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MLM Business Plan – Why You Need One, and 3 Things That Must Be Included in the One You Create!

Do you have an MLM business plan, or are you like most others in this industry who seem to let this pass by without notice?

Well if you haven’t created a business plan for your MLM home business, then what you really have is an MLM hobby?

Here’s how to go from hobby to legitimate business in 3 easy steps…

Why You Need to Create an MLM business plan….

First let’s get real. You would never open a business on Main St. USA (anywhere) without first having a business plan. In fact business plans are so important that you can’t even get a business loan without one.

So why would you treat your MLM business inferiorly to a normal everyday brick and mortar business?

After all it is a solid business right? If you don’t think so then you may be in the wrong industry. MLM is as much, if not more of a viable business as any other business out there and the faster you get this in through your mind, the better you’ll be. But you truly don’t have an actually business until you have an actual plan to run that business, and a plan to make that business successful.

How to Create an MLM Business Plan Starting Today…

Now I realize that you’re probably not looking for funding for your MLM business from a bank or angel investor, so your business plan may not have to be as professional and/or as thorough as they would like for it to be (although it can’t hurt), but nonetheless your MLM business plan should be clear in certain areas and I’m going to lay those out for you now.

1) Clear Goals… Every business has a goal. On the large scale that goal is to succeed and grow. But that isn’t enough. To plan for that success you need to spell out those goals in a clear and specified manner. Moreover, those goals need to be specified and broken down into timeframes.

So if your goal is to make $100,000 a year with your MLM home business, then you should break that down into milestones for reaching that $100,000. Obviously you can’t just start a business and start making a hundred grand a year right from the get-go, so your goal may be to make just 20,000 your first year, and then 50,000 your next and after 3 years be making 100,000 per year with your MLM business.

2) Operations… Every business has an operations side to it, and your multi level marketing business is no different. So therefore this section of your business plan will lay out what you’ll do in your business on a daily basis.

So basically a schedule… This can also intertwine with your goals, and actually set deadlines to which you want certain things to be done. For instance working online will certainly be a part of your business and therefore you’ll want to set goals to get certain things taken care of like setting up a website, a blog, a social media system, an auto-responder etc. And then you’ll schedule how many hours per day you’ll work on this stuff, and how much time spent on each one individually.

3) Expenses… Of course no business can exist without expenses, even if it is one that you work from home. With MLM you’ll have your set up expense right off the get-go for your business pack, and then monthly you’ll have your auto-ship etc.

As well you’ll have advertising costs, home office supplies, etc. The more you know your expenses then easier it is to account for your profit. Furthermore the easier it is to raise your profits by knowing exactly how much you can spend on certain things.

So there you go, if you’re serious about working from home in multi level marketing, but you don’t have an MLM business plan, you need to really ask yourself then how serious you truly.

Business Strategic Prospect

There are a number of business operators who get caught up with the day to day running of their business concern so much so that they are unable to devote enough time on developing a Business strategic prospect. Business strategic prospect is one of the most important things for any business and therefore, due to its high importance, it demands time and effort on part of the business managers. As while you are occupied with managing your business affairs, you fail to realize the importance Business strategic prospect can have on your business. With advances in technology and clients demands services quicker than ever, it is time for you to focus on Business strategic prospect.

On the other hand, you competitor might be busy in developing a Business strategic prospect and determined to climb over you in the market. A little analysis of your business and strategic planning might help you in regaining your position and get in the lead.

Are you looking to remain competitive in your field? If the answer is in the affirmative, then you need to spend some quality time analyzing your current situation and develop a strategy for your business along with a technology strategy that will assist you in growing your business and enhancing its profitability by allowing you to meet the clients’ expectations.

As you device a Business strategic prospect, the first thing is analyzing you new strategy as you will have to take in to account a variety of different aspects that form the basis of your business. These will include HR, technology, marketing, finance and you clientele. You will have to analyze things like if you are meeting the expectations of your clients and are there any significant changes that you need to make to the operation of your business by introducing new services or products and discontinue existing ones.

The next part of devising a Business strategic prospect is the content of your technology strategy as this will depend on the type and nature of your business. Whether you deal with technology or are simply using it as a support function, it is very important that you make a plan as to how you plan to utilize technology in your business. depending on the type of your business, you Business strategic prospect for technology may include new ways of marketing and selling your services and products, development of product, plans to attend any relevant seminars and so on.

If you are running a service oriented business, the major part of technology in your business will be likely used on the day to day operations. The quality of your service will majorly depend on the quality of your infrastructure and therefore, this is one aspect of Business strategic prospect that you should not ignore.

You should try to think about successful businesses that left a lasting effect on you. You should check what thing impressed you the most in those businesses since these little details play a crucial role in making a business successful or an outright failure!

Current Tips and Trends in Family Owned Businesses

With numbers between 1.2 and 1.3 million in the United States and steadily rising it seems that the modern family owned businesses are no longer fitly described by the old “Mom and Pop” colloquialism.

In her 2006 book, “Couplepreneurs: Prosperity Through Partnership,” business coach and entrepreneur Jean R. Charles writes that “the fastest-growing family owned businesses today are new businesses started by couples who jointly share ownership, commitment, and responsibility.” “Couplepreneurs” or “copreneurs” are quickly becoming buzz words in the family owned business world, referring to partnerships between spouses. Blurring the lines between work and play, the boom of the business couple is re-inventing the workplace, requiring today’s power duo to be both business and relationship savvy at the same time. Follow along for the latest on how couplepreneurs are shaping family owned business trends as well as practical tips for maintaining a successful partnership, both at work and at home.

