Thursday, November 18, 2010

You've made the decision, now where to start?

You've made the decision to start your Home-Based business but are not sure where to begin. I would like to offer some advice as a seasoned entrepreneur.

  • Get setup ASAP. Business cards, clothing, catalogs, signs for your vehicle are important to advertise to others that you are a Distributor of said company.
  • Use the products your self. . Become a product of the product, a walking testimonial. Using your products with success will inspire confidence when you speak to others. 
  • Make a list, or make several lists. One of everyone you know personally, another of at least 100 businesses in your immediate area. Keep it within 50 miles radius
  • Become Genuine. Genuine about yourself, your product and your customers. I call this keeping it "Real"
  • Let your friends, family, and acquaintances know what you are doing. This should be done as announcement, not a sales pitch.
  • Be prepared to give yourself time to get your business established. This will be at least 24-48 months. That's right 2-4 years. If you cannot make that commitment then don't even get started. This is a business not a get rich quick scheme.
 After you have decided to get started, find yourself a few mentors. The reason is that no one works their business the same. This means you will want to follow advice on several different people until you can add your own ideas, flair and personality. Don't start off reinventing the wheel, do what has worked for others until you have the resources to give your own ideas a try. If you start off doing it "your way" you will fail and you will lose money. Don't ask me how I know this.

If your company has awards and recognition use that as a goal sheet. Ask yourself, what do I have to do to get the first award from the company. Start right away working towards that goal. You will also want to use those recognition levels as your goal sheet. Set a time line that you can accomplish. Put a date beside each goal, you might want to work with your mentor on this as they will have more experience on how hard or how long it takes to reach each level.

One company that I have worked with has a Rolodex Award. This is a special award the mentor gives out when they have talked with and followed up 100 people. This sounds like a great way to build up your contact list. Get to work on something like this as well. Talk to 100 people about your business, show them what it is you do, then follow up. Once you do the show, and follow up then check them off your list. When you get to 100, give yourself an award.

One of my favorite mentors is the late Jim Rohn. He has been called America's Foremost Business Philosopher. I recommend listening to his material as well as reading his books. The things that he talks about will change your life as well as your thinking. I can't talk enough about reading the books and listening to the tapes.

On average I recommend reading at least 1-2 person development books per month. The more you read and absorb, the more you will have the confidence, the knowledge and the desire to succeed in your business.

I can tell you, it won't be easy at first. There will be days you feel like giving up, that no one is interested in your product or service. Read the books and it will help you get through those times.


There are many great books that I have read and continue to read. Please take a look at my Recommended Reading List I have personally read every one of these books and they have all been a positive influence on my life.

Few last things you need to get started on right away in your new business is finances. You might not be in a position to have extra money right now but if start out right, it will be much easier once your business is rolling full swing.

When I started my mentors never mention much about taxes, business expenses, accounting / bookkeeping etc. I had to go out and find all this out on my own. After that I share with all my new distributors the programs that I have found useful.

One program that I have been using for years is a simple and effective bookkeeping software called Home Business Tax Helper. www.homebusinesstaxhelper.com It's inexpensive and has a lot ideas already in the program for the business expenses you should be taking.

Next you will want to set up a separate checking account. Use this for all business expenses, even if you have to add money to it from your personal account. This will help you keep track and prove that you are serious about your business.

Lastly, you will want some sort of filing system. At first one of those file boxes will work. As your business grows you will want a cabinet of some sort. Keep your business receipts separate from your personal ones. Come tax time you will save yourself a lot of time and frustration if you get your financial house in order.

Starting out your business is an exciting time. Get started right and you will see success in no time.

Happy Prospecting.

Michael Sparks--Entrepreneur

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