Home Based Business Ideas<<

What does being RICH with your Home Based Business mean?
Rich is when you have the money and time freedom to develop those relationships you want and experiences you envisage that make life fulfilled.

It doesn’t have to be millions of dollars – it’s also achievable by anyone in a home based business when you’ve built up to the leadership income levels!

This income is built in two steps – achieve the rank you want by getting your team into momentum using the strategies I have illustrated in previous postings. Next coach and mentor sufficient levels of competence and above all create customer volume!

Focus on these points continually:
• Everyone’s initial focus is to LEARN the system by learning the three key skills of – Retail, Sponsor, Coach.
• Create momentum by adopting a full time attitude – to do this requires excitement and urgency through massive action and overcomes turnover and gravity.
• If you are not ready for full time – then you will still be successful by being a part of the basic program.
• Be happy at what you are doing – the residual income home business offers the potential that ANYONE can succeed!

A Cautionary Note:
Developing a home based business is a bit like raising golden geese – you have to be patient! Not only do they produce golden eggs, but some will hatch into more golden egg laying geese – it takes time for them to produce because they need to learn skills and build their confidence! If you try to short-cut the process, you’ll demotivate and lose their enthusiasm – develop it properly and the flock will grow too!

So, here again are the skills needed:
Prospecting – you need to invite by prospecting for people to see a presentation. The more you attract the more you will have join with you.

Use your immediate area of influence first – but, ask for a referral and never ask them to buy your product or join your business! You also need to really believe in the value of your product and the passion of your business. You will be using your enthusiasm and confidence when you talk to them. You really don’t have to say very much at all!

Always take your business opportunity with you wherever you go! Always be prepared to answer the question – what do you do, or I wish I didn’t have to go to work!

To talk to people you only need a few key points about you and what you do and how you enjoy it! Remember, don’t sell – just say enough to start their curiosity.

Facts are interesting but won’t inspire people – stories sell. if you don’t have any personal stories, just recall and use those of other people.

As you meet people, you will find that they have either a naturally positive or negative state of mind – if it’s negative it’s impossible for them to be excited about you or your home based business. You can change that by taking a very positive personal attitude yourself! You’ll need though to tell them you’re sensational, not just ok! But … no hype, no rah rah ok?

Fulltime Attitude with Your Home Based Business
If you really believe that your home based business will allow you to stop working “the job” and achieve your dreams would you still have a part time attitude? I doubt it.

You’d be working at it every hour you possibly could! You’d be working with the same application and thinking and need to survive and succeed as if you were full time.

I’m not suggesting that you stop any current work or your family commitments – it just means that until you get your home based business into Momentum, you’ll need to have a strong approach with the same emphasis as if you were fulltime. Applying maximum effort the achieve massive results from your actions!

Take careful note: every career, business or opportunity with a massive reward takes an initial period of massive action – that’s the way it is! Every single person that I have ever heard interviewed because they are stars in whatever they do or have achieved, have always denied that it suddenly happened – it came from solid, back breaking, mind numbing work. Dedication and belief.

You need massive action is during the initial period of your business launch, for some it will be 6 months, on average it takes 12 months BUT of course you can’t go on full power forever, and you don’t have to! Once your network is in the all critical stage of what we are calling momentum, duplication takes over to drive your network to reach leadership!

I acknowledge that having a full time attitude and working every spare minute you have on your business for a year is a big commitment but be assured, the rewards are worth it! The main question of course though are you ready to make this decision?

Before you answer that – let me reassure you. Everybody isn’t always yet ready or expected to go full time!

So, if your answer is I’m not ready:
It’s only natural that at the start some people won’t be ready to make the full-time decision – its usually due to your confidence in success with your opportunity and the reality of needing cash-flow – now that’s a biggie! So, that means you have two choices – focus on getting customers or enter what we can call a Foundation Program! The purpose of having this program is to build your confidence.

In the foundation program, you work as much time as you are able at learning the skills. You’ll get customers, sponsor people and coach them in the system. You too will be able to make good money while you create confidence in yourself.

Above all have fun at this! Some of you will just love being involved part-time – that’s great as you are welcomed and respected!

While you are doing this, if you do sponsor someone in who is making a full-time commitment to you and your business, then that’s great! The only issue then is that if you are not yet full time, they will need more coaching than you are probably able to offer. So, that’s what your upline leader is for and also getting paid to provide! Call them immediately about this great news and explain the situation and they will help you!

So …. Here’s the critical question once again … What would you do if you knew you couldn’t fail? This question that I put in an earlier post should now be your inspiration as it is really the key to your success!

