How To Choose The Right Business For Your Personality
Network marketing and affiliate marketing is not for everyone. We covered that already! As much as it can be an ideal solution for people who do not have a lot of capital to invest, it is not a quick fix to make money.
Network marketing and affiliate marketing is not for everyone.
We covered that already!
As much as it can be an ideal solution for people who do not have a lot of capital to invest, it is not a quick fix to make money.
Nor a field that everyone can do, although everyone can do it because skills can be learned. It then becomes a question of preferences.
Does network marketing or affiliate marketing fit your personality? Maybe. Maybe not!
So, first thing first…
What is your income goal? What is your lifestyle goal? What do you wish to accomplish? What is a success for you? What is your personal value level?
As I was searching for more resources on how to determine if a business model is right for you, I found a series of videos by Mike Dillard, a multi-millionaire author of Magnetic Sponsoring, in which he explains how to choose a business model that fits your expectations and your personality.
Let’s review what he said…
STEP #1 | WHAT IS YOUR MARKET
No matter what marketing course you take, the first thing that you’ll be asked to do is to determine your industry and your target market.
What industry are you in?
What audience are you serving? What audience do you wanna talk to?
When I finally become serious about my business, I chose to serve the first-time mamas. I was pregnant with my first child and I wanted to document my experience so I could eventually help other mamas.
Since then I pivot a little bit serving high-level moms with a business. But still, I started to serve a very precise audience.
It is critical then that you do your research and learn more about your audience. Below a checklist of what you should ask yourself and do:
What are your audience’s needs?
Visit groups on Facebook and look for questions and struggles your audience might have.
Become members of those groups and start genuinely interacting
Yahoo groups, Facebook groups, Quora, Google search, Off line groups and community of moms around you, etc.
Identify common traits that your ideal customers share
What are their biggest sources of pain? What are their biggest fears? What common challenge do they face? What are their biggest desires? What information are they consuming? What products and services are they buying? What specific solutions might make their lives better?
Create your dream client avatar
And make it personal!
What’s her name? How old is she? What kind of career do they have? What is the average income range? What is their marital status? Do they have children? What kind of hobbies do they have? What are their other interests?
Write your avatar bio
From now on, every time you will share something, you will think that you are talking to that specific avatar you just created.
STEP #2 | WHAT COULD YOU DO TO SERVE YOUR MARKET
Could you create an app? Could you launch a blog? Maybe you could do network marketing?
Make a list of all the things you would be able to do to serve your market.
Let’s do it together with our example. Below a list of businesses/activities, you will be potentially able to do
you could have blog // affiliate marketing
you could be a beauty professional such as a hairstylist or an esthetician or a makeup artist
you could be a health coach
you could create and sell your own products
you could be a network marketer
you could be a nutritionist
you could be an influencer
you could create an app
etc.
STEP #3 | WHAT ARE YOUR CURRENT SKILLS
Determining you current skills will help you to evaluate what we call your personal value level. More about it later on.
Your Current Skills
Ask yourself: what skills and education I have that make me unique?
Skills are different from education. I would not waste too much time on education if you were not able to make the most of the skills you learned from it.
I hear you asking, what do you mean?
Well let’s say you did a beauty school, but did not put into practice what you learned there. You might have a license that say that you can cut hair, but you have not actually used that skill, I would not write that skill on my list.
You got me?
Be honest and just attribute yourself skills that you actually master.
YOUR P.V.L.
It might be a new concept for you and it was for me not long ago.
Your P.V.L. is your personal value level. The higher, the better. “They” say that the level of your income is a direct reflection of your P.V.L.
I don’t fully agree with this last statement, but let me explain how you can calculate your P.V.L.
Competition: is there a lot of people able to do your job?
Education: Do you need special and unique skills to do it?
Leverage: How many people do you serve?
Then the calculation is easy: [ (2) x (3) ] / (1)
Quick examples?
Let’s say your are a pet sitter…
(1) Competition = a lot of people can do you job = 10
(2) Education = you don’t need a lot of education to do a good job = 1
(3) Leverage = you can serve one client at the time = 1
Your score = (1 x 1 ) / 10 = 0.1
That’s why you won’t be making millions of dollars pet-sitting.
Now, you are a surgeon…
(1) Competition = not a lot of people can do your job = 2
(2) Education = you need tons of skills and have loads of education = 10
(3) Leverage = you can serve one client at the time = 1
Your score = (1 x 10 ) / 2 = 5
That’s why you make $1M per year, but because you miss the leverage part, you don’t make $20M.
Last one example? Ok, let’s say you are a spiritual book writer
(1) Competition = not a lot of people can do your job = 3
(2) Education = you need tons of skills and have loads of education = 10
(3) Leverage = you can serve the whole planet by selling your book = 10
Your score = (10 x 10 ) / 3 = 33
You make abundance of $$
My question to you, where are you at? What is your personal value level?
STEP #4 | WHAT BUSINESS WOULD REQUIRE YOU TO RAISE CAPITAL
or take more than 12 months to start.
You know that your success won’t come over night. But with consistency, a little patience and absolutely no money, you can still become successful and make money pretty fast.
Fast being around the 12-month mark.
Here some examples of business in the wellness and health industry that won’t cost a thing and can really become successful in 12 months of consistency and / or automation:
network marketing
affiliate marketing
blog
books
information products
education / membership site (private blog)
local marketing
social media marketing
And with that list you can go ahead and choose a business that fits your income and lifestyle goals.
Ask yourself how much time you are willing to put into your new business. How much money you can invest. Knowing that, I am recommending zero to little investment here.
STEP #5 | CHOOSE A MODEL THAT FITS YOUR PERSONALITY AND LIFESTYLE GOALS
Remember we talk about your goals and ideal lifestyle. Now it is time for you to choose a model that fit both, your income goals and your wanted lifestyle.
As an example, if you wish to just work a few hours and make millions of dollars, maybe network marketing - at least at the beginning won’t be the perfect fit for you.
If you are out going and love connecting and meeting new people every single day, or if you like to host events and create nice experience for your audience, in that case network marketing might be for you.
If you are an introvert and don’t like direct sales, then blogging and affiliate marketing can be the right thing to do.
The goal here is to choose a business in which you won’t feel miserable. You want a business that makes you wake up super happy most of mornings.
When I was thinking about it last time I did a personal and professional assessment, I realize that my goal was to find a business model that will deliver a PASSIVE income.
I realized that I was okay to produce work right now to put systems in place, but eventually that I just wanted to enjoy several stream of income with the minimum work.
Less is more. I am embracing that. When you know it is possible, it all become simple.
Notice that I have not said EASY!
So, tell me, what is it?
STEP #6 | ASSESS IF THIS MODEL IS CAPABLE OF PRODUCING THE KIND OF INCOME YOU WANT
The last step is a critical one. As much as you want to enjoy the process more than the results, it is still helpful to keep in mind the big picture.
So I want you to ask yourself if the business model you have chosen has the potential to make you the money you wish to make.
FINAL WORDS
I hope you find this interesting. I hope it will help you determine what type of business and person you are becoming.
I am interested in what you are doing and how you feel about this whole topic. Feel free to share your thoughts, struggles, and more.
I am also super open to discuss privately with you and help you determine a business that will fit you, your personality and your life goals perfectly.
Your turn… Tell me more.
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