Did your business reach the revenue projections you set last year? If not have you made changes to your business model so you don’t repeat the same disappointment this year. My motto is work smarter not harder.
Last year I spent time investigating how I could incorporate a subscription model into my professional service business. I joined a mastermind group with other likeminded entrepreneurs, listened to multiple audio books and met with experts. I was tired of having to work more hours in order to make more money. Does this resonate with any of you? Are you looking of ways to earn extra income without working extra hours?
Let’s chat about UBER and Airbnb. Frankly, people shop differently than they did a few years ago, contemporary consumers want peer to peer connections! If they are looking for recommendation for a product or service, they go on line to social media groups and ask directly to their friends. This multi-billion dollar sharing economy, led by the likes of Uber and Airbnb, is based on peers providing goods and services to their peers. And peer opinions still matter to consumers; 74% identify word-of-mouth as a key influencer in their purchasing decision.
Air bnb and Uber also show that the world’s economy is changing and experts are forecasting that transport and tourism industries will collapse if they don’t move with the times and transform their business models.
Multi-Level Marketing (MLM) is adapting to the changing retail market. Traditional retail industry is in decline suffering from expensive overheads and declining foot traffic. MLM is taking advantage of the rise in online sales and peer referral networks by allowing their loyal customers to promote their products on the behalf.
As entrepreneurs, we spend a lot of time building our business through sales goals, marketing, structure and infrastructure. Sometimes we get bogged down in the details and lose site of the bigger picture. For example, are we ahead of the competition, is there new technology emerging that will hinder my industry. Do we need to change our business model to remain competitive and profitable?
It is also important to be able to recognize what is successful about a specific model in order to create a successful business of your own. I challenge you to think about the aspects of what makes the MLM business model work and figure out how you can create a culture that fosters upward growth, stability and motivation.
After researching tons of business models last year and listening to the worst entrepreneurial experience shares from our previous guests, mainly relating to cashflow issues. After 2 decades of owning several international business what caught my attention on the MLM model is:
But most of all what matters the most is helping other people by making a difference by improving their skin or improving their lives. So I ask you what's your purpose for this year - is it to make a difference? is it to help others? Can you get a reward whilst helping others?
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