This week's article is prompted by an experience during
the week. I was working with a woman, approaching
retirement but without the financial resources to retire,
who was looking to make some changes in her life. She
was focused and determined and she had a plan of action.
Then a well-meaning "friend" talked her out of it. The
change in tone in her emails from hopeful, optimistic
determination to resignation and disappointment was
palpable. I am convinced that if this woman had followed
her OWN heart and head rather than allowing her "friend"
to clip her wings, she would have achieved everything she
desired. This week's article is for all the Margarets out
How do you create wealth? Wealth is created by:
=> Finding a product or service that a lot of people want
=> Getting repeat business out of it.
=> Choosing that product or service by looking at trends
and staying ahead of them.
=> Employing others so you get more done.
=> Employing and training others effectively.
=> Not training competitors but retaining leaders in your
organization by offering them the same opportunities for
growth as you enjoy.
[Source: "Brilliant Compensation" video by Tim Sales and
Dr. Charles King, Professor of Marketing at the University
of Chicago. Link at the end of this article.]
A PRODUCT OR SERVICE THAT A LOT OF PEOPLE WANT
There's no point pursuing a business selling a product or
service for which there isn't a market - a HUGE market.
What's the biggest market of them all? Baby boomers.
Baby boomers are all people born from 1946 through
1974. They total 76 million people in the United States
and 2 billion people worldwide. As at today, they're the
people aged between 38 and 56.
As you'll see when you watch the video, every 8 seconds
for the next 16 years, someone will turn 56 years old.
What does this mean for you? It means don't go after
the 38 year olds, go after the 56 year olds. You have a
full 16 years to go after 56 year old people looking for your
products or services.
REPEAT BUSINESS = CONSUMABLE PRODUCTS/SERVICES
Your product or service must be unique and it must be
consumable. If it's not unique you have to compete on
price and convenience. If it IS unique, your market
comes looking for YOU.
If your product is not consumable, you're out of business
until your next sale. A successful business requires
REPEAT sales of consumable products. This way, you're
earning multiple commissions on a single initial effort.
STAYING AHEAD OF TRENDS
Having identified the baby boomer market as THE market
to target, when choosing your product or service, in
addition to being unique and consumable, it should be one
that your average 58 year old is in the market for.
The top five:
2. Looking younger
3. Retirement issues
4. Security and money
5. Efficiencies - things that make life easier.
EMPLOYING OTHERS TO GET MORE DONE
There are three basic ways of earning money:
1. Work for someone else.
2. Be a professional - doctor, attorney, accountant,
3. Own your own business.
In the case of 1. and 2., you exchange your expertise for
someone's else's money. Unfortunately, however, your
capacity to earn is limited by the number of hours in the
day. No matter how hard you work, there will only ever
be 24 hours in a day.
In the case of 3., if you do it all yourself, you still run out
of time and talent. To break through the time/talent
barrier, you MUST employ others, thereby leveraging off
the efforts of your employees. That's the key to wealth.
In theory, that is. Only thing is, it's very difficult to
achieve leverage through employees because no employee
will ever work as hard in your business as you do because
they don't have an ownership interest in it.
To achieve true leverage, everyone in your organization
must have the same potential for growth as you yourself
EMPLOYING AND TRAINING OTHERS EFFECTIVELY
To enjoy true leverage, the people in your organization
must be productive. You develop productive people by
training them effectively, by teaching them how to do
what you do so they can turn around and create the same
results for themselves. It means investing your time in
training people so that they hopefully become at least as
successful as you are.
EQUAL OPPORTUNITIES FOR GROWTH
In order to avoid cannibalizing your business by training
leaders only to have them leave your organization to set
up in competition for themselves, they must have the same
opportunity for growth staying in your organization as they
would if they left it.
There's only one way of doing business that meets all these
criteria for wealth generation.
Despite any preconceptions you may have, the fact remains
that network marketing is the fairest business model of
them all. Why? Because only with network marketing can
the member of the organization that creates the larger or more
productive organization be compensated commensurately even
if that means he or she earns more than those higher up the
Unlike the traditional hierarchy of an organization of which you
are an employee, you know the one - you do all the work and
your boss does nothing yet he gets all the rewards - in network
marketing it doesn't matter how much money your sponsor
earns, if you're more productive, you earn more. And because
your sponsor benefits from your success in terms of
commissions based on your productivity, it's in your sponsor's
interest to help you be as successful as possible, just as it's
in your best interests to help those in your organization be
as successful as they can possibly be. Win win.
"It's always wise to raise questions about the most obvious
and simple assumptions": C. West Churchman.
Do yourself a favor. If you've got it in your head that
there's something illegitimate about network marketing,
invest a half hour or so of your time in a bit of education.
Watch the Brilliant Compensation video and make up your
OWN mind. DON'T let other people, no matter how well-
intentioned, deprive you of your freedom to choose what's
in YOUR best interests. Sure, armed with the FACTS, as
opposed to other people's OPINIONS, you may still decide,
for your *own* reasons, that network marketing is not for
you. Fine! But a little bit of independent thought may just
open up a whole new world of opportunity.
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Thursday, 09-Jul-2020 06:09:59 CDT