Should You Have More Than ONE Business Opportunity?
Written by Eddie Holford on Oct 4, 2008 1:57 pm
Read More: Affiliate Marketing | Marketing | Prospecting | Sponsoring and RecruitingHere it is again, the age old question. Should you have more than one business going or not? My opinion hasn't changed but here are just some other successful people in the world and I will let you be the judge of should you have more than one thing going.
- Magic Johnson - Multiple franchises
- Donald Trump - 7 plus businesses
- Robert Kyosaki - Multiple Businesses
- Ron Puryear (Amway Crown Ambassador) - Multiple Businesses
- Ashton Kutcher - Multiple business ventures
- Michael Jordan - Multiple businesses
- Troy Aikman - Multiple Car Dealerships
- Bill Cosby - Multiple Businesses
- Usher, Rolling Stones, Paul McCartney, Hannah Montana, Etc.. - Multiple businesses
- Sarah Palin - Multiple businesses
- Bill Gates - Multiple businesses
- Paul Allen - Multiple businesses
- Hedge Fund Managers - Invest in dozens of things.
It doesn't matter if they aquired these businesses after they had one or two going. What matters is that smart business people who know that business has a life cycle are always looking for great opportunities to start other businesses.
You hear often about some people that have fame and fortune for a while then they end up broke because eventually that fame and fortune subsides. They end up looking for a job because they never really understood the power of diversifying their business opportunities. Or they simple never started any business and when their run was over so was their income.
I recently learned of many leaders in a popular travel opportunity that have left or been dismissed from the company because of various reasons. Now they are having to rebuild entire organizations again from the ground up. What if they would have had multiple income streams? They would have had choices to get into something else or not. Now they don't have any choice. They have to start over and they have to work extremely hard all over again because most have millionaire lifestyles and bills.
So if you are hanging your entire mlm future on just one company. I really just want to know why? I have never understood the logic behind the mlm mindset that teaches, "this is the only business, or best business in the world." Fact is there are great businesses opening everyday. Timing is everything in business and getting involved in the front of a new successful company is simply SMART!
Although I personally was working to grow my business last month, (my newest one), I was still able to create $4,000 of income last month in my oldest company. Like I said, SMART!
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Edde Holford is a 14 year veteran of the mlm, direct sales, and home business industry. To find out more about him, click the banner or click his name.
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About the Author: Eddie Holford
Member Since: 10/08/2007
I'm a Distributor For:: Team Beachbody
Other Company: EnterEcom Online and Onsite
Industry: Business Opportunities
Primary Web Site: http://www.MakeYourLifeRich.com
In good company. . .
Love the article, Ed! It's nice to know that we are in excellent company!
Interesting Subject!
Eddie,
It's funny I had this discussion on last evening wih some of my partners.
Is there anything such as a good model company to include in you structure of businesses or does it matter?
Give Me Some Idea!
Please Be A Friend,
Thomas at: http://TMcNeal.successin10steps.com
I Would Never Join Someone
I would never join someone involved in more then one mlm it is confusing and I also do not believe in Muliple ways of out go. Please think. You will make more money when you are excellent at one thing instead of lousy at 10. MY oppionion from the heart Juanita Waterman
Let Me Get This Right....
So, you are saying that if one of the famous people above asked you to join them in business you would say no? If one of the people above wanted to join two different mlms with you and have you sponsor them that you would say no? If your answer to these questions is no then I wonder what a good opportunity is for you? I guess if Bill Gates came to you at the beginning of Microsoft and asked you to help him build up his business on a part time basis while you did whatever job you had at the time, that you would have said no. The scary thing is that you would have said no "only" because you would have been doing something else at the time. Just like in that situation you would have missed out on an opportunity of a lifetime. So just imagine how many times your closed channel thinking has costs you tens maybe hundreds of thousands of dollars. But don't worry the opportunities that you pass up are not lost, they are picked up by others that see the opportunity for exactly what it is - 'A GREAT OPPORTUNITY'! I am sitting well financially so I think I will continue down the same road as two friends of mine, that make six figures a month doing what I do. Good luck Juanita. Great name by the way it is my mothers name.
Eddie Holford
http://MakeYourLifeRich.com
To survive in network marketing one must have MSI.
I believe there is no harm in having more than one business. To me it is a way of diversifying the playing field. It may appear unloyal to your downline and company, but if you are able to maintain your sanity and still provide time and good training to your team etc, enjoy the benefit of MSI.
Willie Plasencia
Losing credibility.
My personal opinion is that representing multiple companies sends the wrong message to your downline. It sends the signal that you aren't focused, or your trying to be a jack of all trades. A good anology is the person who tries to play every sport, but never excels at any one of them because he doesnt ever focus on any one thing. To be succesful in this industry you have to be committed. I beleive splitting your efforts is more harmful than good. I would advise choosing the company that offers the best chance for you to accomplish your goals and focus your efforts. By doing so your much more likely to move up the ranks - rather than just surviving but not thriving.
