I don’t tend to just think about other people’s ideas – more due to an ego issue I have rather than anything deeper.
But read this and thought about it – and thought – heck this might explain a thing or two we are going through @goaugmented
So here are according to Rich Dad Poor Dad 5 elements that you need to create a business of the 21st century:
Lead generation, recruiting (or converting the leads into reps), duplication, retention, and the right company.
It is the last one (and recriutment) that we have been thinking about here at goAugmented – the UK’s only award winning independent Augmented Reality Development House –
Lead generation – Without leads you have no one to talk to and no one to share your business with. But just having leads isn’t all there is to it, the quality of leads is just as important as just generating leads. The key to generating the right leads is learning to generate free leads that are coming to you through attraction marketing or other kinds of online or offline marketing. Some of these are free and some can be through pay per click. The reason is when you go to converting these leads most of the time they have a higher conversion rate. You can do company co-op or buy leads but you will need more because they are going to have a lower conversion rate. But these kind of leads are good for getting the training on the phone. Just understand you are going to have a high rate of tire kickers and you need to breeze through the nos pretty fast to get to some yeses.
Recruiting – This is were a lot of people fail and were I have failed in the past, that’s simply getting on the phone and converting the leads into prospects. The number one reason people fail at this is they simply just don’t do it or do it consistently everyday. Some people start doing this OK getting on the phone regularly but they loose motivation because their conversion rate is very low.
If your conversion rate is not 10% – 20% then you simply need training in mainly one area, and that’s that right posture when you are on the phone with a prospect. Can you build a successful business converting just 1% – 5%?
That depends on how many people you talk to and how long you stick with it. But, the answer is yes, you can, you certainly can. You just have to be consistent and stay with it. Just understand if you want to be in the bigger money within 6 months to a year you have to learn how to convert a higher rate or you have to talk to more people everyday. For more on the right way to posture yourself for a higher conversion rate go to Overcoming Objections When Prospecting.
Duplication – When you start getting reps in, your business will fail if you don’t get them duplicating and building themselves. Most companies tell their new reps, the first thing, is to make a list and start calling the people on the list, called their warm market. The reason for this is because it works. It is the fastest way to get going.
Then they get them into company coop leads and start teaching them scripts. Will this work, of course, but if this is the only thing you know you will loose a lot of your people or they will just sit never doing anything. Some people will just refuse to do this for one reason or another. So even if this is what you know to be the best way to do it you have to train yourself in other methods to get those people working.
Some people who refuse to bother their warm market you will need to immediately get them generating leads or buying leads. Some people will actually refuse to call people so you may need to know how to build a business completely online (but you need to make them understand that if they choose not to get on the phone ever it will take a long time to build a business). The more people you can get on the phone consistently the faster their business and your business will grow, but you have to be ready for the ones who won’t.
Retention – Besides recruiting this is the number 2 killer of a business failing. Retention has a lot to do with the company you are with (we will talk about next), how fast you can get people to duplicate and the quality of reps you are bringing in. If you can’t get people to duplicate and start seeing money they are going to loose motivation and start falling off. That’s why the quality of leads is important if you are just bring in tire kickers that you somehow talked into joining you, your job just got tougher in getting them to duplicate then if you brought in someone of a higher quality lead.
There are some that will surprise you and just take off but the key is to get a good number of them working not just 1 or 2 and that is going to depend on you getting into what motivates them and finding out what would be their best niche and bringing in more quality of type people.
The Company – First I don’t endorse affiliate marketing as actually building a business. It is a great to make money as you are building a business, but that is just selling and not building anything. And it’s just not smart to spend all your time with this kind of money making project and have nothing to show for it 5 to 10 years from now. Most all companies are pretty much going to work it’s just some are going to be tougher in certain areas then other.
Health and wellness is going to have a tougher time right now because it is so competitive. Retention is going to be tougher because there is nothing special about it and it is going to be tougher to recruit, and when someone isn’t making money that fast and bills are coming in the first thing they are going to stop paying for is their product. But, it can still be done, people are proving it all the time, you are just going to have to talk to more people.
The shopping companies are OK but retention is going to be tough here too because if the buy in is low the pay out is low and it takes more people to make money. I’m not going to get into travel companies their trouble speaks for themselves. Matrix comp plan companies are OK because they do build pretty fast but I have found I now prefer a company with a product that I have a network of people under me building with and growing, the money in the long run is just going to be a lot bigger.
All the above wise words come from – http://www.michaelkeyessite.com/2011/08/the-business-of-the-21st-century/