1. Treat your business like you invested a million dollars to get it started, rather than as a hobby you work when you have time and you will see much quicker and bigger success. If you invested in a McDonald’s franchise, you would work 15 hours a day for years to recoup your initial investment. The problem with the OUR business is that it doesn’t require a big investment, so people don’t treat it like a big business.
Yet, the potential income in the financial business is much higher than with a McDonald’s franchise. So, treat your the financial business business like a big business by investing the hours every week to build it.
2. Set up a designated business area in your house. If you can spare a bedroom, do it. If not, at least have a desk in the corner and partition it off for your office. This will help you in two ways. First, you will be able to deduct that area of your home on your taxes. Second, it will help you know when you are working and when you are not.
3. Introduce your business to at least one new person every day. It could be someone you know (from your warm market list) or someone you meet. If you do this 6 days a week (take Sunday off) and 50 weeks (take 2 off for vacation), you will prospect 300 new people each year. With just a 10% closing ratio, you would add 30 new people to your team each year. Now, imagine if they all did the same.
4. When you join our company, you are in business, so do what every other business owner does – create a business entity (sole proprietorship, partnership, LLC, corporation) and get licensed in your state. Get an EIN (Employer Identification Number) from the IRS and then set up a bank account. All your income and costs should flow through that account. This will keep you legit with the IRS and will give you the right business mindset to achieve success.
5. Find a coach.
Every athletic team has a coach and every top producer had/has a coach. The best coach is an trainer leader who has already achieved success in your company. Ask them to devote time each week to coaching you. The key is to do what they say. They’ve been there, done that, got the t-shirts, so all you have to do is listen and follow.
6. Stay part-time as long as you can.
Jim Rohn talked about how he told people he was working on his fortune part-time, while he worked his job full-time. As he started making half as much in his business, as his job, he told people that he was making half as much income from his part-time business as he did in his full-time job. When his business was producing as much income as his job, he told people he was making the same amount of money in his part-time business as he was in his full-time job. Stay part-time until you are making twice as much in your business part-time as you do in your full-time job. The story changes as soon as you quit.
7. Zig Ziglar once said that you can have everything you want in life, if you just help enough other people get what they want. This is more true in our business than just about anything else. First, you have to find out what people want, then help them get it and by joining your business. The more people you help get what they want, the greater your success. So, instead of seeing your downline agents as cash cows, see them as people with dreams. Discover and help them achieve those dreams and you will build a large and successful business.
8. If you’re operating your business part-time, make sure you schedule time each week to work your business. Get out your calendar and mark off your work hours, sleeping, eating, church, time with family, exercise, and then book in some hours for business activities. Make those a priority over other, lower priority activities like TV, movies, and other forms of entertainment. At least until you have reached a full-time income from your business. Life is busy and if you don’t make time for your business, that time will be used for something less productive.
9. Live by the 3-foot rule. If there is someone within 3 feet of you (about the length of your arm), talk with them. Ask questions and get them talking about themselves and you can uncover pain areas, needs, wants, and dreams, then introduce your products/services or business, as a solution. If you only have a few minutes or seconds (as in an elevator), you will need to have a quick question like, “I’m curious, do you keep your options open for ways to make money outside of what you do for a living?” If yes, get their business card or at least name, phone, and email and tell them you will email information and then call to answer questions. If you can set up that follow-up call in that interaction, you will increase your odds. So, look around you, there are prospects everywhere.
10. Never pre-judge anyone.
You never know who your next superstar will be. In fact it’s often true that the people you expect to succeed rarely do and those you least suspect, will become your top performers. So, the key is to introduce your business to everyone and let them decide if it’s right for them. In fact, when you pre-judge someone, you are basically telling them that they are not worthy of your business and product benefits and you have no right to make that decision for them.
Share your business and products with everyone and let them decide.