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.
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.
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!
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…
Successful leaders exhibit these 30 qualities, behaviors, and skills. Which leadershipqualities 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! For books on leadership, check out the SUCCESS RESOURCES link at the top of the page.
Are you listening for success? That might sound like a strange question, but I assure you, listening, in the right way, is a key to your success. Although these three steps work well in a normal everyday conversation, they can make a big difference in your business results when speaking with a prospect who may become a potential customer or business partner. Bottom line – if you improve your listening skills, you will improve your business. They say “the money is in the follow up” which may be true, but many distributors, because of poor listening techniques, or not listening at all, sabotage their recruiting efforts, and leave themselves with no one to follow up with. Has this happened to you? Is it still happening?
Good listening habits certainly take practice, and it doesn’t happen overnight. But the effort you put into developing skills for effectively listening to others can pay big dividends. Keep the focus of the conversation on the other person. If you are only concerned about “making the sale” or “closing the deal”, then you’ve got the focus on the wrong person. And you’ll consider any conversation that doesn’t result in a new customer or business partner for you, as a failure.
I recently read a book by Michael Oliver, entitled “How to Sell Network Marketing without Fear, Anxiety, or Losing Your Friends!” In it, I came across this quote, “let go of the outcome, and your income will increase.” Makes sense really. By keeping the focus on the other person through listening effectively, and asking good questions, the people you talk to, will respect you, and (if and when the situation and time is right for them), will be more inclined to listen to what you have to say, especially if they feel you can provide a solution to make life better for them in some way.
So, what are these three power listening steps that you can take to improve your chances of success?
1. Listen intently. The first of the three steps contains a double meaning for the word “intently”. It means not only the obvious skill of concentrating your full attention when someone else is speaking, but it also means listening with the “intent” to understand the other person’s situation. Only by learning and realizing what their current reality is, can you both come to a logical conclusion of whether or not, they’re looking for a solution to a problem, and/or whether you will be the one to provide that solution for them.
2. Listen fully. The second of the three steps for effective listening involves disciplining yourself to tune out all distractions as you focus on just what the other person is saying. Distractions can be noise, sounds, even other conversations going on around you. But it can also be your own “selective” listening. What do I mean by selective listening? If you find yourself waiting to hear the other person say a key word, phrase, etc, just as a green light for you to launch into your “presentation”, then you’re guilty of practicing selective listening. One of the main pitfalls of many distributors is delivering the presentation too early in the conversation.
3. Listen openly. The last of the power steps to help you become a better listener means to keep a totally open mind when you are talking with a prospect or potential customer for your business. No preconceived notions allowed here. If you’re asking pointed questions designed only to get an answer you want to hear, without regard for what might be best for them, you’re jeopardizing your chance for long term success. Again, do not allow yourself to get off track. Are you listening to what they mean, or just what they say? To be an effective listener, you must keep the focus on them throughout the whole dialogue. After all, in the end, it doesn’t matter to them what you want out of the conversation.
The total business conversation is a balance of listening and presenting. Keep these three power steps in mind, and work on becoming a great listener, and chances are you won’t have to worry so much about being a great presenter.