Business Development Strategies for Getting Through Your First Year in Network Marketing

Starting a business is one of the most exciting things you can do. However, as a new network marketer, independent business owner, or product representative, you may not realize that the first year or two in business will be the most challenging. This is especially true if you have never built a business before or worked outside the home. To help you with your business development, here is some advice you can use to maximize your chances of business success.

One thing that you need to understand as a new business owner is that you are responsible for your own success. The company will usually provide training to help you with your business development and your sponsor may offer some advice. At the end of the day, though, you are the one who has to take action to move your business in the direction that you want it to go. No matter what your sponsor tells you, all businesses require some type of active participation on your part.

Business Development Tips for Your First Year

Get Used to Rejection

No one likes to be rejected. As a small business owner, though, you might as well get used to it. Not everyone is going to be a match for the products you are selling or your business opportunity and you will run into a lot more people saying “No” than those who say “Yes”.

Don’t get discouraged. Take each rejection as an opportunity to learn what didn’t work so you can refine your approach. Eventually, you will get to a point where you will be able to ferret out the best business associates and increase your conversions.

Automate as Much of Your Business Development as You Can

A big part of your small business success will depend on how well you handle your time. There are only so many workable hours in the day and you want to spend as much of that time on tasks that will make you money or help you grow your business. Look for ways to automate or outsource those chores you don’t have time to do. For example, you could hire a virtual assistant to help you with email or some of your marketing.

Get Training

Part of your business development strategy must include taking time to get training that will provide you with the knowledge you need to build a successful small business. A lot of business opportunities tout the fact that you don’t need to have prior business experience. While this is true, you must be willing to get the training required to bring you up to speed. Take advantage of what your company has to offer as well as books and seminars offered by business development experts.

Track Your Progress

Tracking is the key to determining what works in your business and what needs to be abandoned in favor of something more promising to your business development. This is particularly important if you are paying with time or money because you don’t want to waste either on stuff that isn’t getting results. While there are programs out there which will assist you in monitoring different aspects of your business, a simple Microsoft Excel Spreadsheet will generally work fine as well.

Learn to Separate Fact from Fiction

When you announce to the world that are in business, you will get a lot of advice from everyone. Some of it will be good and some of it will be plain wrong. In addition to that, other people may try to sell you products and services aimed at helping your manage your business. It is important that you learn discernment and be able to separate fact from fiction. Otherwise, you will end up wasting time implementing bad advice or throwing good money at worthless products.

Build a Brand

There are thousands of people in the commercial sphere selling all sorts of business opportunities. The only thing that will make you stand out from your competition is your branding. Not your company branding but your own personal branding. When you build a recognizable name for yourself, you will attract prospects to you rather than having to chase after them. Additionally, having a personal brand will make it easier to change business opportunities without being forced to start all over again.

Train for Independence

It’s nice to have people helping you with your business development and providing advice or tools to assist you in achieving small business success. However, you are the epicenter of your business and you need to be able to stand on your own two feet. Network marketing is an industry that sees a lot of turnover. It is not uncommon for people to drop in and out of a business opportunity. Keep yourself and your business strong by cultivating as much independence as you possibly can.

Focus on Long Term Success

A lot of people in the network marketing industry try to sell you on the idea that you can achieve instant success with your business opportunity. Overnight success does happen but it is very rare. Usually, what looks like an overnight success is actually the result of years of hard work behind the scenes.

It is best to focus on building a business for the long term. When you focus on attaining quick success, you will become easily frustrated because it won’t be happening fast enough for your tastes. Think of building your business as a marathon rather than a sprint. It may take awhile to reach the finish line but you will get there if you persist and persevere.

Your first year in network marketing will be an exciting roller coaster ride full of ups and downs. However, if you stick with it, you will lay a solid foundation that will contribute greatly to your small business success.

Business Development Steps and Strategies

Business development requires a multi-disciplinary approach and there is no ‘one size fits all’ strategy.

Below are some of the ways available to help ensure business development:

o Identify – Before you can seriously plan for business development it is necessary to identify new business opportunities.

o Plan – Once new business opportunities have been identified you will need to decide how you can best reach those new customers and markets. If your in-house resources are already stretched, you may need to look for help elsewhere. The same applies if you find the capacity or skills for business development do not already exist within your business. Outsourcing is not always as expensive as you think and could work out more cost effective over the time needed.

o Develop – What innovative marketing plans can you develop to raise your business profile among your existing customers and new markets? You may wish to consider things that you haven’t tried before. It is important that everything you plan to do can be tested on a small scale first and that you build in the opportunity to fine tune your efforts.

o Implement – If your business is not at the stage to appoint a full time marketing director, at least hire an experienced business development professional to work with your company for a few days a month.

