Jack Koetting.com

Should Your MLM Business Be An LLC?

Jack Koetting — Thu, 16 Feb 2012 03:59:31 +0000

BUSINESS TYPES

LLC stands for Limited Liability Company, and is one of the options when starting a business. Another common business type for certain situations is a partnership, for example when both husband and wife are working the business together. Many of us, when we entered the world of network marketing, chose to start our new mlm business as a sole proprietorship. This was the simplest one, and presented no hassle.

THAT WAS THEN…

But is there a time in your business life to move on? Has your online business grown bigger than you first thought it would? Or, if you believe in the idea of multiple streams of income, are you in more than one business opportunity now?

IS IT RIGHT FOR YOU?

Perhaps it’s time to consider an LLC to see if it might be right for your situation. The following infographic should educate as it features key points to consider.

Is an LLC right for your business?

I’m not saying that this is necessarily the right choice for you at this time, but it doesn’t hurt to become familiar with the benefits, as well as the disadvantages that this business type brings with it.

Business Planning — Advantages and disadvantages of LLC’s and S corps

To view the next video in this series, please click here: www.monkeysee.com

MAKING A CHANGE

Is now the time?

If you do think that perhaps a change would be to your advantage, then maybe the following post will help you make the transition.

Transition Your Network Marketing Business From a Sole …

www.mlming.com1/13/12

You started your network marketing business with one approach, in your own name as a sole proprietorship. Now you … Typically, you can NOT transfer a business license from your sole proprietorship name to your new LLC.

IT’S YOUR DECISION

It’s always good advice to check with your personal tax attorney or accountant to get their input. Whether you decide to keep your business as a sole proprietorship, or look at the option of an LLC or partnership, it’s all up to you, and what you feel is the best solution for your situation.

JACK KOETTING

Leadership – Reflections on Coach John Wooden’s Wisdom

Jack Koetting — Fri, 03 Feb 2012 03:48:52 +0000

John Wooden - Coach and Philosopher

JOHN WOODEN – A CENTURY OF MAKING A DIFFERENCE

Believe me it’s been a long, long time since I stepped out on the court to compete in the game of basketball. In fact, I really only played one year in high school. I was a skinny kid, and not very good, so the next year I opted for jazz band instead, which steered me to my eventual degree in music. But that doesn’t mean I didn’t understand the game and the strategies. My court heroes at the time were names like Wilt Chamberlain, Bill Russell, Jerry West, Bob Pettit, and Elgin Baylor. (Am I showing my age?) The responsibility of implementing and teaching those strategies, from the bench at UCLA, was another person that was making a name for himself, Coach John Wooden.

John Wooden

John Robert Wooden (born October 14, 1910) is a retired American basketball coach. He is a member of the Basketball Hall of Fame as both a player (class of 1961) and as a coach (class of 1973). He was the first person ever enshrined in both categorie…

Direction On and Off the Court

John Wooden lived to be almost 100 years old and was one of the winning-est coaches in college basketball. But coach John Wooden wasn’t only a success in the game of basketball, he was also a success in the game of life. He was a positive thinker, an innovator, and a motivator that was able to transform his command of the game into other areas outside basketball.

Advice From Dad

He was often heard quoting the “two sets of three” which he said he learned from his father. “Never lie, never cheat, never steal” and “don’t whine, don’t complain, don’t make excuses”. Timeless advice still today. And certainly things that can be applied to entrepreneurs in their business endeavors.

John Wooden was also known to have carried in his wallet a piece of paper given to him by his father that contained the following advice:

Be true to yourself.

Make each day your masterpiece.

Help others.

Drink deeply from good books.

Make friendship a fine art.

Build shelter against a rainy day.

Pray for guidance and give thanks for your blessings every day.

The 9 Self Promises

John Wooden was certainly given good advice from his father, but John also came up with some pretty good insight and leadership principles on his own, which he followed and taught. John imparted some of his leadership wisdom through the written word. Coach Wooden’s Pyramid of Success: Building Blocks For a Better Life
and Wooden on Leadership: How to Create a Winning Organization
showcased his ability as an author. John Wooden felt that if you made the following 9 promises to yourself, you would be well on your way in your pursuit of happiness in life. They are:

1. Promise yourself that you will talk health, happiness and prosperity as often as possible.

2. Promise yourself to make all your friends know there is something in them that is special that you value.3. Promise yourself to think only of the best, to work only for the best, and to expect only the best in yourself and others.4. Promise yourself to be just as enthusiastic about the success of others as you are about your own.

