More than one option to becoming your own boss

Every year, tens of thousand of individuals join some form of direct sales network or financial product companies, with the aim to eventually achieve financial freedom.

To many employees caught in the daily rat race, getting out of that vicious circle and becoming your own boss is difficult, to say the least. Over the years, you would have developed a comfort zone, where your income, expenses and lifestyle revolve around and is dependent on your job. How do you then hope to achieve your goal of running your own business without ‘sacrificing’ your hard work over the years?

There’s really no fast answer to that. Some people use all their savings, or borrow money from banks, family and friend to open a business they have an interest or feel there’s a potential in. but for the majority who don’t have such resources, a business in direct sales or selling financial products may be an option.

But isn’t that for people who can’t get a ‘proper’ job?

In the United States, direct sales or more specifically multi-level marketing account for more than a quarter of all consumer sales. Similarly, it is a well known fact that multi-level marketing produces more millionaire than any other industry.

Successful insurance and unit trust sales agent are known to earn in excess of a million ringgit per annum. A recent industry survey places average monthly income of an insurance agent in Malaysia at RM8000 a month. And that includes part-time agents as well.

Most people I know fear MLM and financial product sales due to lack of understanding. Both industry are very different from the business and career structure we are used to. However, both require an entrepreneurial spirit and a desire to be your own boss.

Where to begin?

A good place to start understanding these industries further is an entrepreneurship exhibition. At such expos, you will have the opportunity to speak to representative from these companies and get to examine the business concepts they have to offer.

You will also want to speak to friends and relatives who are already in such business (all of us know someone who is it). Ask question you normally ask when starting out in a business-how much is the capital outlay, what kind of resources would you require, how much you can potentially make, the product and the market, etc.

The beauty, and unfortunately the problem, of MLM and insurance/ financial products sales, Is the need to expand your ‘network’ in order to achieve success under such schemes. The whole model of this business is the ability to leverage on other’s efforts, and the collective power of a huge network of people.

Then again, this is not very different from ‘traditional’ businesses where you rely on referrals, words-of-mouth and your salespeople to grow your business.

What do you need to succeed in an agency/direct sales business?

Many people assume that such businesses are for fresh graduates or people who are retrenched and cannot find other jobs. That’s far from the truth.

The most successful people in this business are experienced entrepreneurs – many of whom own multiple business. Common business skills such as people management, financial planning, ‘stock’ control, business etiquettes, etc, are very useful in direct sales and financial product sales.

Like any businesses, you will need to have both tenacity and passion to succeed. If someone comes to you with a promise of quick bucks through MLM- don’t even believe that. Like any business, you will have to works towards that-although in MLM and financial product sales you have the distinct advantage of not having to incur heavy capital outlay.

A word of warming

There’s a plenty of scams out there to catch aspiring entrepreneurs. There’s no better word to call this half-baked programs but the word ‘scam’. In Malaysia all direct sales companies (including those offering mail order) are required by the law to be registered with the Ministry of Domestic Trade and Consumer Affairs. The Ministry monitors these companies for compliance of regulation, and frequently blacklists companies that are known to be dubious in their business. For list of registered companies, visit the Ministry’s website.

Similarly, if you are to join an insurance agency of financial planning group, ensure their background and credibility. It’s your business, so associate yourself with the best.

Take that first step!!

Again, direct sales and insurance / financial planning is not for everyone. But there’s really no harm to find out more and see if this could be your ticket to becoming your own boss minus the usual capital requirements. Go ahead and good luck…

Franchise A Viable Choice For Aspiring Entrepreneurs

For most, going into business is a major turn-point in life, especially after decades of working for others. One of the most painless way to enter into business is to buy a franchise. In franchising, a business synergy is crated. Franchises brought together under one brand can achieve things that is individual business people they could not do. Group advertising, buying power and sharing of ideas are some examples of what can happen.

Of course the issue of financing, business quotient (BQ) and other issue related to starting out on your own, remains. But with a franchise, your learning curve is cut short subtaintially, and obtaining financing is usually easier ( compared to other means of business). Good franchise also take some unpredictability out of equation. As you will be able to gauge success of the business through existing franchising and trial-and-tested operational system.

Where to begin

A good place to start hunting for franchise opportunities is at a franchise or entrepreneurship exhibition “www.aicone.com” , at such expo, you will have the opportunity to speak to establish franchisor, understand the requirement, and be able to shop for a franchise that best match your interest and financials goals.