Trend: The spouse is the family owned businesses most trusted adviser

Although in 2002 the business accountant ranked at the top of the list, according to the 2007 American Family Business Survey conducted by MassMutual and the Family Firm Institute, the typical family business owner designates his or her spouse as most trusted advisor, above family members like parents or siblings as well as other important partners like the lawyer, banker or non-related colleague. Perhaps the rise of the family owned businesses explain the shift in survey results.

Family Owned Businesses Tip: Place an extra emphasis on clear communication

Dr. Alice Bledig, and her husband Albert Bledig, M.D. grew their family medical practice together from the ground up, often juggling multiple roles and responsibilities in the absence of a fuller staff. Without hesitation, Alice points to Albert as her most trusted advisor. And their secret to 47 years of successful couplepreneurship? “I think communication is very important and I think trust is very important. I trust him and he trusts me to the best thing for our practice.” The 2010 MassMutual study, FamilyPreneurship: What Every Entrepreneur Wants to Know About Being in Business With a Family Member, confirms the importance of communication in the family-owned business world: “According to our research, communication is the most common factor cited as being necessary for maintaining good relationships with family – both inside and outside of work.”

Alice explained that, in the beginning, the couple learned a lot of lessons through trial and error. “We’d discuss things, we really did, we spent time talking about it and giving what we thought was best. We tried something and if it didn’t work, we tried something else.” Today, their practice of 47 years and their marriage of 52 years are both still thriving. “We trust, we communicate, we value each other and I think since we work together there is an element of love that comes into that.”

Family Owned Businesses Tip: Women-owned businesses continue to increase

Kathy Marshack, psychologist and author of “Entrepreneurial Couples: Making It Work at Work and at Home,” points out that female-owned businesses skyrocketed 42.3% between 1997 and 2006 and keep growing. She considers this leap at least partially responsible for the surge in couplepreneurship, explaining that in years past, the wives of male executives were often hired as assistants, not partners. Now, women are taking the initiative, starting their own family-owned businesses, and inviting their husbands on board: all with spectacular results. In 2003, MassMutual and the Center for Women’s Leadership at Babson College produced the Women In Family-Owned Business report, determining that female-led family owned businesses were more productive and successful than male-owned firms.

Family Owned Businesses Tip: Toss old-fashioned gender roles out the window

For years, culture and tradition have exacerbated the unequal sharing of responsibility in family owned businesses, meaning that wives of male executives are often unpaid stakeholders: informally assuming leadership positions with no pay and little credit. Yet, as the Women in Family Owned Business report demonstrates, gender inequality within the family-owned business world can cost a business not only its productivity but the loyalty and satisfaction of its employees, as well. Female-owned firms exhibit higher rates of productivity and lower rates of family member attrition than male-owned firms; a savvy businessperson would interpret these facts to promote the equal sharing of responsibilities and the increased valuation of female contributions to the family owned business.

Furthermore, shared responsibility does more than benefit a business’ bottom line; when both spouses feel equally valued, respected, and compensated for their contributions to the family’s financial success, it improves household harmony. Alice recalls the early stress of being a wife, mother, and business partner at the same time: “At first Al expected me to work down there, then come home and prepare the evening meal and take care of the kids, get them bathed and fed, so my job continued I feel like more than his did.” When they hired a caregiver to lighten Alice’s work at home, the dynamic quickly shifted. “I felt like more of an equal.” She explains. This is crucial because irreconcilable conflict (which can often be caused by one partner feeling taken advantage of or devalued) may threaten the business altogether. Research shows that divorce is the quickest way to dissolve a family owned businesses; most partnerships simply cannot survive separation.

Trend: The family owned businesses are more customizable than ever

As Generation Y enters the workplace in full force, small business trends are progressively evolving to reflect the young blood, which, according to BusinessWeek, is “re-writing the rules” for family-owned businesses. Today’s budding entrepreneurs were raised in the age of customizable products and services, making them less likely to subscribe to the rigid one size fits all business models of their predecessors and more likely to create practices and strategies unique to their specific needs and goals. Forget 9-5; the Gen Y executive may not follow the same schedule two days in a row, as long as he or she still gets the job done.

Family Owned Businesses Tip: Design a couple-friendly business model

Couplepreneurs of all generations can take advantage of how customizable the family-owned business has become to achieve a better work-family balance. Communication technology characteristically embraced by Gen Y like smart phones, web conferencing, and social networking allows couples to work at home or on the road, meaning more time together and with the kids, as well as the opportunity to vacation together or even to cultivate a permanent lifestyle of work and travel. This flexibility can eliminate the stresses that typically overwhelm a family like commuting, child care, and time off. And research shows that it pays to be happy; a higher quality of life does not simply strengthen a marriage, it increases a family owned businesses’ productivity and, therefore, its long-term sustainability.

Whoever said work and love do not mix must be biting their tongue. There’s no doubt about it, the “couplepreneurial” spirit is taking the family owned businesses world by storm and changing the rules. Who knows? Before long, shrewd executives looking to scope out competition may be skimming newspaper wedding pages without consulting the business section at all!