Don’t Choose a Home Based Business Until You Know the Top 7 Keys For Success

It is one thing to have a home based business but it is quite a different thing to have a SUCCESSFUL or PROFITABLE home based network marketing business.This article discusses the top seven Keys for Success in choosing a multi-level marketing home business.Key to Success #1: Research Home Based MLM Business Opportunities in General Before You Commit To Any Specific One–Get a Good idea of What Network Marketing Is and What It Isn’tBe open ended in your research. Robert Kiyosaki of Rich Dad fame did an inexpensive little book and CD on network marketing. He calls it the Business (Model) of the 21st Century and says if he had to do it over again, he would use network marketing to build his business empire. Why? Because marketing through networks has proven to be efficient, global, incredibly lucrative, personally fulfilling and is open to anyone to share in its wealth, without regard to race, religion, sex, education and so on. These are some of the reasons why successful entrepreneurs like Donald Trump and Warren Buffett have become network marketers. Include research that is critical of network marketing but decide for yourself.Key to Success #2: Compare Apples to Apples and Oranges to OrangesTop MLM/network marketing businesses have some characteristics in common so do comparisons. (It is wise to compare before you join.) Look for positive answers to the following questions:Is the organization in a growing market? Examples of some growing markets are the Green Movement, Health and Wellness and Internet ShoppingIs the organization promoting products, information or services that should be purchased over and over?Is the organization promoting products, information or services that cannot be found just anywhere, at any time or at lower cost?Is the organization generous in its leverage rules? How much residual or passive income can you earn from the income and recruitment activities of your downline and how far down do you override? In short, can you benefit from profitable home based businesses you help develop?Key to Success #3: Know the Basic Approaches to Network MarketingThere are roughly three ways to go about building an MLM business, but specific businesses may be combinations of the approaches. Some stress recruitment or network building while some focus on selling particular products. These two approaches are often combined but you should determine what has top billing. The third approach is more personal and can be used with either of the other two. In this approach, you develop your “brand” or expertise that helps develop people and businesses in your network and community.Key to Success #4: Specific Business Opportunities Must Appeal to YouThis is not a one size fits all opportunity. Consider your strengths and weaknesses (write them down). I once heard a very prominent and wealthy network marketer say that he was surprised at his great success because he didn’t like people. It took me a while to figure out he meant he wasn’t comfortable in “working a room” but he was an incredibly effective writer and seminar participant. He picked businesses that showcased his talents. There are opportunities for everyone, but be mindful of your strengths and weaknesses, likes and dislikes. Of course if an organization appeals to you, consider it no matter what. Personal development is an integral part of network marketing and being a successful home based entrepreneur.Key to Success #5: Comprehensive and Continual Training Must Be AvailableDoes the opportunity provide comprehensive and regular training at no or moderate cost? Is the program easy enough for you to duplicate and make available to people you recruit? How successful is the training and how is it made available? Is it online? And what assistance do higher ups (the upline) offer?Key for Success #6: The MLM Opportunity Must Have an Effective Online Marketing SystemAny work from home business that does not use or encourage online marketing in a credible format cannot successfully compete in this day and information age. While you may not be internet savvy at this point, require your MLM opportunity to be. Its marketing system should help you sell product(s) AND attract recruits.Key for Success #7: The Gut Instinct TestThis is my favorite key for success: no matter how good the opportunity looks or how many of your friends and family have joined or how fast, if it doesn’t feel right to you, step back. I’m a firm believer in instinct and while you may not be able to put your finger on it, trust your gut and keep your money in your pocket until you are comfortable with a decision.

Running a Small Business – 3 Important Things to Do for Success in This Economy

Okay, let’s talk about the reality of being a small business owner in 2013 and all of the chatter regarding the disasters of running a small business. There are so many voices out there that it’s becoming more difficult knowing who to listen to, who to trust and what you should do! I want to share what I think are three important things to do for success in this economy.Running a Small Business-Why Businesses DieDid you know that a report from FOX news stated that from 2008-2010 over 200,000 small businesses have gone under? And the news continues to sound very bleak as this year continues. Let me share some of my observations with you; they are my observations mind you so just bear with me because there is a bright light at the end of this tunnel and isn’t a train. Often the first sign that a business has started its death walk is the cutting back on the quality of services and goods; if it’s a restaurant for instance, they start to cut back on the quality of their food products in order to save some money, then they start to serve smaller portions and keep the price the same and last but not least, they never engage their customers for feedback. The death of a business!Running a Small Business-Knowledge Is PowerListen, we all know the importance of marketing; well, it’s also important to know what you want and need for your business. Sounds real simple but, most small business owners really don’t have a clue what they need to reach their ideal customers. Unfortunately, most marketing companies just want to make money off of you and they tend to promise you the world even when they know that they can’t honestly deliver the goods. Here are some things that you need to keep in mind when it comes to marketing:

Have a marketing plan or strategy for your business. Running a small business means you have to make the time to know what you need to invest into your business; you have to identify what or who your ideal customer looks like and then market to them.

No quick rich marketing! Please! And here’s the trap; you go with the guys who tell you that they have a new and creative way that gets you instant results and fill your head with visions of dollar signs and then-burned! Now, you don’t trust anyone and that leads you towards the death walk. The right marketing will get you results but, it can take some time depending what tools are used.

