What’s your exit strategy?
December 8, 2012 Entrepreneurship
After many years of research into the Network Marketing industry with one of my best friends traipsing all over the world on seminars and meeting great leaders who inspired me to be all I can, one of the greatest revelations that MLM was not for me,
As a mentor with SFEDI I will often suggest to a mentee to get on seminars with an MLM company, as it’s the best training you will ever have for any business and in the main they are free!) yet the most prolific advice that I gained from MLM was to build a business that looks after me. That is the encapsulating premise that Network marketing lives of!
Each week at business networking I hear the people stand and tell the group what they do, then in one to ones after I ask them what their ‘end game plan’ is, and most do not have one. What is their motivation for the stress and unenviable working week they put up with for?
We all hear about how we all must have targets and goals to aim for in business and life, however if you are just aiming “to keep going for as long as you can” that premise has definitely got a sell by date, and one morning, and this is the only fact I will ever place my kids life on is; you will age, and your work, you will start to tire of it, and even if you love it so, your eyes or your body will slow and make it difficult for you!
Regardless of what business you are in, have an end game plan to either build your business so you can sell it and have a decent retirement, earlier than most salaried workers. If you are in Property build that portfolio of properties so the rent comes in, if you are a Hairdresser just 16 left school try to think about owning a brand of shops across the country with your name above the door. ‘Reach for the stars at least you will hit the ceiling’
I was introduced to the term residual income very early on and I am so glad I did. And it is for everyone not just MLM’s
Residual income is money that flows to you whether you work or not!
Some of you may reel in horror at the idea of getting money for nothing, this is not money for nothing, it is the earnings of the business you have built up over time.
Time being your greatest asset and should never be undersold!
Another issue British business people have is with money, many of us believe it’s a dirty word and we should be happy with enough, if that is your attitude please save yourself the heartache and find a job. guns don’t kill people people kill people, money is not the root of all evil
Lack of money is the root of all evil.
I was once in rapture at a MLM seminar with the story of the ‘Pipe boy’ who at the constant annoyance of his family and ridicule of his friends ignored the parental advice to follow the others down to the lake and bring a bucket of water home each night, yet he continued every day and night when the others were finished from their days toil having a warm meal with family constructing some kind of weird pipes.
After a few years in the social wilderness he knocked on his Father’s door and next to him stood a pipe with a tap he asked his dad to turn the tap and water just flowed out piped from the lake, the pipe boy now plays with his family all day and charges a dollar for a bucket of water and gives a quiet snigger to everyone of his friends who comes for water every day… Pipe boy retired at 15 years old and never worked again and just played!
The Moral is make sure your business is going to look after you for all the TLC you give it now, and have a date in mind when this change over will take affect only then will your subconscious make it happen!