5. Promise yourself to be so strong that nothing can disturb your peace of mind.

6. Promise yourself to forget the mistakes of the past, and press on to greater achievements in the future.

7. Promise yourself to wear a cheerful appearance at all times, and give every person you meet a smile.

8. Promise yourself to give so much time improving yourself that you have no time to criticize others.

9. Promise yourself to be too large for worry, too noble for anger, too strong for fear, and too happy to permit trouble to press on you.

John Wooden: Coaching for people, not points

www.ted.com With profound simplicity, Coach John Wooden redefines success and urges us all to pursue the best in ourselves. In this inspiring talk he shares the advice he gave his players at UCLA, quotes poetry and remembers his father’s wisdom.TEDTa…

An Example To Follow

Leadership is all about setting an example to inspire others to achieve their individual and team goals. We as leaders would do well to make these nine self promises, and see how far it takes us. It’s not about being the MVP on the basketball court. It’s about using leadership to develop teamwork that produces lasting results – something Coach John Wooden was very, very good at.

Patience and Persistence – Business Tips from the Bible

Jack Koetting — Thu, 26 Jan 2012 02:42:21 +0000

Image via Flickr

Are you willing to do what it takes, for as long as it takes? You see, patience is not only a virtue, it’s also a bit of practical business advice that you can discover by reading the Bible. I’m reasonably certain it’s not the only one. In fact, patience is often linked with persistence. Also, the passage from the Bible I’m citing is probably not the only one, or maybe even the best example of combined patience and persistence.

But for those that haven’t found the business success they’re seeking, either in their career, or in the online marketing world, this leadership trait of being willing to do what it takes, as long as it takes, I think is exemplified in this story.

THE STORY

The Bible reading is taken from chapter 29 in the book of Genesis, and finds Jacob on a journey that ends at the home of his uncle, and where he first meets Rachel, who will eventually become his bride. He wanted her so much that he would offer to work seven years for his uncle if he would grant his consent. At the end of the seven years, his uncle, because of a curious provision in the law, deceives him into marrying his eldest daughter first. Undaunted, he accepts his fate, yet offers to work an additional seven years in order to marry Rachel also. (Multiple marriages were common back then).

THE LESSON

Now, I’m no Bible scholar, and I’m betting that a lot of people would have thought he was crazy to do that, but that sure sounds like patience and persistence in order to get what one really wants. It’s true that he only had to wait a couple of weeks after his first marriage, in order to marry Rachel – still, he kept his agreement to work for his uncle the rest of the seven years. Guess you might say that integrity was important to him as well, as it should be for those aspiring to be true leaders in their organizations.

TWO SUCCESS STEPS

FIRST STEP – DO YOU KNOW?

In order to be successful in your career, do you know what needs to be done? What actions to take? What skills you need to acquire? What knowledge you need to learn?

Brian Tracy – Persistence, Entrepreneurs, & Millionaires

www.SuccessUniversityCoaches.com Brian Tracy talks about how failure is to be expected before you reach success.

SECOND STEP – WILL YOU?

Inspirational Quotes On Persistence – Impossible Is Nothing

developmentsecret.com

Inspirational Quotes On Persistence · 48 Comments. Share. Email. Earn. By Lockerz · developmentsecret.com. ↑ Grab this Headline Animator. <. Trust Yourself ! No man with a man’s heart in him, gets far on his way without …

Once you know what needs to be done, are you willing to do what it takes for as long as it takes? Do you have the internal passion to drive you past all the naysayers? Do you have the discipline to direct yourself, before directing others? Do you believe something valuable is worth waiting for? Is your “why” strong enough to sustain you to the end? Is your motto, “Never give up!?”

Patience and persistence are yours if you can answer “yes” to these questions. And you are well on your way to being an example to follow as you work toward, and lead others to business success.

