Category Archives: Business Advice

Lessons from a 1980’s shopping mall

The 1980’s was the heyday of indoor shopping malls in the United States. The closest mall to our house had more than 80 stores including 5 major department stores, so there were plenty of choices.

(In this post I will change the names of the stores, for copyright’s sake.)

We knew if we wanted something artsy and ahead-of-the-trend, we shopped in Solomon’s.

Prom or career-defining business interview coming soon? Hit the racks at Cube for clothes that would impress.

If Cube was too expensive, we combed the selection at Seaform, which had still-very-nice business wear, and even a small “Tall Ladies” section.

Janice’s had “knock-offs” (imitations) of several designers displayed at Cube and Seaform.

And if we simply wanted a basic pair of blue jeans, we headed to Deerfield.

The gist of it: every store had different clothes and fit different budgets. There was something for everyone, and we knew which store would likely have what we wanted.

By the early 1990’s, I noticed Solomon’s and Deerfield kept their unique identities, but three of major department stores started carrying the same designers. Many of the women’s clothes were identical. Our shopping strategy changed in response.

Was the item likely to be carried by Cube, Seaform, or Janice’s? Head to the store that was likely within budget. Check out the prices and sizes. Now walk into the other two department stores and compare. Walk to the store that had the lowest price for the item, and buy it there.

What happened?

Instead of being unique, the three stores in question offered the same merchandise with no significant differentiation in customer service or perks. So the only thing separating them was price… beyond the possibility of bragging that one “bought it at Cube.”

The stores became interchangeable commodities, and that was their downfall.

Even if that sweater was available at Cube, why would one want to spend more for an identical item? The brand name didn’t justify spending $10-$15 more, in my and most of my friends’ eyes.

We face an identical issue in network marketing, within our companies.

Each independent distributor within a company markets the same products.

So, why would the potential customer buy from YOU?

Price wars among distributors reek of desperation, so steer clear of that.

To stay away from becoming a commodity, do some deep thinking about what makes your distributorship unique.

Here are some ideas.

Do you offer special and memorable customer service? Do you gift wrap physical items? Do you donate to charity for every item purchased? Do you thank your clients in a way that they enjoy and remember? Do you remember and honor your clients for the special occasions in their lives?

Remember, your worth is much more than the sale price of the items you market.

Become comfortable with being you, express that uniqueness in the way you take care of your customer’s needs, and that will build a loyal customer base.

People appreciate being appreciated.

–LYnn Selwa, “The Rocket Science Coach” ™

#lynnselwa #therocketsciencecoach #networkmarketing #shopping #lessons #lessonsfroma1980sshoppingmall #unique #appreciation

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How to get good at it

“You get good at it by being bad at it.”  –LRS

Of course, multiple attempts should lead to improvement. But along the way, remind yourself that every great presenter started as a bad presenter… or at least one who improved a lot along the journey.

–LYnn Selwa, “The Rocket Science Coach” ™

#lynnselwa #therocketsciencecoach #getgood #presenter #networkmarketing #directsales

How a bird with laryngitis still sings

In the last few weeks the pop singer Adele posted a tearful cancellation of her two most recent Wembly Stadium concerts.

She has struggled with vocal health issues for many years. At the end of this world tour, her doctors advised her to not sing the final two performances. And it was heartbreaking for her to let her fans down.

What would happen to you, if suddenly you could not perform in your job?

For most people in the 9-to-5 working world, that situation would end a career. The money would stop coming in.

However, Adele is a lot like you and me.

Our compensation has a passive income stream.

Singers call it royalties.

Actors call it “back end” percentages.

Network Marketers call it residuals.

Even though Adele’s gorgeous voice is silenced, perhaps for many years, she still gets paid every time her songs play on the radio. She had to practice and sing many many times before she recorded and released the first crucial recording of her popular-play song. That action opened the passive income stream.

Do your critical step task, and the passive income is yours.

So when the recording session ends, the director of the blockbuster movie yells “cut and print”, or you and I enroll a subscription client… we join that club of people who get paid while we sleep.

Welcome to The Club. Even when you have no voice left to shout the good news to the world.

–LYnn Selwa, “The Rocket Science Coach” ™

#lynnselwa #therocketsciencecoach #laryngitis #adele #residualincome

 

Build the friendship

Yesterday I was driving and wondering whom I should call, just to say hi.

“Joy K.” was my brain’s answer. She is a distributor in my company, but not in my organization.

I pushed the earbud into my right ear and voice-dialed the call.

She was in the grocery store when I reached her. And she was pleasantly startled to hear from me.

“You made my day!” was one of her comments.

Readers, remember that the people IN your company are part of your network. What are you doing to create friendships and trust within your company? Even though you are “competitors,” you also have a common cause to spread the word about your company.

If your company policies allow it, I challenge you to reach out just to say hi and build a friendship with a distributor who is NOT in your organization… some one from whom you receive no income from their activities.

If you are not allowed to do that. then reach out in friendship to a distributor in your organization whom you rarely talk with… perhaps someone 2 or 3 layers deep in your team. You might not seem like a big deal to yourself, but to them you are likely That Famous Person They Only See In Their Genealogy Or Hear On A Conference Call.

And whomever you talk to, avoid talking about business. Ask them what event they are looking forward to this summer, their favorite summer food, what movie they’ve seen lately. See if you can find some social-life common ground.

Build the friendship. It just might make their day.

