Seeing Red Or Black Profit In Your Online Network Marketing Business
Restored from the Empower Network archive (2011–2017), lightly edited to meet our current advertising standards. Views are the original author’s.
Let’s talk about being in the RED or in the BLACK … Profit in your online network marketing business.
First, let’s go over the definition of what it means for a business to be ‘in the red’ or ‘in the black’ and then why it is important for you to understand profit in your online business.
This is the perfect time of year to analyze your business. Expenses vs. income and making appropriate adjustments that will improve your profit level.
When going over your profit & loss, balance sheets and other reports you may be keeping for your online business, review your expenses first. Are there any that you don’t recognize or some that are no longer needed. For example, I was going through my expenses and I whittled down some costs by deleting ongoing monthly fees for software I was no longer using. I found a monthly fee on a tool that I no longer used. I also had an account that I was overpaying and got that taken care of.
There are many expenses in your online business you don’t need! The biggest being all those online tools and gadgets. First, cancel the ongoing cost if you are not using it and Second, unsubscribe from all those emails that keep promoting tools and gadgets.
These are the 3 things you need for your online business:
-Autoresponder
-Blog
-Capture Page Creator
That is really all you need when starting out. Of course, there are other helpful tools and software, but if you are just starting out and having too many expenses, then get back to basics!
Focus on getting sales and increasing your income to achieve profits.
Generally, any business will start out in the red for a few years. But your online network marketing business has such a low overhead, low capital requirement to get started that being attracted to all the tools and gadgets are really just distractions and taking you away from building your business and making sales.
Income Producing Activities
You want to know where iPAS really came from? Income Producing Activities System!
Of course iPAS actually stands for Internet Prospecting Acceleration System but I believe it was built around the practice of ‘income producing actitivies’ every day to drive traffic to your iPAS2 system, get leads and make sales.
When you have an online system like iPAS2, the cost of that system can go quickly into profit once you decide to succeed and focus on building your business, making sales each day. That’s because this system has built in profit maximizers. And isn’t it interesting that iPAS2 has a ‘black’ card membership. That is the highest level with the greatest amount of income potential, which can literally catapult you and your business into the ‘black’.
But let’s get back to being in the red and getting into the black… Profit!
I hope my video (above) and this post is a reminder to take some time and look at the numbers for your online business. Where you are at with expenses, how much income and where you can make some changes to help you move closer from getting out of the red and going into the black! Focusing on income producing activities, cutting expenses are what will help you to grow a highly profitable business.
Also, if your business is in the black, congratulations! However, still take the time to evaluate how you are using those profits. Don’t fall victim to go out and start spending. Review how much you are putting back into the business but also, you should be putting some towards a wealth account and paying off your personal debts, or towards other investments that will make another stream of income for supporting and improving your lifestyle.
Let me know if the comments other things you can suggest that are helpful to reduce expenses and increase income and profits.
Income Producing Activities! That SHOULD be the focus for us ALL!!! Thanks so much for sharing!
-Jimmylee
http://TheInspirationDaily.com
Simple and yet the most important thing to focus on. I agree with you Jimmylee and appreciate you sharing your thoughts today!
Awesome blog!Learned a bunch
You are writing about a subject near and dear to my heart. So many people get so overwhelmed by all the shiney objects and directions they can go that they forget the simple stuff. And yes it really is simple. Three steps to success and a clear concise plan for monitoring the finances of your business. Love this article. Thanks for sharing Lynn.
Glad to hear that Gail. And I agree, if folks getting started with their network marketing business understood to focus on the basics, it would help them to build, grow and profit much more quickly. Thank you Gail for sharing your thoughts.
I can totally feel this post, I spent many years in the red. Between the cost of learning and making mistakes…
What helped me to get into the black was learning how to write better head lines and tell a better story…
…Also sometimes I hear people talk about how they get lots of leads and still aren’t making sales..
I noticed that a lot of this comes down to the way the person follows up with their prospects…
When following up via broadcast to your email list that you are building it’s very important to talk from the standpoint of being the person who has the solution to their problem.. Awesome video and post thanks for sharing.
Well said Larry and really appreciate your story from the red to the black! Being in profit in our business is really important and it does come from building connections and communicating with them that will build a loyal, long time customer. Thanks again Larry for sharing your wonderful insight!
Thanks for sharing these Valuable True NUGGETS Lynn, I Had to actually Bookmark your blog because all the value you provided. Lot’s of people really don’t understand in network marketing that all you really need is an Auto-Responder, a Blog and a converting capture Page. But they must be consistent in sharing their value on a daily basis.. Thank You
Thanks John and glad you see how the basics are really a way to stay focused on making sales to push that network marketing business into profit as quickly as possible. Always appreciate you wonderful comments.
THE Black is where to be,,,,,,,,that,s the place to be in this Business,,,
Thanks Lynn
Yes, I’m with you on that as well Garry. Thanks for your comments
Lynn this was an excellent business overview. Very Well put together and I simply love the pictures!!
Appreciate that Gail and glad you enjoyed the information. We have to be in profit or the business doesn’t succeed. Thanks for your comments.
Excellent post Lynn. Keeping everything simple is the way to go. I know I am guilty of paying for things I do not use. Thank you for giving me a push in the right direction to get rid of them. Thanks for sharing. Also, Lynn, thanks for your free gift. Great e book.
I good to hear that this post was a helpful reminder to getting rid of those things you no longer use or need. It will certainly help the bottom line of your business Ann. and I am glad you are enjoying the gift!
I loved your part about getting rid of the non-essentials. I went in to 2015 with a new motto, “keep it SUPER simple” and I found some software I no longer needed but was paying for out of habit. Those babies are gone and simplifying has already made a great difference. Thanks for a valuable post with excellent tips!
That is a good motto Matt. Keep it ‘super’ simple is a great way to stay organized and focus on the important things, like sales and income! Appreciate you sharing your comments on profit in your business.