Time is money. We have heard that so many times and it is a true statement but we have to look at it from a different point of view; if you don’t take or make the time to step back and look at your business as a whole you’re a goner, game over, it’s a wrap! Please, don’t own your job, scale your business. Taking time to honestly evaluate your business will pay awesome dividends! Even if it means having someone help you in the process. Oftentimes, when running a small business, you’ll find that things aren’t as bad as they look.
Running a Small Business-What CompetitionHere’s a major trap most business owners get caught in; they market with their competition in mind instead of with their customers in mind. You are not trying to win your competition over; you want to get the attention of your customers. Listen; identify your ideal customer and market to them. Don’t start cutting back on the quality of your services or your products. The best way to solicit feedback from your customers is by using review sites. Running a small business can still be profitable in this economy if you follow these suggestions.

Hiring An Auction Company

Estimating your assets value:

Typically, one of the first questions a business owner will ask me is, “how much will the assets bring at an auction”. After taking the time to review the assets, the auctioneer should give the client a conservative estimate of the sale based upon his experience and the current market trends. It is important that the company give realistic expectations so the seller can make informed decisions based on their best interest.

Compensation and Expenses:

Is the company you are considering working for you or against you? The agreement you decide may determine this.

A business owner should carefully consider how the auction company is compensated. The most common commission structures include: straight commission, outright purchase of assets, guaranteed base with a split above to both auctioneer and seller, guaranteed base with anything above going to auctioneer or a flat fee structure.

In a straight commission structure, the company is paid an agreed upon percentage of the total sale.

In an outright purchase agreement, the auctioneer simply becomes your end buyer. The company purchases your assets and relocates them. While this can be an option in some unique situations, keep in mind that they will want to purchase your assets at a very reduced price to make a profit at a later date.

In a minimum base guarantee, the auction company guarantees the seller that the auction will generate a minimum amount of sales. Anything above that amount either goes to the auction company or split with the seller. While a seller might feel more comfortable doing an auction knowing that he is guaranteed a minimum amount for his sale, keep in mind that it is the best interest of the auction company to secure a minimum base price as low as possible in order reduce their financial liability to the seller and secure higher compensation for the sale.

In a flat fee structure, the auctioneer agrees to show up for the sale and call the auction. There is no incentive for the auctioneer to get the best prices for your assets. The auction company is compensated regardless of the outcome of your sale.

What is the best option for business owners? In my experience, an agreed upon straight commission structure. This puts the responsibility on the auction company to offer the best outcome for everyone involved. There is an incentive for the auction company to work hard for both parties, set up and run a professional sale, get the highest bid and sell every item on the inventory. Successful auctions translate to a higher bottom line for both the seller and the auction company.

Auction Expenses:

In most auction agreements the expenses to conduct an auction are passed to the seller. If the auction company pays for the expenses, it is simply absorbed in higher commission rates.

All expenses should be agreed upon in advance in a written contract. Typical expenses will include the costs of advertising, labor, legal fees, travel, equipment rentals, security, postage and printing. A reputable auction company will be able to estimate all expenses based upon their experience in previous auctions. An agreement should be actual costs charged as expenses, not an estimated amount.

Advertising is typically the highest cost in conducting an auction. The auction company needs to set up an advertising campaign that will promote the sale to its best advantage and not overspend to simply advertise the auction company.

Once the auction is complete, the auction company should provide a complete breakdown of all expenses to the seller, including copies of receipts within the auction summary report.

Buyer’s Premium:

What is a buyer’s premium? If you attend auctions regularly, you are very familiar with this term. The auction company charges a fee to the buyer when they buy an item at auction.

The buyer’s premium has been around since the 1980′s and is standard auction practice. It was first used by auction houses to help offset costs of running brick and mortar permanent auction facilities. Since then, it has spread to all aspects of the auction industry. It is prominent in online auctions and allows auction companies to cover added expenses incurred from online sales.

It is the responsibility of the auction company to provide clear disclosure of the buyer’s premium to both the buyers and the sellers. Those not familiar with auctions are often taken back by the buyer’s premium. They looked upon it as an under handed way for the auction company to make more money. Reputable auction companies will provide full disclosure within the auction contract, advertisement and bidder registration.

Typically, an auction company will charge online buyers a higher buyer’s premium percentage than those attending an auction in person. Extra fees are incurred with online bidding and are charged accordingly to online buyers. This provides the seller a level playing field for both online buyers and those attending the auction in person. Without the buyer’s premium, there is no way to do this.


We’ve all been there. We’re looking forward to attending an auction only to find that some items were sold prior to the auction date.

As an auctioneer with over thirty-six years of experience, I can honestly state that pre-sales will hurt an auction. When a company decides to liquidate their assets, it is easy to sell off high-end pieces of equipment through online sources, equipment vendors or to other businesses. The seller receives instant cash and avoids paying a commission to an auction company.

Auctioneer’s find themselves appearing to acting in a self-serving capacity when potential clients say they are planning to sell off parts of their inventory prior to an auction. It’s hard not to consider the auctioneer’s commission when they warn you not to pre-sell anything. Yes, the auctioneer wants to earn a commission on those sales but it is more important that the auctioneer protect the sale from potential negative backlash that comes from pre-selling. The buying public knows when an auction has been “cherry picked” prior to the sale and it reflects in their bidding. It becomes a sale of “leftovers” and that impacts prices.

A buyer who purchases prior to the auction usually does not attend the sale. They already bought equipment at a good price with no competition. If they do attend the auction, they tend to let others know of their great pre-sale purchases which again, impacts prices and the overall excitement of the sale.

It is important to understand that auctions work best with a complete inventory. You want competition on your higher end equipment. The easy to sell items make it possible to gain respectable prices for hard to sell items.

When a business owner decides to liquidate their equipment assets, there is only one opportunity to do it right. Hiring a reputable auction company will assist you with a professional, orderly and timely liquidation.