Another good starting point is with the www.mfa.org.my Malaysian Franchise Association (603-26971557). In Malaysia, franchise are governed by the franchise Act 1998. Only companies that are registered under the Act are allowed to offer franchise in Malaysia- hence cutting down the risk of taking a franchise from a fly-by-night company.

Most franchise in Malaysia are consumer business, such as retail stores or restaurants and cafes. However, there are also franchise that are B2B, offering such divers services and products as training, courier services and consultancy.

Take the first step

Buying a franchise is not a 100 percent guarantee of success. By carefully evaluating yourself and the franchise you desire to purchase, the chances of success become greater.

However, as with most thing in life, if you do not even try to discover the option available you will get nowhere. Instead of asking the ifs and what over and over again-go and visit the “Malaysian Franchise Association”.

Easy Loan for Malaysian home based business entrepreneurs?

Today I chat with my friend, and she is home based entrepreneurs who have some brilliant ideas for their businesses but lack the financial means to do so. From what I have heard, they tried approaching some local banks to secure some business loans but they were rejected on the spot because they are home based business entrepreneurs. Luckily, I knew of one particular organization in Malaysia that is quite friendly with home based business entrepreneurs and told them to give it a try some time soon.

If you are facing the same problem too, maybe the information that I’m about to share in a moment would help you in your home based business. All right, the organization that I was referring to was actually MARA or Majlis Amanah Rakyat. I’m sure you know them pretty well and let’s not waste too much time talking about them. They have a number of credit facilities specifically for Malaysian Malays (Melayu) or Bumiputeras. Which one of them is okay for home based business entrepreneurs then?

Sorry to say that not every credit facilities that they have is okay for home based business entrepreneurs. To the best of my knowledge, I knew of only one. It is their Small Business Easy Loan facility. Unlike their other business loans, this one does not require applicants to have physical business premises addressed to some commercial shops or offices. You can send in your application even though you are only planning on running your business from home. However, you must have a company registered under your name, at least a SP (Sole Proprietor) business registration. That should be easy for most, isn’t it? An SP business registration only costs Malaysian ringgit $60.00. You can seek for financial assistance up to a maximum of Malaysian ringgit $10,000. It’s not much but it would give you some financial relief. :-) By the way, no guarantors or collaterals are required. Hassle free!

If you are interested in knowing more about this Easy Loan facility, feel free to drop by at your nearest MARA office. Good luck and all the best!

Robert Kiyosaki Recommends Network Marketing as a home based business opportunity

Robert Kiyosaki, the famous author of "Rich Dad, Poor Dad" has always encouraged people to go into a home based business opportunity such as network marketing simply because you can take control of your future with this home based business. And also it helps other people to find commitment to save themselves.

In addition, building a small home based business is a wonderful way to attain time and financial freedom through passive income. You find a product or service to sell, build a website and sell the product on your website, but not by yourself. You diversify by recruiting people to help you distribute a product or service for which they are compensated by a percentage of what they sell. Everyone wins with more money. Many people get into network marketing to make extra money on a part-time basis and this will give people the motivation to work on the Internet network marketing business.

There are many other ways you can market your product with network marketing without it costing an arm and a leg and without having to travel. Using people to help you market the product is one way. Using affiliate marketing, that is selling products from other websites by providing a link or advertisement on your site is another way to gain income. You will be paid a commission each time someone on your website buys or sometimes even clicks on the link or advertisement you have provided.

All of us could use more time and more money and a lot less stress. Network marketing is certainly a great way of providing all of these, with a little research, dedication and commitment you just may find that network marketing may be just the thing that will work for you.

10 Tips for Successful Business Networking

by Stephanie Speisman

Effective business networking is the linking together of individuals who, through trust and relationship building, become walking, talking advertisements for one another.

1. Keep in mind that networking is about being genuine and authentic, building trust and relationships, and seeing how you can help others.

2.Ask yourself what your goals are in participating in networking meetings so that you will pick groups that will help you get what you are looking for. Some meetings are based more on learning, making contacts, and/or volunteering rather than on strictly making business connections.

3. Visit as many groups as possible that spark your interest. Notice the tone and attitude of the group. Do the people sound supportive of one another? Does the leadership appear competent? Many groups will allow you to visit two times before joining.

4.Hold volunteer positions in organizations. This is a great way to stay visible and give back to groups that have helped you.

