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How The 2020’s Sparked the Entrepreneurial Spirit

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After some businesses were shut down during the pandemic, a staggering 22 million jobs were lost. For many, it became time for a Plan B. It served as an impetus to pursue the American Dream of having their own business.  By the end of 2020, new business applications had risen over 200,000, the highest it has been in 25 years. This February had 40% more applicants than in February 2020. Sixty percent of the applicants were female who wanted to be their own boss. The top 2 sectors of growth were in retail sales and health.

There are few people that have the experience and the capital for starting or buying their own business. Others seek an established franchise for the turnkey systems, training and support in exchange for an average of $35,000 (bigger brands can be over $100,000) and paying ongoing royalties. But there are the sobering failure rates of small businesses:  40% fail within the first three years, half fail within the first five years, and two-thirds (66%) fail within ten years.

What about those who don’t want the debt, risk or large time commitment (often 60-80 hours a week)? There is a business model growing in popularity with a low cost of entry, having a network marketing business. It’s not to be confused with an illegal pyramid scheme where one pays to get in to make money by recruiting others to buy in too with no tangible exchange of product or service. Network Marketing pays for direct sales of products or services, and an override on addition of team that also wants the opportunity.

The working from home and marketing digitally was how large companies adapted to the pandemic, similar to how network marketers work. They have the freedom to work from phone connecting with people as they go about their day. Relationship marketing is most effective in building customer loyalty and long-term retention for any type of business. For higher quality products, it is a cost savings to the consumer to market with representatives, rather than sell retail and have to advertise. Those who enjoy recommending great finds, connecting with people and online networking have the skills and a solid base to build an offering a product or service. The Direct Sales business model has had a double-digit growth of new micro-entrepreneurs in 2020, generating over 40 billion in sales.

The direct sales model of business appeals across demographics, from those disillusioned with the corporate ladder to stay at home Moms, from ambitious young adults to those who are at pre- or post-retirement. A survey found that half of Baby Boomers (76 million) want to build an additional income stream and are attracted to network marketing for the bonuses of making new friends, connecting with a like-minded community, and feeling their activity is changing people’s lives. Network Marketers enjoy a flextime income opportunity with ongoing training, support and encouragement to leverage their time for greater monetary return.

Those who choose the right business when surveyed on their satisfaction, 75% reported their happiness level as an 8 or above on a scale of 1 to 10. For a white paper on what to look for in a Network Marketing company, click here.

 

For I know the plans I have for you, plans to prosper you and not to harm you, plans to give you hope and a future. Jeremiah 29:11

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