How to Get to the Top of Your Game by Networking Your Small Business

If you have a small business and you are trying to move it to the next level then networking is the way to go. You get the best of everything with a network without having to pay for any of it. Read on to find out how to get mentorship, qualified leads, and a ton of free products and services all through networking.

A network is a system where a group of non-competing, complimentary businesses get together and agree to help each other. The mastermind that a network generates can solve unbelievable problems for the members’ businesses, problems that could NEVER be solved alone. The goal is that you all agree to help each other, using your individual skills to benefit anyone else that may run into a problem where you excel.

In addition to the problem-solving mastermind, you will also gain the benefit of bartering. Here, you can swap products and services in exchange for the work that you perform. For example, if you are an accountant, you could get free legal work done in exchange for a tax return. This process alone can be worth thousands of dollars, well worth the time of admission into the network.

Lastly, there is the referral process. When you get customers into the network and they need a service that your business cannot provide, you will refer then to another member. This keeps the business inside the network, and you also look very professional, because you are recommending someone you know and the customer will see that you are just helping them, not making a dime off the transaction.

The 3 parts of a network are so valuable that any business which belongs to a network is at a much greater advantage than those that are not. You will have a huge support system when times get tough, and they will get tough. You will have a potential source of loans if you need money quickly. You will have a mentor. You will have a huge arsenal or service at your fingertips that you can barter with for free. Most of all, you will end up with a steady stream of customers flowing through your business. If your network is large enough, you may be able to generate more work than you can handle. Wouldn’t that be a nice problem to have? If that is the case you could even expand the network into multiple businesses in the same category. Networks are very flexible and definitely worth the effort if the right members are chosen carefully.

MLM Home Based Business – Generating Leads You Require

One of the biggest challenges for any MLM home-based business has nothing to do with selling products. The chief hurdle that any MLM home-based business generally faces involves building a successful down line. Just how will you find the entrepreneurs who are interested in becoming a part of your MLM home-based business team?

Prior to you rushing & begin trying to produce leads for your MLM home-based business, you require a plan. It is not sufficient to tell people on surface value what is your MLM home based business and the company’s products and expect them to sign and join you. You have to know whatever you can about your MLM distribution business, products, and compensation plan in order for you to answer any of the questions that your MLM prospects might have.

The more you know and more comfortable you are with your presentation, the easier it is to ignite people eagerness to become a part of your MLM home based business. Not understanding the needs to all their doubts and giving ambiguous answers is likely to cause your MLM prospects to mistrust you and your MLM home based business. Make sure you have a follow up plan after you have generated your leads & start making follow up contacts with them as study has shown that it takes up to seven contacts before people take an action of any type, no matter whether they are buying your product or else signing up for your MLM home based business opportunity.

When you know your MLM home based business inside and out, you are ready to begin generating MLM leads. One of the first places to shortlist is from your networks of friends and personal acquaintances. Make a list of everybody you know.

You will likely be surprised by how long this list is, and people you know are good place to begin looking for like minded individuals who are keen to start a business for themselves. Many times, even though your friends and acquaintances may not be interested in your MLM home based business themselves, they may refer you and provide you the names of people whom they know may be interested in your MLM home based business opportunity.

If they do not refer anybody involuntarily, simply ask them politely for any referrals whom they can think of. You will never know who are may be interested in your MLM home based business you own and you will not know unless you ask.

The 3 Essential Documents Needed to Start Any Business

Starting a business can be a risky undertaking. They can be full of missteps, starts and stops and disappointments. To ensure that you start off on the right footing, there are three documents that will create your ventures foundation. Without them, it will be hard to be successful. These three pieces will take some time to get right. Iterating on them will codify your idea. This creation and iteration process will make your venture much more likely to succeed.

Step 1: The Pitch

The first document is your pitch. This is usually done in some presentation tool like NeoOffice or Keynote or Powerpoint. It should be the first document you create since it outlines your venture.

The importance of the pitch is that it allows you craft a story for your business. It’s what Angels and Venture Capitalists will want to see when they meet you. A good pitch is not a wordy, 12 point font business plan in Power Point but a high level vision of what you want to do. Refining your pitch will strengthen your story. Refining your pitch delivery will make your idea come alive.

Step 2: The Financial Model

Once you have outlined your idea, you need to figure out if it will actually make money. I know, sounds shallow and all corporate but it’s the truth. There is no point in spending a ton of time on your business idea unless it feeds you.