You need to learn skills first, build customer volume, create that tsunami!
Above all you need to ensure there is clarity of your system and training in your home based business – confusion is the death of all success in your home based business!

This is the Success Summary
Build Confidence, confidence is based on:
• A smart decision on the product
• A smart decision on the business
• Understanding that the system will work
• Competency in skills

I’ll repeat it …confidence is the key to success in in establishing a residual income home business!

Learning the Skills for your Home Based Business
Important points you need to keep in mind about your home based business are that this is YOUR career and business, so there’s no-one forcing you. It’s up to you and as an entrepreneur you should want to work!

Your business isn’t a race so don’t compare your results against those of others. You should move at a speed you can manage.

You need to have your skills tested by someone in your business who is competent , so you really know and believe you’re competent. Importantly, you can’t expect consistent results until you are completely competent, so don’t despair if you make mistakes and don’t win all of the time. Persistence produces success.

The person who introduced you to this business is your sponsor; they need to coach you until you’re competent.

The best way to practice your skills will always be with real prospects but to improve your performance, and build confidence, a fantastic way to learn is by role playing with your sponsor or others.

Really, if you just approach any talking with prospective customers simply as practice, you will then lose the fear of failure.

Here then is the Learning Process so you understand it: Your skills are gained through three aspects: knowledge, coaching and practice.

If you think of the process as the same way you learnt to ride a bike, then this is how it comes about: The first stage is when you have some ideas but no knowledge. You’re not yet aware of how much you will need to know.

The second stage is when you start the learning process and suddenly find out what you didn’t know! You may be feeling shocked into thinking of failure! The third stage comes when you’ve passed your coaching test with your sponsor and you now know that you’re competent. Of course, you will still need support and experience from your upline! The final stage comes when you’re a master and quickly move up the compensation plan. You’re confident, respected and moving to leadership and high incomes!

There are Three P’s in the Learning Process
Practice – you learn the skills through trial and error
Patience – It always takes time to learn
Perseverance – You must try, try and try again for success!

Becoming a Leader
Creating a large residual income home based business network is like creating a wave – too small and you’ll never reach leadership ranks , so you have to create momentum – it needs to grow to be like a Tidal Wave or Tsunami.

In theory, what happens is, you sponsor a few people and with duplication your organisation eventually explodes in numbers so you achieve the top of the ranking and a big income. You are told that it’s so simple that anyone can achieve this and success is just a matter of time. You are even told that, even if you only work 5 to 10 hours per week that leadership ranking can be achieved.

The reality is, that the theory was correct, until you experience the part about working a few hours per week part-time and you can achieve Leadership rank!

Because we are all individuals and because we in fact rarely do what is logical – to create success in a people based business we have to overcome some natural negative laws of life.

Firmly positioned between you and success are two natural forces: Turnover & Gravity – the only way to overcome them is by the Tsunami creation strategy!

So, income grows with numbers. Growth is initially slow because initial numbers are low but eventually duplication takes place and numbers get exciting quickly.

When duplication takes control of your network – your network will start to grow by itself!

The key then to Momentum and developing a residual income home business is the speed of sponsoring! You achieve this by pushing that flywheel faster and faster – Meetings – Prospecting – Presenting – Decisions ….. Meetings BUT...
Unfortunately the natural forces of Human Nature – Turnover & Gravity will slow the speed! So you have to use the Tsunami Strategy to overcome this these.

Turnover is natural loss of people in your business – if they decide to stop, you can’t prevent it and don’t waste too much time on trying! The problem is, it also reduces the volume of people in your team who are sponsoring and you are busy coaching new people who are still learning!

So speed is the key – you have to sponsor in more people than are stopping – if you are just replacing those who you lose, you can’t really get off the ground!

Gravity:
Most of us are not naturally optimistic. We all tend to be sceptical about success. We procrastinate when we should be working. These feelings are negative forces that create excuses and justification for lack of action – they dull excitement by raising questions about the potential of your opportunity! This is GRAVITY.

Negative emotions can slow the growth of your home based business so much that Turnover has the power to stop Momentum.

To overcome Gravity, you use inspirational forces – the excitement of freedom, of wealth and of time to enjoy them! This can be Illustrated this as a desire for a better life. If each of you in your team believed in this force, you would all be working as hard as possible! Maximum Energy today.

By applying Urgency & Action, you communicate URGENCY that will be felt by people – that will build people’s belief about the power of your home based business to change their lives. Then they will start to truly believe they can get rich.

