Thinking of Starting Your Own Business? Consider These Questions and Issues First

Before you quit your day job to take the entrepreneurial leap… here are some critical issues and questions to consider.1. Make sure you can identify exactly what business you want to be in. Be specific. Write out your business idea on a sheet of paper and then add all the related business products or services you can think of. Usually, the more you can specialize, the better chance you have of being successful. Do you have a special expertise related to any aspect of this business?2. Have you worked for a company in this field? If not, what education or experience will you need before you can succeed against the competitors in this field? If you are working for a company in this field, is this an expansion into a different market? If so, would your current employer consider financing the business with you taking the reigns as the new venture’s manager?3. Do you really enjoy doing this? Are you willing to stick it out working 60-80 hour weeks until you reach a break-even point? Will you need extra capital to cover your living expenses? Is it something you can do part time to build up the business before you have to quit your job? Are you sure you have the mental toughness to run your own business? Being self-employed isn’t for everyone.4. What is your unique selling proposition? (USP) What makes your service or product special? Are you trying to market a superior product or service at a fair price? Or will you be marketing the same product as other competitors (a commodity) at a cheaper price? If you are marketing a commodity make sure you understand everything about its production and delivery before assuming you can do it cheaper or quicker than long time competitors. Consider working in this field to learn all the hidden details before you sink your capital into a commodity type sales venture.5. Who are your real customers? Sometimes this isn’t as obvious as it seems. The end user may purchase your product because it is provided by another vendor, or recommended by another professional. Who’s the real decision maker in your marketing equation? How will you target your marketing efforts?6. Have you been able to test market the product or service? If not, how do you know what customers will be willing to pay for the product or service? What are the industry trends? In other words, is there an expanding market for your intended product or service? Is there research data available to support your assumptions about the potential market for your product?7. Who are the major competitors in your market? What are their strengths and weaknesses? Is there a niche market they aren’t reaching? Can you identify weaknesses in their operations you could exploit?8. Have you prepared a cash flow projection for the first year? Be thorough and realistic. What’s the maximum cash draw down you’ll face before the business reaches a break-even point? Make sure you include your monthly living expenses. What level of sales will you need to break-even? Is it possible to keep your current job while you build up enough sales to get you to break-even point? The best start up capital is existing sales.9. What are your location options? Are there regulatory requirements applicable to your business that will require major up-fits to the location and facility? Consider all zoning, permit, and employee safety laws, as well as accessibility to the handicapped and parking availability. Carefully map out all the logistical space needs for your business.You may notice that many of these issues are directly related to the topics addressed in a typical business plan. That’s because the business plan is essentially an organized documentation of the various issues you will have worked out in your own mind before deciding that your idea has real potential. It formally lays out your “proof of feasibility” in a standard format.Now that you’re familiar with some of the topics addressed in the business plan, it’s time to take your idea from the talking stage to implementation. The first step is to prepare a written business plan. There are many free business planning resources on the web. You can also download a free business plan template from the Business Coach section of our web site.

Is Your Upline Lying to You About Your MLM Product?

Many are told in this industry by their upline that their MLM product is all they ever need. That its the most important thing in their business. That you need to have the best product and that your business lives and dies by how good your MLM product is.This is an opinion held by probably around 95% in this industry about their MLM products.Here is another take on the whole issue.At its core, Network Marketing IS about having a network of customers who consume a MLM product, whether it is a physical product, information product, or business product.However, really, there is no “best” MLM product out there. What it all comes down to is the MARKETING of that product. That is what makes it successful.Case in point from a bricks and mortar store.McDonalds has a decent product, but definitely not the best product on the market. But what they are really really good at it is getting people in the restaurant and getting them to buy. In fact, they are the best in their industry at doing this, and that is why they are the biggest in the world.Their marketing is absolutely brilliant.How would this equate to your MLM product? Lets say you buy a box load of your best “whiz bang juice”. The best in the market by all measurable standards.Go ahead and sit it on your driveway. Does the MLM product sell itself? Does it magically make sales on its own?Another way to ask this question is, because its a “revolutionary new product, or ground floor opportunity” does that magically create sales?Its the marketing of the MLM product that really matters.If it truly was all about the product, then every single distributor in the company with the best product would always be automatically be successful. This simply does not happen. The 97% failure rate in network marketing businesses still remains.So whats really the point here?Focus on the benefits of what your MLM product has to offer. Does it relieve some pain for some ailment? Is it a business opportunity that you can market online? Then advertise and find those people who are looking for a solution to a problem that your product can cure.If you focus on acquiring these kinds of target leads for your business, and offer your solution, your MLM product will sell, guaranteed.By no means do I say that your MLM product doesn’t matter. If you feel your product isn’t of top notch quality, then by all means go get into another business that does have one.This is why I love network marketing online because you can VERY quickly identify a target market, and ZING, get your message in front of them. Absolutely the quickest way to market anything, including MLM.However, when you get into the “my product is better than your product” mode of marketing, you will live and die by that methodology.There is always another product out there that people might think is better.Simply move on and find a targeted market where people are looking for what your product provides.To find out more about how to market MLM products, be sure to follow the link below now.

How to Start an Online Business With PLR Products

If you have home based business and wants them to be sold not just personally but also through the net, then you might want to consider involving your products in PLR products. PLR products actually stand for private label rights products. In this matter, you are actually putting a label into your product — a new one. The idea behind this is just like what companies do in changing the labels of their products so that customers would buy them.What is good about private label rights products is that it has already been proven to be effective by many successful online businessmen. Some websites in the internet actually offers free private label rights products for their members’ business products. Also using private label rights products can gain an advantage to you since you will be able to put your business name on it and also the product.In this way, you will be able to advertise your product not just to your target customers but also to other internet users who just happen to past by. If you really want good PLR products, then have yourself visit some websites that offer private label rights products and of course with payment which is monthly basis. Then you can choose among the private label rights products that suits to the type of your product that you want to do online business. After successfully choosing the product of your choice, you can actually start the business right away. In businesses like this, you will need a lot of patience especially at the start since people will only be starting to recognize your product. Actually all business — online or not starts in a slow pace, but with motivation and hard work you will be able to withstand all the trials and continue your business to its success.