I need to tell you about something that happened to me today. I was consulting with a small business owner in the real estate industry. She couldn’t understand why she was struggling to keep her business afloat.
Everyone is familiar with what is going on in the real estate industry right now. Home values through the floor, massive inventory built up,foreclosures everywhere, etc.
But what most people don’t know is that home sales are actually up! For example, in Las Vegas, in June 2009 they had RECORD SINGLE MONTH HOME SALES!
(You’re probaby asking yourself what this has to do with home business success. Don’t worry, its coming.)
So anyway, in her market, home sales overall are increasing, and her own homes sold were increasing. So why was her profitability so weak?
Then I asked her what the houses were selling FOR. Well, about 50% of what they were a few years ago. And then suddenly it hit her, where I was going with that. Her units sold were up, but commissions per sale were way, way down, because home values have been decimated.
So we started talking about ways she could diversify her business -increase property management activities, try selling commercial real estate (not a field you want to get into right now, believe me!), etc.
Then I proposed an idea for her. What if she could attract new agents to her – to increase her company sales by increasing the number of people who were out there selling!
(don’t worry, we’re getting to the point, and how this applies to Home Business Entrepreneurs)
She said she had thought of that, but wasn’t sure how to go about doing it. So I helped her put together a plan to make this happen, by establishing herself as a leader in the market, offering the right incentives for new agents to join her business, etc.
Now here’s where this applies to the Home Business industry, which is why we are all here.
This Entrepreneur was struggling in her business. It wasn’t because she wasn’t trying very hard – she was working longer and harder than she ever had before. But what worked before,
wasn’t working now.
wasn’t working now.
So what did she do? She did the same thing, but she tried even HARDER,and worked even LONGER. And still, her business struggled.
One popular definition of insanity is “Doing the same thing over and over again, and expecting a different result”. That’s exactly what this business owner was doing. She wasn’t looking for new and creative ways to market and/or diversify her business.
That’s what most people in the home based and network marketing industries do. They try what they think they should be doing (i.e. talking to friends and family, going to meetings, inviting neighbors to meetings in their home, etc), and when it doesn’t work, when their business isn’t growing, they just TRY HARDER, doing the same things that weren’t working before.
Its like the analogy of the watermelon salesman. He picks up a load of watermelon for $1 a piece, takes them to market, and sells them for 75 cents each. When he fails to turn a profit, he concludes that he needs a bigger truck!
Guys (and girls), don’t let this happen to you. The failure rate in the home business industry is staggeringly high. Over 95% of all home businesses fail within one year.
Don’t keep doing the same old things over and over again that for most people just DON’T WORK. If you have something that is working for you, then by all means, keep doing it!
But if you don’t, then find something different. Look for a different way to build your business. Look for a new approach that appeals to you, and then become an expert at that approach, a master, a Dynamic Leader.
Quit working LONGER and HARDER, and start working SMARTER.
This is the essence of what The Supremacy Method is all about – helping Home Business Entrepreners like you discover what it takes to be successful in this industry, by breaking all the industry rules and defying all the norms.
Follow along with this blog and you’ll discover some useful ideas that you can use to grow your business.
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