So, let’s view the basic theory of building a home based business. What is often called the 3 by 3 growth model. In growing your residual income home business, you sponsor 3 business members and coach them to sponsor 3 more and you coach them to coach their people to sponsor 3 – so in other words your 3 gets 9, who get 27 who will get 81 who get 243 and so on. This gives a lot of people from each of whom you earn a little bit of money. A little bit of money from a lot of people will give you a LOT of money!

It’s critical that you focus on your first levels of your business members and ensure that they become competent in the skills of sponsoring & coaching. They in turn will give you thousands through the power of duplication within your home based business

So, remember to focus on those you sponsor and the people they sponsor.

The first two levels are your success team – importantly, what happens on your 3rd level though will reveal how well your success team is performing. If level 3 of your business is booming with lots of new volume, builders and coaching then your team are doing their job!

Becoming competent is the key to how much people produce and how long they produce. To know your people are competent, you need to have each of them pass a test so you know they have achieved a performance standard and to ensure they are accountable. Al too often we make the mistake of trusting that everyone is fully motivated and will do all it takes to succeed in their home based business, when in actual fact, they tend to remain in their comfort zone and wait for something to happen. The skills of sponsoring everyone needs to know are:
Knowledge = what you need to know
Skills = what you need to do
Attitudes = how you need to think

So, as these are so important, let’s look at each of these skills:
Knowledge – your team each need to know the key points of the opportunity presentation and the FAQ’s they are likely to be asked. They also need to know about attitudes - to be enthusiastic, to be quick in there approach and to ask everyone, don’t pre-judge prospects.

The sponsoring process is like turning a fly wheel.
Duplication is created by turning the fly wheel – slow turning means slow growth, fast means fast growth.

To start the wheel turning, you first present your home based business outline to the people who are interested in learning more. Someone then joins your team, you now run the initial coaching session – covers back office administration, how to start prospecting, your story about the products and why you joined and setting goals – especially learning & activity Goals, the upline contact list, meetings schedule etc. Then teach them how to prospect – talking to people, finding those who are interested. As many as possible as soon as possible – the role of the sponsor is to help with this. Next is learning the presentation – how to make business presentations to prospects – the more are made, the more will join! Then the decision – answering questions, asking people to join, following up those not ready.

Competence in Sponsoring
You need to become competent at each of those skills to become competent at the main skill of sponsoring.

Just understanding what you need to learn will immediately give you confidence in building your home home based business.

The Home Based Business Success Secret
The KEY to success in your home based business is that everyone has the responsibility to learn the skills of the system we have discussed until they are competent!

The more competent the are, the more confident they will become. The other very critical concept to grasp is that when they are 100% competent, they are then 100% independent – that means they are standing on their own feet and will grow your business for you as they grow. Avoid the mistake of co-dependency.

When people join your business they must concentrate on learning the three skills until competent. Until then they do not have to create results! The big problem with the old Numbers Game strategy has been to send incompetent people out to talk to others with the expectation of results – this is a recipe for failure.

So, then how do you learn these skills?
You need to write system manuals with all the info they will need, from which you can coach your people until they learn the skills through practice.

Your job as the team leader or sponsor of the team is to coach – you are paid to help all the others to learn the skills – you are NOT paid to sponsor, as this is the technical definition of pyramid selling! You are paid for COACHING people in your home based business.!

Your job with each new enrolment finishes when each of them are competent and working on their own.

Your upline are those leaders who will earn from the volume your network creates – they are paid these to help you to sponsor and coach others!

The only time then a person fails is when they stop trying to learn – when they clearly understand that success is based on learning skills and they decide to stop, they can’t blame you or the company or their home based business for their lack of results!

Everyone then can succeed because everyone can eventually learn the skills!

It means you can confidently look people straight in the eye and tell them they can succeed in creating a residual income home business because you have a system based on skills that they can learn. You can tell them you will coach them until they have learnt trhe skills and are confident.

You should also setup the following outline of a Sponsors Agreement for each new person:
• You can succeed as we have a system that can be learnt
• You are able to learn the system to100% confidence
• You learn by practice with me and with prospects I help you with
• As the sponsor I will coach you and help you
• Our job is not complete until you are competent. We will take as much time as that takes!
• You have at your disposal a team of people to help, called your upline.
• You can learn at your own speed yet you can also go as fast as you wish.