The financial model is meant to cull through your assumptions about income and expenses. Getting these all down will help you refine your pitch and executive summary. Since this is an iterative process, don’t worry about getting everything perfect right away. Just get something down you can play with. If you are unsure about an expense, put it in anyway. It’s much better to over estimate a little than to undershoot. The same applies for income (or sales).

Step 3: The Executive Summary

The executive summary is critical to getting that first meeting with investors. It’s the first thing they will ask for (the pitch might be second). It needs to stand-a-lone as the best possible high level overview of what you do. Each word, each phrase and each number has to do useful work. It has to be clear, concise and easy to read. Think of it as your ventures infomercial.

Step 4: Iterate

Getting all three pieces right will take some iteration. These iterations will anneal all three into a cohesive set. The best way to iterate is to practice your pitch in front of your team and others you trust. Have them act as investors and critique your delivery and message. These sessions will show you where your idea needs more work. Any area where you have to give long explanations or stumble over words, needs to be refined. Stumbles during the warm-up will tend to get worst when nerves get the best of you when in front of investors. Practicing will make that a whole lot better.

What About A Business Plan?

Business plans are an important component of your venture but not the end all, be all. Solid business plans start with the three documents above. They lay the foundation for how your plan will be structured. It’s important to flush out the high level idea before you dive into the business plan details. In most cases, your original idea will morph into something different. Waiting for the morphing to stop will save you time and effort.

Some funding sources don’t even want to see a business plan (Ventures and Angels). What they will want is a verbal description of your venture along with specific plans (like technology road maps or market roll out). Just because you don’t do a formal plan does not mean you don’t have to do the work. Knowing your business inside and out will instill in the investor that you are the right person to make it successful. Skimping on that will never get you funded.

Home Business Expert – Top 10 Myths About Home Based Business

Today we have more home businesses than at any time before and the number of such businesses seem to be increasing with each passing day. This only points to one direction and this is that, home businesses are making a lot of money for their owners. Yes, it is true you can start a business from your home and begin to amass wealth. But to make it really successful you need to know what are the myths about home businesses, and then work around them.

So here are the top 10 myths about home based businesses for your convenience.
1. It is too technical.
2. Running a home business is easy.
3. You just need to work for a few hours.
4. Since I am working with Bob and Bob is a millionaire I will be one too.
5. Only the first people or the top people will ever make any money in a business.
6. You don’t even need a website!
7. You don’t have to pay for advertising!
8. You won’t have to spend any money.
9. There is no need to meet people at all.
10. You can put things on autopilot.

It is too technical : This is one big myth. There are thousands of entrepreneurs with very little technical skills, and no technical skills even who are making money all the time from their work at home enterprises. So you can too. Most businesses do not need you to be a technical wizard.

Running a home business is easy : Yes it may seem that there are many who are easily earning a 6 figure income, but you should know that this is not necessarily an easy job. To become really successful, you will obviously have to know your business inside out and then do the right things properly and only then can you begin to amass enough wealth. But yes, it can be done.

You just need to work for a few hours : Of course you can decide the number of hours you want to work and even select the time of the day when to work when you are working from home, but this does not mean that just working 1 hour a day for 3 days a week will make your business a hit. There are many small business owners who really slog it out and many of them even work on weekends. But this work is usually fun because you are working for yourself and not your boss.

Since I am working with Bob and Bob is a millionaire I will be one too : Here’s another popular myth. Yes Bob has been a great success story, but you still have to make it happen even though you are following him.

Only the first people or the top people will ever make any money in a business : Many believe that only those who join first or the ones who are at the top will ever make money in a program. But this is wrong. If you do the right things, you can succeed too, no matter where you are placed or when you start. You simply have to start!

You don’t need a website : At the very beginning when you are starting off, in many businesses, you may not have a website, but as your business progresses, you will see that having a website has become a necessity. We are now in the Information Age & the Internet isn’t going anywhere.

You don’t have to pay for advertising : No matter what your business, you still need to inform your customers about it and thus you need advertising. Advertisements are most effective when you are paying for them and this can also give you the mileage you need.

You won’t have to spend any money : This is another myth because often you will find that it becomes necessary to spend money for many reasons such as business promotion, paying people etc.

There is no need to meet people : You might be working from home, but that does not mean that there will be a need to meet anyone at all for your business.

You can put things on autopilot : There are those who think that you just start the business and put the things in place and the autopilot will take care of everything. If your business has systems & the tools in place, you’ll have the ability to leverage your time & make money while you sleep. However, you will always be the constant & therefore your business will never be on autopilot.

These are the top 10 myths about home business. Needless to say, they are not true.