JACK KOETTING

http://www.carfor300.info

Leadership – What Makes a Good Leader in Network Marketing

Jack Koetting — Sat, 21 Jan 2012 17:00:37 +0000

Image via Flickr

SO YOU WANT TO BE A LEADER

Leadership – a necessary skill if you’re to develop a team and have a chance to attain success in the network marketing industry. A leader must have followers. And a leader must do certain things to be a good leader. Are you a leader? Do you know what’s required in order to be the type of leader others look up to?

If not, perhaps I can provide some insight. My mentor, Steve Shook, recently hosted a leadership training event, in which he discussed what he called the 10 Attributes of a Good Leader in Network Marketing.

Ten Attributes of A Network Marketing Leader

Have a goal larger than those you lead. Your downline needs to know you’re planning for the future, and want to bring them success.
Have a greater and more positive attitude that those you are leading.
Accept responsibility, and be willing to admit your mistakes.
Make positive decisions. Always strive to do the right thing. (For more on this point, click Make the Right Choice)
Put those you’re leading first. They will work harder when they realize your goal is their success. (People don’t care what you know, until they know that you care.)
Lead by example. Don’t just tell them – work with them and show them. This sets the right example for your downline. (Check out the leadership lesson from the dancing guy video at the end of this post.)
Commit to integrity and character. Yes, character does matter. Your downline will have confidence in you if they see you doing the right thing.
Strive for excellence in everything. You may not get there, but you should strive for it, nonetheless.
Improve personal growth and development. Work as hard on yourself as you do on your career. Seek knowledge. (An excellent source is Jim Rohn.)
Must have high level of persistence and determination. In network marketing, it’s very easy to quit. Do whatever it takes, for as long as it takes. In fact, I’m reminded of a quote on a website featuring inspirational quotes that goes like this:

Success is failure turned inside out –

The silver tint of the clouds of doubt,

And you never can tell how close you are,

It may be near when it seems afar,

So stick to the fight when you’re hardest hit –

It’s when things seem worst that YOU MUSTN’T QUIT!

First Follower: Leadership Lessons from Dancing Guy

Official transcript at sivers.org — If you’ve learned a lot about leadership and making a movement, then let’s watch a movement happen, start to finish, in under 3 minutes, and dissect some lessons: A leader needs the guts to stand alone and look r…

duncanbrodie

Do u lead by example with only the best interest of another individual as yr motivation? Read more here http://t.co/JRA3IDZ6

Another perspective

2012 January 09 – Leadership Freak – Helping leaders reach higher in 300 words or less

http://leadershipfreak.wordpress.com/

Successful leaders exhibit these 30 qualities, behaviors, and skills. Which leadership qualities do you find most important. Which qualities/behaviors did we miss. Item one is first because it’s most important. The rest are listed randomly.

BE THE LEADER YOU CAN BE

Leadership can take many forms, but you must provide the right example that will attract others to follow you. I’m looking for other leaders. Become the leader in you!

Jack Koetting

www.carfor300.info

www.carspluscashsystemrocks.blogspot.com

Inbound Marketing – Changing the Face of Network Marketing

Jack Koetting — Tue, 17 Jan 2012 01:17:49 +0000

INBOUND MARKETING: DO YOU NEED IT?

That’s a good question, and if you’re a networker, maybe this post will assist you.

FIRST – WHAT IS IT?

Inbound marketing is a fairly new term, but one you will be hearing more and more about. If you are in the internet marketing or network marketing industry, you better make it a point to learn about what it is, and how it works, because I feel it is changing the way internet and network marketing is done.

Perhaps by drawing a comparison to traditional recruiting and lead generation techniques, which we refer to as outbound marketing, we can gain a clearer understanding of what inbound marketing is. Things like infomercials, newspaper ads, sending out dvds, traditional cold calling of prospects, even hotel meetings depend on interruption of a prospects time.