Here a some of the FAQ’s you will be asked by new team members:
• Who do I practice on? Your sponsor, or other team members in role play and also people you know.
• Can everyone learn these skills? Yes - the only reason people are not confident is because they have not yet become competent!
• How much money are you making? I’m not making much yet because I’m just learning!
• What about goals? These are NOT nearly as important as learning. Focus on these areas first. You can focus on your dreams after you become competent later.
• How long does it take to learn the skills in a home based business? Its really all up to you! Some people will worry about wasting time learning. These people have a numbers game mentality! Very quickly they will be confronted by questions or items they don’t know!
By learning the necessary skills first, they will have less fear, be more relaxed and confident. They will produce faster results and more results over a longer term.

What does being Rich mean to you in your Home based Business?
It seems to me that most people hate talking about money, but not about getting rich!

When I’ve asked people what does rich mean? It causes confusion because most people don’t realise that Rich is not about an amount of money, it’s in fact a feeling. It’s not what it appears most people imagine. Its really not about mansions, The Maldives, Ferraris or helicopters.

It seems that a lot of people at the end of their lives say they were really more concerned about their relationships! It appears that true happiness then is in the quality and quantity of the relationships we have. These then appear to be the basis of truly being rich!

So, getting rich to most people means the absence of financial worries, having time and money to invest in relationships with others. Have money & time freedom and you will also have security and happiness.

The reality of course is that we all need money and that most people struggle with relationships because they need to make this money and spend more and more time trying. If though we didn’t need to worry about this money making stress, we would be free to develop relationships! Do you see it?

In fact, most people don’t need millions – they just need sufficient income to feel rich! And it’s not just the amount that’s important, the income must be secure and what is called – residual! That means to wake up each day knowing that money is paid into your bank account whether you work or not!

That should be what you set for the reason you are establishing your home based business.

Lets now look at success.

There are three elements to success – if all of these are not firmly in place then your residual income won’t last!
1. If you concentrate on just recruiting members (that is getting just numbers of people on board) and no time on training to them to competence and no time at all on establishing customers, this produces low incomes and low confidence – a bit like building houses on sand
2. If you just have all customers, then you fail to achieve momentum (fast growth) and finally growth stops
3. No Training (Competence) – Focus solely on numbers and customers and no training to a standard of competence means people remain co-dependant, with no independence there is no clarity or direction to create performance so problems occur

To achieve that residual income, you must step up to the plate and to leadership rank and then turn your earnings into leadership income!

As the whole home based business network marketing model is based on earning a little bit of money from a lot of people, you need to have a lot of people – when you achieve this you are at Leader Ranks.

How then do you achieve this? By working your network system, by creating momentum.

Until you reach Leader Rank, your job is to build the network – you are a categorised a BUILDER.

The BIG money is in Leader Ranks – you get there by creating momentum – but getting there by doing this will not give you the stable and residual income you want. This is because to get there, your emphasis has top be on sponsoring rather than building customer volume.

You will get some customer volume from the others working at building in your network, but when you achieve leadership rank you MUST focus on developing customer volume and learning more skills.

Keep this in mind: It takes about 12 months to create momentum and achieve leadership levels with no prior experience, it will take a further 12 months to consolidate to create sufficient customer income and competence – creates leadership income.

So, if you work at this concept, two years on average will create the feeling of being rich – the really great news is that most people never have this in 40 years!

Building customer volume
Customer volume comes in most home based businesses comes from 3 areas
1. Personally. That’s the products you use
2. Personal Customers. Focus on learning how to do this. Once you know this you will naturally get customers on a regular basis
3. Retailers – these are people who just want to sell the product – they will give you large and vital sales volume which you need to stabilise your income!
People who are builders tend to focus on sponsoring other builders and encouraging them to do the same – ignoring customer volume is a major mistake! Here is a strong warning – ignore customer volume and it results in failure! You MUST have customers.

Sponsor & Harness the Power of Duplication ANYONE can achieve Leadership Rank because they don’t have to sponsor huge numbers of people! The numbers are made by just sponsoring a few (3 get 3) and then using the power of exponential numbers by duplication!

Learn your necessary skills first
So lets now look at the theory so you get to understand how this home based business system succeeds!

It all starts with YOU! So what do you do?
You start creating Customer volume, you use the product, and find customers. This is the skill of retail. To find new retailers and Builders, you use the skill of Sponsoring or recruiting. Then you need your Retailers to learn the skill of retail and your Builders to learn the skills of both Retail and Recruiting. This skill is called coaching.

So the three key skills are:
Retail – the skill building a customer base
Sponsor – the skill of introducing new retailers & builders
Coach – the skill of helping people learn the skills of retail, sponsor, coach.