Commitment is the key to business development. If you want to see results you must persevere. If your attempts are sporadic or you give up, you will waste the time, money and effort that have already been invested into your business development programme. Be consistent.

Five Ways A Business Development Consulting Firm Can Help Your Business

For a small business owner, it may be challenging to get his or her company off the ground. Therefore, it may be necessary to enlist the services of a business development consulting firm. A consulting firm can help a new company figure out ways to expand and thrive in the marketplace. Here are five specific ways that a consulting firm can help your business thrive.

1) Target Your Customers Effectively

Do you know who your customers are? If you do know who your customers are, do you know how to reach them? A good consulting firm will show you what your customers need to hear before making a purchasing decision. From there, your business can devise a marketing plan that will convince customers that they need what your company has to offer.

2) Build An Online Presence

The Internet is an amazing marketing tool when used correctly. With proper guidance, your company can build a solid online presence that can be leveraged to increase sales and increase visibility for your products or services.

3) Develop Your Brand

A good brand can sell products all by itself. Therefore, it is important that your company has a strong brand that customers can identify with. If your company wants to be known for great customer service, offering 24 hour service to handle returns could be something that your business could offer. Another good idea would be to have a call center that is open around the clock to address customer complaints and concerns.

4) Learn How To Interact With Other Businesses

Other businesses in your area may want to promote their products in your store. In exchange, these businesses may be willing to promote your products in their store. For example, your lawn mower supply company may want to partner with a hardware store or a landscaping business to create a dynamic marketing initiative. Your lawn mowers could be promoted in the hardware store while your company helps to promote your local landscaping company.

5) Understand Where Opportunities For Growth Are

There are always opportunities for your company to grow. Whether it is expanding into other markets, targeting new customers or creating new products, sales should never stay stagnant. A consulting firm will be able to point out these opportunities to you well before you have thought of them. This will enable you to be the first company in your industry to enter a new market or to create a new product that customers desperately need. Typically, the company that is first to offer a product or service is the company that is associated with that product or service even after competitors offer something similar. This makes it easier to maintain a larger portion of the market share.

When used correctly, a consulting firm can be your best friend. You will have someone who you can turn to when you need advice or at a loss for ideas. The best part is that most consulting firms are staffed by people who have experience in the business world. This experience can be used to give your company a leg up on the competition.

10 Of the World’s Best Business Development Ideas

Brilliant business development ideas have helped small businesses grow into big businesses that employ hundreds to thousands of people.

Here are 10 of the world’s best professional development ideas:

1. Partnerships
Going into partnership came about when one party has what the other party does not have. For example, many people with great products (that consumers will jump at) often go into partnership with people who have the money to launch the product off the ground.

2. Franchising
This is one of the business development ideas that close to the top of the list! Franchising offers companies a chance to market and sell their brand and their business processes to other businesses in exchange for franchise charges and at times a share of the franchise proceeds. This professional development idea is pretty common with well known eateries, restaurants, residential maid services etc.

3. Using The Internet
Without a doubt, going online is truly a business development idea that every business in this modern day and age needs to implement or remain in obscurity. Every type of business can promote their business through a website.

4. Exportation
Products that are in hot demand outside the shores of the country are exported abroad. This is another smart professional development plan that many businesses employ, because the high demand of the product will sustain the company’s financial, management and production needs.

5. Opening Another Location
This is a step that a lot of companies take in order to serve their growing customers especially if their present location cannot serve customers who do not reside within the locality. Companies also open another location in areas where growth opportunity has been clearly spotted.

6. Trade Shows
Attending trade shows is one business development idea that makes perfect sense because it offers business owners the opportunity to network and to even size up the competition as well. Many businesses have achieved their breakthrough in business by simply attending trade shows.

7. Corporate Social Responsibility
Contributing to the growth of the community is one way to attain business growth. People always feel a sense of loyalty to those that care about them. When they purchase products and services from a company that gives back to the community, they also feel that they are giving back to the community when they purchase goods and or services from that company as well.

8. Excellent Customer Service
This is perhaps one of the most effective business development strategies in the world. People will always do business with a company that offers them quality products and top notch customer service.

9. Giving Away Sample Products
Giving consumers a taste of your product is one way of getting them hooked and reeling them in. Manufacturers of beauty products have used this professional development strategy for years and have enjoyed immense growth.

10. Customer Loyalty Program
This particular business development idea is one that many consumers appreciate and has helped many businesses retain their existing customers and capture new clients/customers.