Posts tagged trends
Most of us understand just how bad the economy has been over the last few years. We’ve had issues with higher food costs, increased gas prices, skyrocketing energy rates, and a shrinking economy. But the worst issue of all is the loss of jobs.
In these tough economic times we can either rise to the challenge or be crushed under the pressure. My biggest concern has been how others have and continue to react to the current conditions in general and the struggling job market in particular.
There have been two primary reactions to the poor job market: (1) acquiring a second job, and (2) going back to school for an additional or advanced degree. Now, I’m all for higher education, BUT the problem with both of these responses is that neither of them addresses the problem…lack of jobs.
Consider this for a moment. If there are too few jobs, how does getting a second job solve the problem? Moreover, how does acquiring a degree help you get a job that may not be available? Aren’t there others out there with the same degree you are trying to get that are struggling in this very job market? Of course there are. Do you have 4 years to wait? Maybe. Does adding more debt solve your problem? Probably not.
So it becomes pretty clear that the solution to a lack of jobs is …Job Creation.
Enter the Age of the Entrepreneur
Entrepreneurs are born out of crisis and are by nature problem solvers. The “crisis” could be personal, or they could strive to solve a problem bigger than themselves. But make no mistake, effective entrepreneurs are indeed problem solvers. As for job creation being a solution to a poor job market, think about the effects one successful business owner can have on the market.
If you start a business and you plan for it to become successful, you will require the assistance of others – either as staff members or consultants.
For instance, you may need a bookkeeper or accountant, or you may need a lawyer at least to form your business entity. You may also need staff members to do paperwork, filing, customer service support, etc. But it does not end there. Consider professional services such as marketing and advertising companies, joint ventures, associations, suppliers and vendors. All of these people would generate an income because of a successful business. Now imagine thousands of successful businesses!
The truth of the matter is that entrepreneurship is the heart of an economy. Simply look at any nation with a struggling economy and you will find that free enterprise is on life support. Is it the solution to end all of our woes? No. There are many challenges that face our economy and it will take strong, smart, moral and financially literate leaders to solve them but it is up to the entrepreneur to relieve financial strife whenever and wherever possible.
“Fighting the evil forces of poverty – both yours and mine.”
Robert E Reed
As I mentioned in part 1 of this article you are the primary reason someone will join a network marketing company. For the most part, products do not get people in the business nor does the company leadership …..your leadership does. People want to follow someone who knows the way, goes the way and shows the way as John Maxwell would say. Products are secondary. That being said, products are vehicles to get you and your team where you want to go. SO I did some research on the vast MLM industry and took a look at specific categories to see which ones present the best opportunities to creates a massive residual income.
The are a handful of categories to choose from but not all categories are created equal. Although you could build a huge team and income in any industry some categories are more profitable than others. Factors may include need, timing, industry size, product or service and a few intangibles.
Here are the top 5 categories you should get into now.
From 5th to the number one category;
Category 5- Travel. Travel is by far the largest category in terms of money spent annually around the world. People love to travel. People want to travel for many reasons, from fun and adventure to relaxation, romance and rejuvenation. Travel is a very appealing industry.
The drawback – Travel isn’t a daily, weekly or monthly product or commodity. It’s one of those things people do “when they get a chance.” So most travel mlm are set up as memberships which people sour on if they do not get to use as they had hoped.
Category 4 – Financial Services. Despite the massive hit financial services took in the market the average investor still needs guidance and a plan. Although more people are paying attention to their finances and being a bit more “hands on” (and they should), they will still need someone to facilitate the transaction. Forms still need to be filled out for annuities, insurance, long term care, and mortgages as well as other financial instruments.
The drawback – So many people have lost their trust in financial services, the market in particular, due to the fact that retirement funds dwindled as the economy took a nose dive. With large financial institutions going under or taking bailouts this sector has an uphill battle in winning back public trust.
