The Buffalo Charges On
If you've been following this podcast for any duration of time, you should have noticed a major shift in how I am teaching. I have organized my content for helping side hustlers, startups, and solos around 4 basic fundamentals of success: Financial, Mindset, Strategic, and People. I highly recommend that you check out the previous episode to gain the perspective I've learned on why so many of you are struggling. It's called "Why Side Hustlers, Startups, and Solos Struggle". Armed with the basic understanding that these 4 are essential, I wanted to compare and contrast a few business opportunities out there. The first one is the multi-level marketing business. I was an Amway IBO for 10 years. I am thankful for my time and mentorship in this business opportunity. We didn't make it. Many don't. Why? Well, let's look at the 4 fundamentals.Financial – It's less than $100 to start! This is why so many can join. There really aren't any P&L's to study.Mindset – You can invest in books, weekly audio lessons, quarterly in-person conferences, and 1-on-1 mentoring sessions to grow your mindset. Coaching and mentoring and personal development in MLMs are second-to-none.Strategy – I was provided with a strategy and game plan for success from Day 1. The MLM strategy falls under the category of a business system or franchise. They know what works. You just have to follow the proven system and do the work.People – This is the most difficult part of the MLM. There is a tremendous momentum to overcome with people. You have to become an amazing people person. You have to learn to handle objections, stay positive, win people to your cause, and lead people. It's such a simple business model, but extremely hard to get buy-in from people. People is the biggest barrier and struggle in this business opportunity.The second business opportunity is a manufacturing company producing widgets that everybody needs. The 4 fundamentals are different here. There are no objections to overcome with people. You mainly deal with larger B2B situations where what you sell is needed. Strategy can be challenging, but the simplicity is this. Just scale and grow your operation to handle the demand. Mindset is also challenging as scaling is taxing and stressful. Dealing with complaints and legal and regulations can be difficult. The biggest barrier to this business opportunity is Financial. It may require $1 million to even start! That wipes out most of us right there. You also need to be incredible with your numbers as the margins are small in most cases and you better know how to guarantee profits at every level. Financial is the biggest barrier and struggle in this business opportunity.Read the rest of this episode at the Smart Cleaning School website