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Network Marketing Part 2
In network marketing part 1, I informed you about the 7 lies that are told just to put people into the business and how you need a marketing education, you need communication skills and problem solving skills.
Network marketing or multi- level marketing is a business that is different than any other conventional marketing strategy. There are two ways to do this type of business; the first is the 21st century way and the second is by hand. Both systems can be very, very successful.
Let’s get down to business. You need some necessary tools and systems before you begin your business if you are serious about long term success.
First for both marketing types, you need a profit and loss spread sheet. Everything you spend on your business is tax deductible, at the end of the year you need to be able to present this spread sheet along with your receipts to your tax preparer. You need to break expenses down by months. You must pay taxes on your income as soon as you are making a profit and in network marketing it can happen very quickly. You must be educated on the allowable tax deductions and your tax responsibilities, believe me on this, you do not want the IRS knocking on your door asking for thousands of dollars in back taxes. The IRS loves to make examples out of people and they can seize all of your assets on the spot, this includes your house, car and anything thing in your bank account.
Next you need a way of keeping information about your prospects in order. One way is with a paper file system where you have one file for each individual prospect with information such as children’s names, their dreams and what you talked about during your last conversation. You will also need a day planner in order to keep phone numbers and to record the date and time for your follow up calls or meetings.
The other way is to invest in the program called ACT contact management system.
It is designed for professionals and can be somewhat costly. The older versions of the program (2004) are about 5.00. ACT is one of the best programs for contact managing. ACT is used with outlook; emails come into outlook and are put into ACT so you can manage your time more effectively. You need to see the relationship between your business and the tools and systems you use. ACT has a clock type system, it tells you who you have talked to last month and what you talked about. So when you call him or her a month later you have the notes on that call and can reconnect with them on this call. It also has all of your contacts information, dreams, children, and what is important to them and the reason that they got into the business. ACT has so many bells and whistles it will even dial the phone for you. Schedules are automated for you, it will remind you of your follow up calls in 10 days or 1 month, there is a timer that you set so you do not forget what it is you need to do. ACT works with outlook or outlook express. These tools help you leverage your time and help you stay professional and focused.
The next tool is some type of auto responder or a broadcast system; you have to learn how to use it effectively. This does not take the place of picking up the phone but it is helpful with informing your partners about new or up coming information. It can also be used to send them to your web site to read new information or just a way to encourage them to get more education or even help them with their education. There are many network marketing companies that offer business tools for your use in the back office of your web site. There is a monthly cost to have the web site but seriously consider having one and utilizing as many of their tools as possible, this will help lower your start up costs, and the learning curve is much quicker for most people. Once you begin to turn a profit then build on your own business tools.
Most folks are working full time and these tools are designed to help you with that, working full time and raising your children is tough enough you need to prioritize your time and the time you will spend on your home based business.
There are different learning curves for everyone and it may take some time to learn to work with them and find a way to get them up and running.
The most important tool in your network marketing business is “Business Cards”. You must have business cards to hand out when you are talking to people. This is the most professional thing you can do for yourself and your business. This is how people remember you and your conversation; it gives them access to your web site and your phone number. Make sure you choose a professional looking card that is not too busy or loud, people do not want to search the card for your information; most network marketing companies will offer some very nice cards to choose from at a reasonable price.
For long term success you must have a system that is up and ready to run, whether it is on paper or computerized. Tools are invaluable; they help you manage your time and are the foundation of your home based business.
Look for network marketing part 3 – Why do 97% fail in the first month?
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