5. Ask open-ended questions in networking conversations. This means questions that ask who, what, where, when, and how as opposed to those that can be answered with a simple yes or no. This form of questioning opens up the discussion and shows listeners that you are interested in them.

6. Become known as a powerful resource for others. When you are known as a strong resource, people remember to turn to you for suggestions, ideas, names of other people, etc. This keeps you visible to them.

7. Have a clear understanding of what you do and why, for whom, and what makes your doing it special or different from others doing the same thing. In order to get referrals, you must first have a clear understanding of what you do that you can easily articulate to others.

8. Be able to articulate what you are looking for and how others may help you. Too often people in conversations ask, "How may I help you?" and no immediate answer comes to mind.

9. Follow through quickly and efficiently on referrals you are given. When people give you referrals, your actions are a reflection on them. Respect and honor that and your referrals will grow.

10. Call those you meet who may benefit from what you do and vice versa. Express that you enjoyed meeting them, and ask if you could get together and share ideas.

The Most Under-utilized Asset in MLM

What do you think the most explosive, super effective, under-used asset in your MLM business? This high powered weapon will grow your business by the rate of 7+ people a week. So what is this under-used, under-valued asset that I’m babbling about?

Well, I’m exposing it right now…it’s YOU!! Yea, I know all the “gurus” talk about it. They always touch on the subject of ‘you’ being so important. But there never really tell you why or how you can effect the growth of your organization by using this valuable asset.

What I’m going to do is to break this subject down for you. And expose why this asset can explode your business and how you start doing it, starting now.

Leadership is one way you can benefit from this asset. It will grow your MLM business at lightning speed. The “industry-known” fact true. People join people. They don’t join companies. And this is why. If they see that you have an effective way of growing your business, that actually works, and you can explain and teach them how it’s done. They will join you. Especially when they’re consuming the products and having amazing results. It’s as simple as that.

Like I said, in your MLM business, you make the biggest impact. You are the one who can change lives and impact the world. If you’re in this industry for the right reason, then the points I’m saying out for you means something…it means a lot.

I will give you a sneak peak as to what marketing tool you should learn to use. Oh yes his is easy and extremely effective. You use it right from home…it’s the telephone. You’re probably thinking you already know how to use it. Trust me, you have no idea. If you knew you’d be growing your downline by at least 5+ people a day. Using this tool is simple. And using it will allow you to add people into your MLM business from all over the world. How cool is that.

Advertising On A Limited Budget

Starting small business can be trying under the best circumstances. You’ve had your idea, you had the gumption and resourcefulness to acquire enough funds to open, and you’re quite sure if enough people to find out about your business, you’re going to make a fortune; or at least enough to make a living off of. But that’s the rub. How will people find out about your business in the first place. Your advertising budget maybe meager or nonexistent. If this is the case, you’ll be dead on arrival if you don’t find some free or cheap methods of attracting people to your business. Here are a few ways you can advertise on the cheap. They may not sound like much, but they’ll help get the ball rolling when you have no other options.

The first thing you need to do is get a website. You can likely find a domain name for under US$10, and find a hosting service that will only charge you about that much a month to keep a website. This is essential in today’s internet age, even if you plan on doing no selling on the actual website. You can do all kinds of things with a website, and if you devote yourself to learning search engine optimization techniques, soon you can be near the top of a Google search for the genre of your business. As an addendum to this, make sure you add your website address to the signature of your outgoing emails. Getting business cards will be another step along your cheap advertising route, and you’ll want to add your website to this as well.

Bumper stickers don’t cost much to make up, and if their colorful and creative, people will naturally want them. Put the first one on your own car. After all, if you aren’t willing to toot ypur own horn, why would anyone else? Along the same lines, get some T-shirt made up and wear your T-shirt to public places, particularly places that might be hangouts for your targets audience.

The most powerful form of advertising is, and always has been, word of mouth. If you are starting up a small business and have done even a modicum of research into what this entails, then you’ve doubtlessly heard this over and over again. What does this mean to you, thought? After all, you can’t force people to talk about your business. No, but you can provide the best service, selection, something. If you are the best at what you do in at least one area, people will talk about you in a favorable light. Nowadays, it is increasingly difficult to find to commodities that should be as table salt: friendliness and good service. This two things don’t cost you a dime, but supplying them will make a big difference in the success or failure of your business.