Inbound marketing, on the other hand, encompasses more of what Seth Godin calls “permission marketing”, including things like social networking sites, i.e. Facebook, Twitter, and YouTube. Creation of websites and blogs, to provide relevant content for potential customers/business partners you’re trying to attract, also falls within that realm. In addition, relationship building plays an integral part of inbound marketing. True, it is part of outbound as well, but is more in the follow-up phase of the process. Finally, don’t forget the importance of search engine optimization, known as SEO, to get higher rankings on Google and other search engines, because when your prospect is looking, you want to be found.

Where outbound marketing is like throwing mud at the wall to see what sticks, inbound marketing counts on attraction by a tightly targeted group of people.

Webinars, or presentations over the internet, could be considered both, depending on whether with a fixed time frame is perhaps an interruption, or with a flex time component, is part of the discovery or evaluation process.

SOME PERSPECTIVE

Inbound Marketing vs. Outbound Marketing | Inbound Marketing …

www.conversionpipeline.com If you are reading on the internet about new marketing strategies, I am sure you have heard the term “inbound marketing” thrown around. Inbound marketing is more of an approach rather than a new marketing service.

INBOUND MARKETING – WHY IT’S GOOD

What are the pros and cons of inbound marketing? The pros are that in most cases, the cost factor is much less than outbound marketing. Another obvious pro is that you’re attracting people instead of coercing them. You’ll also be taking advantage of growing trends, instead of declining ones as the infographic below represents. Appealing to a highly targeted prospect who already has an interest in your product or business opportunity, is certainly an advantage over traditional methods.

INBOUND MARKETING – THE DOWNSIDE

As far as the cons, one would have to admit that, in most cases, it takes longer to get results with inbound vs outbound marketing. Besides that, being willing to learn, and do inbound marketing, will require more effort and education than knocking on someone’s door and handing them a DVD.

You Oughta Know Inbound Marketing

hubspot.com HubSpot’s Rebecca Corliss sings her heart out about the horrible life of an outbound marketer. What’s Inbound Marketing? http Credits: Rebecca Corliss (@repcor): Lyrics and Vocals David Fisher (@tibbon): Accompaniment and Music Recording …

IT’S UP TO YOU

The old ways still work, especially if you’re lucky or determined enough to find the right person, at the right time, with a strong “why”, with the resources,… but it’s getting harder and harder to do it that way. And I truly believe that way is slowly fading away. It seems today’s network marketer needs to be aware of the benefits of inbound marketing. That means being connected with Facebook, YouTube, and other social media sites. They also may need a blog, and go after Google rankings, as well as keep working on their relationship building skills. As Harry Caray might have said, “Holy cow! It’s a brand new ballgame out there.”

Jim Rohn – Leadership Personified

Jack Koetting — Fri, 13 Jan 2012 00:38:30 +0000

America's Foremost Business Philosopher

Jim Rohn was affectionately called, America’s Foremost Business Philosopher, and was one of the most upbeat and positive people I’ve had the pleasure of listening to. His uncanny ability for getting right to the point of what matters most, made him highly sought after by leaders in all kinds of organizations. However, his influence probably affected more people in the network marketing industry than any other. Jim believed in the learning of business skills, and right there at the top of the list was leadership.

What is leadership? Leadership is, as defined by Wikipedia, ” the process of social influence in which one person can enlist the aid and support of others in the accomplishment of a common task.” Judging by that definition, and one’s understanding of the importance of teamwork in network marketing, it’s not hard to see why Jim Rohn resonated so well with networkers, especially in the are of leadership skills. It was some time ago when I came across a post by Twila Jacobs that I was impressed with, on the Seven Qualities of Leadership by Jim Rohn. In this particular rendering, for the first 6, he used “be” and “but not” in combination to make his point.

Whether in print, audio or video, Jim Rohn had the knack for saying the right things that made you think. Sometimes clever, sometimes humorous, always brutally honest when it came to imparting wisdom on leadership, and how to add value to yourself, as well as those around you. Of course, Jim himself, was also involved in, and a great advocate of, the network marketing industry. In these times of economic unrest, I miss hearing his fresh, positive perspective on pursuing the American dream and the success it offers.

If you desire to be a leader in your organization, whether in network marketing or traditional business, you can’t go wrong if you study the philosophy of Jim Rohn.