–LYnn Selwa, “The Rocket Science Coach” ™

#lynnselwa #therocketsciencecoach #crosspollination #appreciation #buildthefriendship

Safe spaces and “Beginner’s Mind”

For many distributors this is their first experience with network marketing. For some, it is their first experience with being an entrepreneur.

When they don’t know what to do, they look to their sponsor or trainer… otherwise known as “the voice of experience.”

(Of course you’re more experienced than them… even by mere minutes… with your company.)

To get confident and competent with your company’s product and compensation plan presentation, your new distributor will need practice.

Here’s my question.

Are you allowing an encouraging environment for your new people to try, try again, and try yet again until they master the process?

It might be best for the early attempts to be made in private, such as in a separate distributors-only training session, instead of during your weekly business presentation.

It might seem easy to you. But an effective trainer will see the process through the eyes of a beginner. This is known as “Beginner’s Mind.”

If you are losing patience with your newbie, think hard about when you were learning the same thing, or when another distributor was struggling with the same concept. What was the “key” to mastery that you can pass along? Can you kindly model the effective behavior, then have them mimic it?

If you act impatient and harshly judgmental about the learning curve or post-speech evaluation, your new distributor will judge their own performance in that manner… and will pass that attitude to their new people. Eventually you will end up doing most of the group’s presentations because only a few people will pass your “high” standards.

Remember, the audience doesn’t care about perfection.

Instead the audience members are asking themselves, “Can I do what the person at the front of the room is doing? Would I feel comfortable doing it? Do I have to become an expert, a slick presenter, or a flawless robot to be successful in this company?” When the presenter makes some minor flubs, the business seems much more doable by the ordinary person.

If you act patient and confident that your newbie will learn this, then they will.

As the saying goes, “Every winner was once a beginner.”

Help bring their inner winner to the surface through patient coaching.

–LYnn Selwa, “The Rocket Science Coach” ™

#lynnselwa #therocketsciencecoach #networkmarketing #mastery #mimic #winner #beginner #beginnersmind

What do you celebrate?

This weekend will mark my eleventh anniversary with my current network marketing company.

This is my longest work project, thus far. I compare it to the lengths of my engineering career, working as a mortgage loan officer, and my previous network marketing company.

How do you view your business anniversary? Is it a time of joy, or is it a reminder of “everything I haven’t accomplished”? Do you hold a celebration, or is it simply another day?

Whatever your accomplishments are, know that you can celebrate your longevity in the profession. And that is important.

–LYnn Selwa, “The Rocket Science Coach” ™

#lynnselwa #therocketsciencecoach #whatdoyoucelebrate #networkmarketing #celebrate

 

 

 

4 lessons and a 9-word question

Learning about financial concepts is crucial for building wealth and staying wealthy. Here’s what I posted on social media earlier this week:

4 Lessons Wealthy People Taught Me

1. An asset pays for itself and creates a monthly net profit.
2. When bankers say, “It’s an asset,” they mean it creates a profit for THEM.
3. Build Automatic Money Generators that don’t require your presence. (a special class of assets)
4. You are financially free when your Automatic Money Generators pay you more than you are spending.

One of my social media friends replied, “How does one create Automatic Money Generators?”

Here’s a little background. We have known each other In Real Life for nearly 10 years. She’s attended parties at our home, we attended her wedding, and we have talked numerous times in person. She’s not simply someone I met online. In the past few weeks she posted a question on social media, and when I responded mentioning a $5 solution, I received some version of “I can’t afford that.”

So I considered her situation and past reactions into my response. I wasn’t going to jump into booking a business presentation with someone who thinks $5 is too much to spend. I decided to start with some basic information and a question to gauge her level of interest.

I sent a private message: “I have just a few minutes to type right now, so this might be an incomplete answer. “Automatic Money Generators” are businesses, real estate, or other investments that generate profits for the owner every month, whether or not the owner shows up for work. The situation is otherwise known as “passive income” and always requires up-front money, energy, education (books or seminars), and time to create. (Like planting an apple tree, nurturing it until it bears fruit, and making sure someone is trimming and fertilizing the tree on an ongoing basis). Net-income producing real estate rentals, real estate tax liens, musicians who have songs on iTunes, and businesses like mine all qualify. Which one of those sounds most interesting to you?”

This launched a back-and-forth via texting, which included my recommendation of a library book to read. She loves to read, so reading a book is not stressful. Also, libraries loan books for free, so the money question is eliminated for this step.

We ended with her promise to look for that book during the library trip next week… and to let me know her opinion of it after she’s finished reading.

So now it’s in her hands.

In some ways she reminds me of a younger me.

One of my husband’s co-workers made an offhand remark about 20 years ago. She mentioned a book about finance that she liked. My husband and I didn’t have an extra $20 to buy our own copy. It was a newly-released book, so there weren’t copies available on the bookshelves of the charity resale stores in our area. We contacted the local library to put our names on the waiting list for that book, and we waited nearly 3 months for our turn to read it.

Reading those pages was a pivotal moment for our understanding of the power of leverage and the differences between self-employment and business systems.

When there’s a will, there’s a way. We waited for then read (I mean devoured) that book and others written by that author. If she’s truly interested in elevating her financial situation, she will find that book and read it quickly. I will discover if she is “coachable” by what she does in this situation.

The next move is hers. Her actions will reveal whether she is ready to move from dreaming to taking action toward a more prosperous future.

–LYnn Selwa, “The Rocket Science Coach” ™

#lynnselwa #therocketsciencecoach #patience #coachable #4lessonsanda9wordquestion #financialknowledge #books