Category 3 – Health/Wellness/Cosmetics – There are over 5 thousand network marketing companies and 48 hundred of them are in this category. This shouldn’t be that surprising with baby boomers wanting to look and feel younger. This makes the market huge for those who are in the health and wellness industry.
The drawback - As I mentioned before there are over 4,800 health and wellness mlm companies out there which makes for a tremendous amount of competition. They all (or most) have clinical trials, testimonies, case studies and endorsements. Its enough to leave you scratching your head as to which one is really the best.
Category 2 – Necessities - When I say necessities I mean things we use everyday. Things like the cell phones we use, electricity and the like. I do not, however, recommend technology because it has a tendency of getting cheaper a soon as someone makes a “better mouse trap”. When that happens where does that leave your residuals? Nor do I recommend toiletries such as Amway simply because of market saturation.
Electricity on the other hand is great because you never pay that stuff off! As long as your customers pay their bills you keep getting paid.
The drawback - Actually getting customers to make the switch can be tricky. Most people are on contracts and would have to pay a penalty for breaking an agreement. So follow up is critical in timing the expiration of your prospects contracts with their current electricity provider. Most sales will not be instant.
Category 5 – Collectibles Assets. I am a big comic book fan and for a period of time I owned more than 10 thousand comic books personally (I also owned a comic book store). Some of which were worth hundreds of dollars. While I’m not talking about comic books, I am talking about other assets that has intrinsic value. Gold and silver collectibles are the perfect product in this category. There is a media buzz about gold and silver these days due to its rise in value in a turbulent economy. Precious metals are the currencies of kings.
When you take an asset such as gold and silver collectibles and place it into a powerful vehicle like network marketing you’ll have a phenomena. Not to mention this category is new and has just started in the market (relatively speaking). So the timing couldn’t be better.
The drawback – I has been said that a new idea is first rejected then ridiculed then it becomes self evident. So I would expect some resistance at this stage. Once the idea of collecting gold and silver coins to protect and preserve wealth the person in position will stand to make a fortune.
Fighting the evil forces of personal poverty both yours and mine.
Robert E. Reed
The rules have changed.
The way we market ourselves, our business, product or service has changed. In fact the way we connect with one another has changed. We are experiencing a cultural shift on a global scale.
In fact, we are moving from the Industrial Age mindset to the Information Age and with that enters the Age of the Individual. At present the market demands that we stand out from the competition. The consumer is bombarded with marketing messages every minute so the challenge is to rise above the noise.
Many of us have changed jobs more than a few times over the years. Yet with multiple job changes, economic changes, downsizing, buyouts and downturns you remain the constant. You are the one who closed the deals, made the contacts, helped the customers, enhanced your education, sharpened your skills, started the business or laid the foundation. You are the brand!
We all have something to offer but how do you stand out? The answer is simple but not easy… it’s personal branding. The difference between you and the next personal offering the same products or service is your name and values. Others may call it your USP or unique selling proposition. I refer to personal branding as your promise of value. What makes you unique is valuable. It’s your job to present that value to the world and make it synonymous with your name.
Personal branding affords you an opportunity to design a life you want to live because of partnerships that will come your way.
Personal branding is an art and a science. The art is in the relationships you build. Relationships, good relationships, are the strengths of your brand. The science is the tools you use to extend your reach. There is no perfect system because new technologies are popping up all the time so worked yesterday may not work tomorrow. But don’t fret, the changes are usually gradual the key is to be aware and adapt.
Building your personal brand will cost you more time than money because the art takes time and the science is cheap or free with the advent of social media. Now is the time to step up and stand out!
Robert Earl Reed is an internet marketer and personal branding trainer, author and speaker. He is co-founder of http://www.BrandYouClub.com a personal branding education and tools company that helps independent professionals, business owners and network marketers stand out and build value around their number one asset themselves! Robert can be found at http://www.robertearlreed.com and http://www.brandyouclub.com