Challenges to Pursue

15 minute section of classic Jim Rohn. Buy Jim Rohn products at www.yoursuccessstore.com

THE SEVEN QUALITIES OF LEADERSHIP

1. Be strong, but not rude.

2. Be kind, but not weak.

3. Be bold, but not a bully

4. Be humble, but not timid.

5. Be proud, but not arrogant.

6. Be fun, but not foolish.

And then he wrapped it up with

7. Deal in reality and truth.

Short and to the point, these are truly pearls of wisdom from a great gentleman. Click the link below for more wit and wisdom from Jim.

Jim Rohn Quotes – BrainyQuote

www.brainyquote.com

Share the best Quotes by Jim Rohn with your friends and family at BrainyQuote.com.

Leadership is a learn-able business skill, and one that Jim Rohn personified. If you’ve been influenced by any of his books, audios, or videos, feel free to comment below.

Jack Koetting

www.carfor300.info

www.carspluscashsystemrocks.blogspot.com

Resolutions or Goals? Choose Wisely

Jack Koetting — Sat, 07 Jan 2012 03:41:26 +0000

Do you make resolutions or goals to start a new year? Are they pretty much the same, or are they different?

People make resolutions – People break resolutions. People make goals – People break …, well maybe not. The number one resolution each year has to do with weight loss. But it’s also the one that is forgotten or given up on the fastest.

And for those of us in the home business arena, it’s important to know the difference between resolutions and goals, because choosing to create a goal can move you more toward business success.

Here are some articles that may shed some light for you.

Kenneth J. Kerr

kennethjkerr.wordpress.com1/4/12

There is a difference between a resolution and a goal. Millions of people have resolutions, but very few in comparison have goals. Resolutions are often hastily-made preferences, brought about by the reflection we mentioned …

Resolution Time – What’s the Difference Between a Goal and a …

realstreetblog.com12/30/11

Resolution Time – What’s the Difference Between a Goal and a Dream? Dec30 by RealStreet LLC. This slideshow requires JavaScript. by Dave Miller. It’s time for the age old tradition of making your New Year’s resolution. Do you really think …

The Power of Goal Setting – How To Write Defined Goals | Patricia J …

www.patriciajevans.com1/1/12

Goals are the driving force behind all achievement. The person with defined goals knows exactly what they want out of life and how they wish to receive it.

And now words of wisdom on goal setting from Jim Rohn, one of my favorite business philosophers.

Jim Rohn Setting Goals Part 1

www.AsAManThinketh.net for a Free eBook of one of Jim Rohn’s favorite books. In this video the legendary teacher, trainer and mentor to millions worldwide shares some very simple yet profound steps we can take when setting goals. Part One.

So now you have some insight on the differences between resolutions and goals, and the importance of choosing to set goals that are specific, measurable, attainable, reasonable and timely. I wish you the best of success in 2012.

Make the Right Choice – Always.

Jack Koetting — Fri, 30 Dec 2011 06:29:55 +0000

Sometimes it’s easy, and sometimes it’s not. Sometimes the right choice is obvious, and sometimes it takes research, discovery, or perhaps study. And let’s admit it, the possibility of always choosing the right path is probably not going to happen, but as leaders, (whether in business, or anywhere else) we should always strive to make the right choice.

The right choice strengthens your character and illustrates your integrity. When you choose to do the right things, it shows those you are leading that “character matters”. Making your goals and aspirations subordinate to those of others builds trust.

The right choice demonstrates responsibility. When you realize that you are the one that is ultimately responsible for your own success, you set an example for those that are following you.

The right choice should always be in harmony with our values. Too often in the world today, decisions are made because they just affect others, but the real challenge is to always do the right thing, even when it’s uncomfortable, or negatively affects us personally.

For real leaders, the message is clear. Make the right choice – always!

Time is Running Out for Special Tax Advantages

Jack Koetting — Tue, 20 Dec 2011 06:18:47 +0000

This year when the ball descends in Times Square, it will signal the end of some very special tax advantages for those who currently have, or will start a home based business. And this is true, whether it is to supplement the income they receive from their regular J-O-B, or be their only source of income.