These THREE skills are the core of the system that everyone must learn and work at duplicate these three skills and you have a successful residual income home business

Origins of the Original Strategy for a Home Based Business in the MLM Industry

The original strategy used for the first home based businesses setup in Network Marketing came from door knocking origins, back in the 1950’s.

It was setup this way then because the industry was new and the door knocking strategy seemed the most suitable at the time. This strategy is based on the numbers Game!

The concept, based on experience with people who door knock is, most people will quit in the first few months, so the key to success is to keep replacing them by keeping on recruiting.

So, it will not be surprising to discover the failure rate in using the numbers game strategy is very high! At issue here though is that the residual income home business industry was not meant to be a commission only sales job like the old direct sales business! Product sales are of course vital, yet the business model is supposed to be based on people management and leadership! These are skills that everyone can learn so then in reality that the failure rate should be small!!

So, the time is overdue for introduction of the last major innovation in the evolution of network marketing - the change in strategy away from the numbers game of the past! It may not be surprising to some of you that this evolution should have actually originated from Europe and the Asia/Pacific areas. People in those areas tend to be more conservative and perhaps more pessimistic than entrepreneurial and optimistic USA – which was how the USA was until fairly recently! People are more fearful of failure in these countries than inspired by success! It’s true. And I suspect due to recent financial crises in the USA, there has been a change there too! In fact, many people in other countries also find the fear of failure more powerful than the dream of success! Even in America!

So, all it really takes to run a successful home based business is the right approach, some coaching and lots of practice. Really, this isn’t all that difficult – anyone involved with education or training knows that this is how any skill based job is mastered! So, if you then apply this same strategy to your home based business of learning the skills to a competent level first, then everyone has as good as a 100% chance for success! What then is this strategy? It is called the Success Strategy!

The Success Strategy is a simple concept: Instead of focussing new home based business owners on producing results, they instead focus on learning skills first! And, because everyone can learn skills, it means that everyone can succeed! The important point to note here is this is about confidence. This whole idea I am outlining for you is about Building Confidence! If confidence is built through understanding and becoming capable, it becomes easy to talk to people! With confidence life becomes FUN! With confidence, a home based business offers you the greatest opportunity in the world to earn a great income and have the freedom to develop relationships and friendships that will enrich your life!

So here’s the important question to ask yourself … How would I go about growing my home based business if I knew I couldn’t fail?

The way to get started is to approach people we already know – friends. These are people from your close family and acquaintances new and old. They are your social network, your centre of influence we call it. Every adult on average knows at least 500 people! As to how many of their names you can remember, may take a bit of recall and dragging up of memories of course. So, under certain circumstances, we can introduce our home based business opportunity to these people.

I don’t advocate cold calling, spam emails or other mass market/commercial techniques to unknown lists of people. In this industry we are certainly not professional sales people, we never use pressure on people. We acknowledge that the best way to be successful involves information and inspiration.

We talk to people we know or are able to form and understanding (relationship) with. We show them with our personal confidence, we tell them about what we are doing with enthusiasm and they decide to try or not from what you’ve told them! We certainly never use professional techniques such as closing techniques.

Anything we need to know that will encourage a person to join with us are simple and can be learnt by anyone. Success in the home based business industry is based on building confidence and coaching skills.

Most people think that success in this industry is based on motivation. Success is in fact based on CONFIDENCE!

Everyone who joins a home based business is motivated, you have to be to have decided to start up in it. This motivation is driven by silently held Dreams each of us possess. Our confidence releases these dreams and also simultaneously releases motivation! The key to success in a residual income home business is action! Only confidence allows you to act! Confidence is the key to successful communication We are then able to easily approach people we know with what we have. Because these people already know us so communication is easier. The words we use in talking with these people mean very little – always keep in mind that the other person is really reading our non-verbal communication – our body language. They know sub-consciously that they may have to “do or buy” something, so they’re looking for one thing in your eyes, voice, expression, body attitude – confidence!

Remember though, I have been talking about approaching people – we NEVER sell to those we know – we don’t pressure them, we just need to inspire them to try out what we have or join with us – this takes confidence and the enthusiasm it produces.

Here’s a very important point - you can’t fake it – they will sense this if you are!

So – what then is this you need confidence based on? It’s in the belief that you’ve made the smart decision to market this residual income home business. It’s in the belief you’ve made the smart decision to join the business with its massive potential by understanding the opportunity. Belief in your business system will produce success and you are able to do it. Being confident by becoming competent in the skills you can acquire – you must prove your self able to be successful

Next we will discuss how to promote two categories: the Retailer and the Networker