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Let's discuss what your expectations should be for your network marketing business to be a success. This article will give you some ideas on how long your home business is likely to last.
A common question I get asked is if I have heard of company 'x' or company 'y'... then the next most common question is based around how long I think they will last in this competitive environment.
Some great questions no doubt... but it is almost impossible for anyone to know how long a company will last, we can only assume these things.
Just in the weeks prior to this article being written two of the Worlds largest corporations, General Motors Corporation, and Ford Motor Company, had their credit ratings downgraded to junk bond status by the industrys credit and investment rating services such as Standard & Poors and Fitch Ratings. And of course many people will remember Chrysler Corporations brush with near bankruptcy in the 1980s.
It is only coincidence that two of the largest automakers were in the news when I wrote this article, but certainly many corporate giants in numerous industries have faced tough times, including Kmart, Sears, and most of the major airlines.
For example, Excel used to be one of the most successful home business companies around, only to end in bankruptcy due to corporate greed and mismanagement.
It's certainly not all doom and gloom, with 99% of the above companies mentioned still in business. So don't fret, there are still positives to be discussed.
I hope the above illustrates that no-one is safe, no matter how large or small. That doesn't mean that you can't stack the odds in favor of your home business. In fact, some of the criteria that you can use to make your evaluation are incredibly simple. so don't be like the rest, choosing to ignore good advice when it comes to making sound business decisions.
There are factors to be considered such as management, variety of products and services, etc... These are usually difficult to judge though, so one of the most important factors that you can judge is the age old test of time.
Simply choosing a company that has been around for a while (with a while being a minimum of 2 to 3 years and preferably 5 or more) will automatically stack the odds in your favor as opposed to people who choose to go with risky startups and pre-launches.
The statistic that most new businesses fail applies to businesses of almost every type, in absolutely EVERY industry. However, once a business is no longer, 'new', after it has proven that it can survive beyond those first critical years, your chances for continued success increase exponentially over time.
There can be no assurance that even a company that has been around for a long time wont experience bumps in the road, or even major problems, but history clearly shows that the longer the company has been in business, the longer they are likely to be able to continue to survive and be successful.
Of course, there are some who enjoy the potential rewards, and substantially much higher risks, associated with new companies. However, in reality, most people who become involved with such companies only do so because they arent aware of the statistics regarding business success and failure. And then also many people become so wrapped up in the hype, emotion, and sometimes even greed (of promised skyrocketing profits due to being in on the ground floor) often associated with new companies that they throw all caution aside and jump in anyway.
You dont have to become as knowledgeable as a business analyst to boost your chances of success tremendously simply by following the one simple rule of picking a company that has been around for a while.
Can anyone guarantee that your company will be around 10, 20, or 40 years? Absolutely not! Can you stack the odds in your favor and make it much more likely that your company will still be around 10, 20, or 40 years from now? The answer is YES!
The choice is yours.
A common question I get asked is if I have heard of company 'x' or company 'y'... then the next most common question is based around how long I think they will last in this competitive environment.
Some great questions no doubt... but it is almost impossible for anyone to know how long a company will last, we can only assume these things.
Just in the weeks prior to this article being written two of the Worlds largest corporations, General Motors Corporation, and Ford Motor Company, had their credit ratings downgraded to junk bond status by the industrys credit and investment rating services such as Standard & Poors and Fitch Ratings. And of course many people will remember Chrysler Corporations brush with near bankruptcy in the 1980s.
It is only coincidence that two of the largest automakers were in the news when I wrote this article, but certainly many corporate giants in numerous industries have faced tough times, including Kmart, Sears, and most of the major airlines.
For example, Excel used to be one of the most successful home business companies around, only to end in bankruptcy due to corporate greed and mismanagement.
It's certainly not all doom and gloom, with 99% of the above companies mentioned still in business. So don't fret, there are still positives to be discussed.
I hope the above illustrates that no-one is safe, no matter how large or small. That doesn't mean that you can't stack the odds in favor of your home business. In fact, some of the criteria that you can use to make your evaluation are incredibly simple. so don't be like the rest, choosing to ignore good advice when it comes to making sound business decisions.
There are factors to be considered such as management, variety of products and services, etc... These are usually difficult to judge though, so one of the most important factors that you can judge is the age old test of time.
Simply choosing a company that has been around for a while (with a while being a minimum of 2 to 3 years and preferably 5 or more) will automatically stack the odds in your favor as opposed to people who choose to go with risky startups and pre-launches.
The statistic that most new businesses fail applies to businesses of almost every type, in absolutely EVERY industry. However, once a business is no longer, 'new', after it has proven that it can survive beyond those first critical years, your chances for continued success increase exponentially over time.
There can be no assurance that even a company that has been around for a long time wont experience bumps in the road, or even major problems, but history clearly shows that the longer the company has been in business, the longer they are likely to be able to continue to survive and be successful.
Of course, there are some who enjoy the potential rewards, and substantially much higher risks, associated with new companies. However, in reality, most people who become involved with such companies only do so because they arent aware of the statistics regarding business success and failure. And then also many people become so wrapped up in the hype, emotion, and sometimes even greed (of promised skyrocketing profits due to being in on the ground floor) often associated with new companies that they throw all caution aside and jump in anyway.
You dont have to become as knowledgeable as a business analyst to boost your chances of success tremendously simply by following the one simple rule of picking a company that has been around for a while.
Can anyone guarantee that your company will be around 10, 20, or 40 years? Absolutely not! Can you stack the odds in your favor and make it much more likely that your company will still be around 10, 20, or 40 years from now? The answer is YES!
The choice is yours.
About the Author:
Peter Werth continues to pass the test of time with his network marketing opportunity, and has some great tips on making it in these tough times. To discover how you may ensure your Home business success, please visit his website.
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