I was checking out the blog posts of one of my business mentors, Steven Shook, recently, when I came across this information. Even those of us who have had a home based business for awhile now, may not be aware of the special ruling the IRS made for the 2011 tax year, in which start up costs for a home based business (up to a maximum of $5,000) may be deducted all in one year, instead of the usual practice of spreading the costs over 15 yrs.

According to the IRS website, the sections of the tax code which address this are IRC Sec 195(c)(1)(A) and IRC Sec 195(b). It covers not only the actual costs of starting a business at home, but the costs of evaluating a business to decide which is right for your situation. However, as I said, time is short.

It also goes without saying that the start up costs are much less than for a traditional business. Plus when you have a home business, you have the time freedom to choose when you work, and when you can spend quality time in other activities – something that you probably don’t have with your current job. If you don’t currently have a home based business, I highly suggest that you start one before Dec 31. It’s like getting free money. Remember, it doesn’t take any special skill to start a home business. Do you have an interest in travel? Or would you like to improve people’s health? Find something you are or can become passionate about, then find a company and products to represent.

If you already have one, I suggest to you that this particular tax advantage could be a great recruiting tool for your business. if you can show your prospects how they can recoup some or all of their initial investment.

Oh, and by the way, in case the subject of pyramid scheme is raised by your prospect, the links above also include a paragraph from the IRS to explain the difference between a legitimate multi level marketing business and a pyramid scheme. That’s good to know, right?

For more reasons why having a home based business makes dollars and sense, watch the following 2 videos by well-known home business CPA, Sandy Botkin.

http://www.youtube.com/watch?v=cOR2ZwvhbOY

In this economy, it makes more sense than ever to have a home based business. Are you ready to get yours started?

3 Important Parts To Your Business Presentation – But Don’t Confuse Them.

Jack Koetting — Fri, 09 Dec 2011 01:24:59 +0000

What separates a successful business presentation from an unsuccessful one? I feel it’s the way certain parts are handled. I call them the 3 important parts to your business presentation. This information should be especially helpful to beginning networkers. However, even those that have been in the industry for a while, sometimes will lose a good prospect for their business because they don’t keep this in mind. They could do everything else right in recruiting, and still “drop the ball at the goal line”. In fact, if your recruiting success is not what you want it to be, you might want to pay attention here.

So what are these 3 important parts to include in your presentation, and improve your chance of success? They are
1. features
2. advantages
3. benefits

Now at first glance you may think, well they’re pretty much all the same thing. But beware – that’s where the pitfall is. In fact, the most common mistake is “mistaking features for benefits”.

We’ll talk about each one so that you understand them better, and are aware of how they should be used in the conversation. So we need to assume that your prospect has a problem, that can possibly be addressed by the solution you’re offering. Solving problems is what sales is all about.

Features are merely facts, bits of information, or perhaps data pertaining to your business or company. Sometimes it’s a characteristic of what you do. The skill is in picking the right feature or features that specifically address your prospect’s situation. Things like longevity of the company, what the products are, even the idea of “time freedom”, or “be your own boss” by themselves, mean nothing, unless they’re relevant, and customized for the person you’re speaking with.

Advantages answer the question of “how” a particular feature can be used to solve your prospect’s problem. Once you’ve identified the right feature, if you can point out to them how it takes care of their need, you’ll surely capture their attention. For example, with time freedom, if your prospect has to miss all of his son’s ball games because he’s at work, you could explain how by having a home business, he could make the time to be there by designing his own schedule.

Benefits put it all together. In other words, a benefit combines the right feature and it’s advantage, to satisfy an emotional need. People may listen to logic, but they make decisions based on emotions. If advantages are the “how” then benefits are the “why”. Continuing the conversation above, you could say, “That way, you wouldn’t feel bad about not being there to support him”. This is the real emotional reason underlying his interest in time freedom. How would you know that? Through the dialogue you had by asking good probing questions, and most importantly, being a good listener to their answers.

So the next time you determine exactly what your prospect needs or wants, and you’re ready to present your business opportunity, make sure you speak in terms of specific features, advantages and most of all, benefits. Remember, benefits make people “feel” better, and therefore drive positive decisions.