If running your own business is truly "The World's #1 Financial Success Strategy", then why is it that so many people fail miserably, and only a tiny percentage actually achieve the dream of true Financial Freedom and Independence?
You may think from that question that I am not a believer in the substantial benefits of running your own business. Quite the contrary, I do believe that is "The World's #1 Financial Success Strategy"! I'm also a strong believer in the network marketing business model - the only business type I know of that takes full simultaneous advantage of three powerful forces - Residual Income, Leverage, and Geometric Growth Potential.
Few people truly understand the awesome synergistic power of that trio. Using leverage to build an ongoing stream of residual income can make you a "Virtual Millionaire" much quicker than accumulating assets by any conventional means. And helping others simply understand those concepts can help light your favorite network marketing business on fire! Complete details and "3 Simple Questions" are available from me in a one page free report, "3 Millionaire Secrets Revealed".
Not truly understanding the "business model" in the first place is one reason why more people don't have the success they dream of. Too many people jump into many "opportunities" for the false promise of "get rich quick for doing little or nothing". Unfortunately this "lottery mentality" runs rampant in our society, and is understandably more exciting to some than the proven concept of: Study - Gain some Knowledge - Develop some Skills - then Take Action to achieve your dreams.
But if honesty and integrity are as important as I know they are, those traits have to start with and be practiced by each individual. If you're honest with yourself and use common sense, which of the two "philosophy's" above are more likely to create long term success?
Do people win the lottery? Sure they do! But what percentage is that? It's only a fraction of one in many millions. And a large percentage of the few who do win, end up broke and miserable in a short time because they didn't have the knowlege or skill to manage their good fortune. Many more people have "true success" in all areas of life every day by simply using common sense.
So, what's the "secret" to having success with your own business? Or more specifically what's the secret to having success in network marketing, the most popular segment of the "home-business" industry?
The truth is: There is no one, simple, magic answer. But if you're willing to study and do a little research, use a little common sense, and be honest with yourself, it's not all that difficult to come up with what separates the 'winners' from the 'losers'.
My "Success Team" has identified five key areas we call the "5 Pillars to Success". I'm happy to send anyone with interest a free, one page summary report that highlights all the details. Like a chain with a weak link, ALL five areas are critically important. If there's just one weak "link", it's impossible to reach the readily achievable dream of long-term residual income, financial freedom, or early retirement.
The first "Pillar" is: Company LEADERSHIP. Do they have Ethics, Integrity, and Proven Experience?
There are many potential ways to come up with answers to that question. But one of the best is to STUDY their "Policies & Procedures". All distributors are supposed to read this document before joining. But I'm amazed at how many I talk to on a regular basis that never actually read their company's "P&P"! That one document can tell you more about a company's honesty, integrity, and intentions than anything else I know of.
I'll freely admit, for most of us, there are a lot more FUN and seemingly productive things to do. But if you start reading some of these company documents, you might be amazed at what you discover. This industry is not immune to the greed and corruption already well publicized in the corporate world, and some well known companies have some shocking "secrets" in their company "P&P's".
Talented salespeople and con artists can tell you lots of things to appeal to your emotions. But true network marketing is NOT a sales business, and facts are in "black and white" in the "P&P". You don't have to be an attorney to read and understand some of the better ones. On the other hand, if it's written in such technical language or 'mumbo jumbo' that it's difficult for a layperson to understand, that may be an early red flag.
Some of the questions you're looking to answer are: Is it fair? Who does it protect more - the company or the independent distributor? Does it favor one over the other? Does it allow "walk-a-way income" - or are there requirements or key words in it like "ongoing" - recruiting, training, sponsoring etc.? Are their "loopholes" to unfairly steal your commissions someday?
You might be surprised and disgusted by some of the true horror stories of successful distributors who've been unfairly robbed by unethical or unscrupulous companies. And this isn't limited just to "fly by night" companies. Sometimes it happens with well-known and popular companies you'd never expect it from. But in most of these cases I'll guarantee the distributors involved never read the company "P&P Manual", or didn't pay close attention to some important clues.
Another important area that can give insights into a company's "integrity factor" is the compensation plan.
While there's probably no other area with more confusion and misunderstanding, a little study and research can go a long way. Comp plans drive BEHAVIOR in the field! That one, simple, but little known fact, explains a lot of unsavory things that happen in the industry. And it's critically important to understand.
Does the comp plan reward you for promoting products - NOT just for recruiting reps? Does it pay on VOLUME, not just levels? Is there excessive "BREAKAGE"? Does it pay part-time people a fair percentage? Does it promote the false promise of "spillover" or "get something for nothing"? If you're interested, many articles have been written that go into more details on these topics. Ask me for one if you're interested. Joining a company without understanding comp plan basics is like taking a job with no clue how much you'll be paid.
As you can see there are many factors and questions to be answered correctly if you're HONESTLY hoping for a REALISTIC shot at the awesome benefits and rewards of running your own SUCCESSFUL business. But if you're willing to look in a mirror and proclaim that honesty and integrity are important to you, it is possible to achieve your goals and dreams, and create a life and lifestyle most people only imagine.
It's naive to believe there aren't "bad apples" in every bunch. By the same token it's a mistake to believe you can't find a very good one, just because some are "bad". Using honesty and integrity as your guide is the best way to insure your long-term success.
My favorite company's motto is, "Build it ONCE, build it BIG, and build it to pay your children's children." That can only happen with a core foundation of honesty and integrity running all the way to the top.
If you're serious about long term or above average success with your own business, do a little research and get educated. Then, go out and enjoy the time of your life achieving your dreams! Nothing is impossible. Our ONLY limitations are our own ATTITUDES and BELIEFS. With an open mind, willingness to learn, and positive attitude and beliefs, you might be amazed at what goals and dreams you can accomplish and achieve.
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Copyright Jan. 2006 by Michael K. Duffey
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Mike Duffey is a Success Coach and Small Business Consultant, and part of a special T.E.A.M. that offers Generic FREE Coaching, Training, and Mentoring. He has been actively and successfully involved in network marketing for several years. One of his personal websites is: [http://www.RUwealthy.com] He can be reached at his home office near Green Bay, Wisconsin at: 715-758-7550 (8am-8pm CT) or at his 24hr Toll Free Msg. Center: 877- 832 - 7487 (US & Canada only). FREE Coaching site is: [http://www.RichDad2.info] Invaluable FREE e-book "Success In 10 Steps" available at: [http://www.RUwealthy.info] That one FREE E-BOOK can literally save you years of frustration or failure!
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