Many eager individuals start a business with an idea to create something lasting or more beneficial than what corporate employment can offer. More often than not, they will look at Network Marketing as a ‘business-in-a-box’ scenario hoping that by duplicating others efforts, it will bring quick and easy business successes – mostly driven by huge financial gains.
Even though Network Marketing is a sound and valid business model because of the huge failure rate it now is viewed as ‘scams’ mostly run by ‘con-artists’, by most.
If you are looking for an opportunity or are already engaged in running your own business, remember all businesses must incorporate standard business practices and principles. There is no easy way to success; it takes a huge amount of effort, skill and experience.
The different types of businesses will just assist in a quicker to market approach for example:
- Network Marketing will take care of the products and the distribution thereof but you will have to embark on building teams and providing customer service
- Affiliate Marketing will take care of the products, distribution and customer service plus there is no need to build teams or employ people
- Solo-entrepreneurs typical only deliver a service but will still need to focus on customer service and all other business structures
- Small-to-medium businesses might opt to design and manufacture their own products or service and will typical operate and function like a ‘mini-corporate’ business.
So how do you create a business from nothing, or utilize your initial successes into continued growth?
I have learned, from working with businesses of all types and sizes, these six principles around building a business are vitally important.
- It takes a unique combination of strategy, execution and competitive advantages in well-defined targeted markets.
- No matter what type or size the business, it must create customer value.
- The best strategic insights come from receiving real-time customer feedback coupled with measuring the return on incremental investment.
- In order to grow a business, you need to recognize your shortcomings and lack of skill. Find assistance in building your business during the early stages will ensure lasting successes.
- It is best to understand the facts around customers and markets; you can only align a clear strategy if you can align on the facts.
- Investments should only be made if it creates customer value.
Starting a business of any size or type without including in your planning business building or growth, is really just planning to fail.