOU are the brand!
Keep your target audience in mind when developing any social media marketing strategy. Who are your key customers? Women are the largest users of Pinterest and millennials are on Youtube. Meet your demographic where they are.
Showcase your products and business opportunity by holding events in your home or in the homes of potential distributors. With this type of “party plan” marketing, distributors do most of their business through parties. During the party, you should demonstrate the products and describe the business opportunity. Make the party a fun gathering with refreshments and games.
#5 Get Legal Advice
This isn’t the fun, light-hearted advice, but it’s necessary. Get legal and taxes right the first time. It will be difficult, expensive, and stressful to fix legal issues after they have occurred. It’s one of the reasons that many small businesses fail.
Does your business need to be registered? What about VAT? Will you have to have Professional Indemnity Insurance? How will your business ownership affect your legal and tax situation?
The U.S. Small Business Administration has resources online on the intricacies of starting a business. This includes receiving a federal tax ID, applying for licenses, and opening a business bank account.
Legal Zoom provides resources on starting online businesses and offers affordable filing services if you’re initially unable to hire an attorney.
Learn what your responsibilities are before you start your business and operate accordingly.
The hardest about starting a business is the starting part. These tips will help you get your business going, but there is still much work to be done.
Maybe you aren’t sure what business to venture into? Consider your hobbies and passion. There is a business out there that aligns with your interests and expertise.
Maybe you think your idea has already been done? A good idea doesn’t have to be a new idea that no one has ever thought of before, it doesn’t have to be revolutionary, but it has to be something that has or adds value to a person’s’ life.
Maybe you have great ideas, but the execution is a challenge. The Wealthy Affiliate is a great resource to help you transform your idea into a profit.
Regardless of where you are on your journey, it’s never too late to create a successful business.