How To Start An Online Business

Are Multi-level Marketing (MLM) Businesses Controversial?

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Multi-level marketing (MLM) businesses have been controversial for several reasons. While some people have found success and financial gain in these businesses, others have experienced financial losses and harm to their relationships with friends and family. Here are some factors to consider:

Business structure: MLM businesses rely on a multi-level structure, where members earn commissions not only from their own sales but also from the sales of their downline (i.e., people they recruit to the business). This can create a pyramid-like structure, where only a few people at the top earn significant income while the majority of members earn very little.

Recruitment tactics: MLM businesses often use high-pressure sales tactics to recruit new members, sometimes targeting vulnerable individuals. Members may also be encouraged to purchase large quantities of inventory to sell, which can be difficult to move and result in financial losses.

Product quality: Some MLM businesses have been criticized for selling overpriced or low-quality products. Members may be incentivized to prioritize recruiting new members over selling products, leading to a focus on recruitment rather than product quality.

Overall, MLM businesses can be risky and may not be a good fit for everyone. It is important to do your research, understand the business structure and compensation plan, and carefully consider the risks before joining or investing in an MLM.

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10 Tips for a Successful Entrepreneurial Pitch

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One of the hardest presentations to make is the entrepreneurial pitch. You have a great idea for a business and you want someone to give you money to make it happen. The problem is that venture capitalists, angel investors, and even rich uncles are heavily predisposed against you. Why? Because 99% of the pitches they hear sound like sure-fire prescriptions to lose money!

If you are pitching investors to give you money for a new venture, you should subscribe to the following rules:

1. Explain exactly what your business is within the first thirty seconds. Many entrepreneurs waste valuable time giving loads of data, background and other info—all the while investors are left scratching their heads thinking “What does this business actually DO?”

2. Tell your audience who your customers will be. Paint a vivid, specific picture of these people.

3. Explain why your customers going to give you there hard-earned money.

4. Explain who your competitors are. (And if you say you have no competitors, that is a certain sign you are unsophisticated and deserve no investment money!)

5. Explain why you are the ONE to make this happen.

6. Give your presentation with confidence and enthusiasm. Investors want a founder/CEO to be a chief salesperson; they want to see that you can convince the world of your dream—not just them.

7. Explain what star you can hitch a ride to. Has Best Buy or Radio Shack agreed to distribute your new product? Investors feel much more comfortable knowing you have an established player willing to distribute your wares.

8. Ask for a specific amount of money. If all you do is ask for money, then you can’t complain if an investor gives you $3.25 for a cup of Starbucks coffee.

9. Tell prospects exactly what you are going to spend the money on (hint:a trip to Maui for you and your friends will not impress)

10. Dress well, act confident, and put on the air that you don’t really need their money, but would be willing to accept it if they bring enough to the table to be a strategic partner for you. Sad but true regarding human nature, but people are much more likely to give you money if they feel you don’t really need it.

Finally, make each pitch presentation serve as a focus group for your next presentation. When one group of investors asks you a series of questions after you pitch, write down all of those questions and make sure most of them are answered in your next pitch so that the next group doesn’t have to ask them. Keep pitching and keep improving your pitch and eventually you may get funded.

 

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