I personally beleive my downline deserves 100% of my attention and focus and I look for the same from my upline. I would never consider joining with anyone who represents multiple network marketing companies. Certainly, one might have another secondary business outside of the industry, and I have no problem with that. However; within the industry is a different story.
Also, one final point to consider. Most companies have a clause when you join that prevent you from recruiting from within their company for another opportunity. Please understand what I am saying, the clause usually doesnt prevent someone from working for another company, (unless you are a significant leader which at that point you will be asked to sign a no compete clause) but if you recruit from within your organization, that would usually be grounds for immediate dismissal.
Bottom line.. if my upline ever approached me with another opportunity, (even if it didnt confilct) or supposedly complimented my business, in my eyes that person would immediately lose credibility in my book.
Sorry if that doesn't follow suit with some of the opinions on this panel. Just thought I would give my two cents worth.
In the spirit of success,
Travis Flaherty
No reason to be sorry...
Travis, there is no reason to feel sorry for what you believe. I know that I used to think that way also about 9 years ago and as I grew in the industry I found across all MLMs, and it doesn't matter what company you look at, that there is a handful of reps making 7 figures a few more making 6 figures and a whole lot making 5 figures. So I wanted to make at least six figures and possibly seven figures in business and I became smart enough to realize that there are some opportunities that are fantastic and to see them and not take advantage of them is just pride and ego. It really is stupidity in my book. I was stupid a couple of times and then I asked myself why would I pass up such awesome opportunities? Stupidity, driven by pride and ego. You see your opportunity may be good but it is not the only good opportunity. I have many great opportunities, one is only available in three countries now, and the other is available in 60. I had a prospect that wanted to get into the one that wasn't in his country and I told him that it isn't there yet. Guess what. He joined my other one and blew it up. Smart to have more than one business? You tell me. I get paid every week because of him and he is going to do the same thing in the other company that I have once it is available. He got my full support and attention and he became a leader. If you are building up leaders you only have to hold their hand for a short while. If you are building up babies then yes your downline will always need 100% or your time. By the way how can you sponsor 20 people a month and give each of them 100% of your time? HMMMMMM. One more thing. Did you join your business to get credibility from people or did you join to help people and make money? I make the money that I do because of the help that I give them. It has nothing to do with the companies I am in. Find what you like then do what people are doing who have growing businesses. If you want to make more then join more.
Eddie Holford
http://MakeYourLifeRich.com
Thank GOD Eddie joined more than 1 business!
True story...
First thing I will say is this: You better focus in on 1 thing, complete it and get REALLY good at it before moving on.
Also, pick 1 or 2 things that must be accomplished that day and get them DONE before 11:00am if all possible.
What the hec does this have to do with this article??? you may be asking?
Guys like Eddie Holford are strong enough leaders in this business to have complete INTEGRITY.
***He also has enough business acumen to choose an opportunity that will help MORE people make more money than what was available. It gives him and his TEAM RESOURCES they did not have available to them previously. It will allow him to provide a lifestyle to his family LONG TERM that meets or excceds his goals and most importantly... SOME opportunities only come around ONCE in a lifetime (maybe twice... though, very rare) and in those cases, it is our RESPONSIBILITY as leaders and entrepreneurs to be and represent the BEST for our team.
Please let me be very clear on one thing: INTEGRITY & HONESTY with yourself and what YOU are doing is first.
However, never stop doing your homework and diligence...
I have seen many 7 figure a year earners START ALL OVER AGAIN for an opportunity that would help MORE people make as much or more than them. (They have done it all! Now they REALLY want to help OTHERS this time around to be as, or more successful than themselves.)
Why "thank god" that Eddie Holford was bright enough to keep his eyes open while building the businesses he has?
Because if he wasn't, he would not have be invited on our team!
Eddie found one of my team members and did his dillegence...
It's GREAT to have leaders like Eddie in your down line.
To see the opportunity that "made the cut" click here:
Jeffery,
Thanks Jeffery, for all of you reading this and wondering or assuming who Jeffery is? He is my upline in one of my businesses and has never been presented any other business that I have. Can you guess why? Because he hasn't asked!! Integrity is not something that you turn on and off. Integrity is what you do when nobody is looking?
Eddie Holford http://MakeYourLifeRich.com
Interesting Discussion
This is a really interesting discussion, especially because all of the points made can be seen as true. Presently I have a primary business that I focus most of my energy on, a few little side businesses online that are 90% automated and the potential of a "once in a lifetime" opportunity that may occur in the next few months. So I have been spending a lot of time on this issue in my mind. I believe as others have said, that integrity and honesty are the MOST important aspect. Never should one recruit or compromise their downline from one organization to build another. As an upline, you are morally responsible to train and support anyone who bring into the business. You must be able to do this whole heartedly and to me that is where you make the decision regarding an additional business.
Can you do it and do it well while also supporting you team in your other business(es)? If you can, then I see no harm. If you can't, then please have the integrity to stay focused on what you can do. As far as "do not compete" clauses. In network marketing, we are all indendent consultants. No one is paying us a salary or taking care of our benefits. I would never join a company with a do not compete clause, as this goes against my value of being INDEPENDENT.
Deborah
Its All Success Mentoring System