Your Questions About Successful Trading Business

Ruth asks…

What kind of jobs can I land with a culinary or patissierie certificate from my local community college?

I’ve been in sales for the past 12 years and want to do something new. I’ve always loved to cook and want to learn/ evolve by getting a certificate of culinary arts at our community college. My hesitation is that I have a family and would like to work standard business hours (8a-5 or 6p, Mon-Fri). Is that possible? What are some of my options?

John answers:

If you work as a pastry chef or a banquet chef, you may have some chance at normal hours. Pastry chefs generally work weekends as well as weekdays but often get to check out before 6pm, often well before. If you work or a catering company or for some commercial industrial type food plant, then you can also count on more standard business hours. Check out “Spiced” by Dalia Jurgensen for the real juice on the trade by someone who has already done what you are considering. Experience is a big deal when it comes to cooking though and unless you go to great culinary school like the CIA, it may be tough to get the job (and hours) you want until you have worked your way up. The pay is often pretty low and the hours are often pretty high. And just because you like cooking at home doesn’t mean you’ll like the regimented line of a professional kitchen.

In short 8-5 M-F is possible but by far the exception to the norm and you get to those hours by either becoming very successful, going commercial after paying your dues, or getting extremely lucky. If you work at a bakery or supermarket, you might be able to work early hours like 4am to 1pm but weekends included.

George asks…

Is Mlm A Good Business?

Hi there, my name is Sarah and I was wondering if someone can enlighten me on the mlm industry? I don’t want any stupid replys, only useful info on what its all about.

I understand that it involves referring people into the business and I know that most mlm companies have monthly fees. I was firstly wondering who it’s possible to tell if a cetain mlm compny is legit is not. Is there anything I should look out for, I guess finding one with a decent product is the first step, right?

I’ve been hearing a lot about ponzi schemes and get rich quick schemes, I tend to avoid anything that pays you for doing nothing, its simply too good to be true. I also know that mlm can be a touch industry to find success in, the failure rate of it is rather off putting. How do I make sure that I am going to make mny and profit with it? I always see these big leaders who are making thousands of dollars a month but I’m sceptical as to whether its possible for an average gal like me to do the same thing, dont I need some sort of skills?

I think I would b quite gd at the whole recruiting other people thing, I just dont know anything about internet marketing or how to even get visiotrs to a website. Im guessing that to make the big money would mean having a lot of members in your downline. I think the biggest struggle will be getting past the stge of bein a newbie lol how can I recruit people without having any proof that im actualy making money.

Anyways, im startting to drag on a little here…I basicllay want to know if it’s worth it to get involved, some mlm programs seem quite high in prcie for the type of product/service they have, should I avoid these ones. I’ve heard a lot about matrix systems but I don’t quite fully understnd them so if anyone could shed some light on it, that would be much apreciated. Also, if you have any reccomendations or success storys for particular mlm companies, im more than happy to hear about them,, just try not to put me of with over hype and false promises 🙁 Ive been scammed a LOT in the past and don’t feel like going through all that again,

Any answers would be grately appreciated,

Sorry for any spelling mistakes but im in a rush, got a busy day ahead,

Thanks in advance,

Sarah

John answers:

Hi Sarah,

I’ll separate my answer into 3 sections.
1) Determining whether an MLM is legit or not:

According to the USA’s Federal Trade Commission one of the ways of determining whether or not a company is a real MLM or a pyramid scam is by determining if people are buying products for the right to participate in the business or for their intrinsic value.

Absent internal company data the best way we can evaluate this is by asking whether the product is one that we personally enjoy and would buy even if there was no compensation plan attached. If the answer is yes then we can prove that to be true by actually selling to consumers outside of the company. If you can create a business selling the products then you have validated the legitimacy of the business.

Sales quotas are understandable but people should NOT be required to buy products or pay a monthly fee to participate in the business.

2) What skills do you need to be successful?

The most important skill is people skills. Along with that its important you understand some basic principles. People buy from people they know, like and trust. So in selling and recruiting you must meet these 3 needs. You must also have a rate of action that is appropriate. For example, Bill Britt of Amway presented his business to 1200 people, 300 joined, only 85 did anything, only 35 were serious and out of those 35, 11 made him a millionaire. Jeff of Mannatech talked to 2000 people just to sponsor 27 people. These stories are not unique some peoples odds are better then others, some worse. You won’t know your odds until you do it. Its important that you have the right expectations.

You asked about recruiting when you have no proof that you’re making money. First off I suggest not giving income projections or making promises you can’t keep. Not only is it deceptive but according to the FTC (without an accompanying income disclosure document) its illegal. If you don’t talk about money you’ll find rarely will people ask you about your income. Of more value to a prospect is a specific skill. Try lasering in on learning everything you can about say internet marketing, or google ads, or maybe direct mail marketing (etc.), become an expert at one thing and that will be very attractive to prospects interested in being mentored by someone who possesses the know-how in that area.

You should also be prepared to withstand critical talk. This can be discouraging if you don’t know for a certainty whats true and whats not. Accurate knowledge & real facts are often the best defense for this.

3) Is it a good business? Is it worth it?

There are pros and cons to the MLM business as there are with all businesses. What will determine if its worth it to you depends on your objectives. For people looking to make alot of money fast I don’t recommend MLM. There’s tons of other business to make fast big money. Two of the advantages of MLM are 1) Control – Control where you work, who you work with, when you work, the way you conduct and run your business, ability to grow your income & 2)Residual Income – MLM done properly offers an opportunity to create an income producing asset that can continue to pay you (and your heirs) for years to come.

Whether you contract with a company that employs a matrix or some other type of compensation plan, just make sure you fully understand how it works and how you will get paid. You can look at my past answers for more information on compensation plan types.

Carol asks…

should the government invest in successful businesses?

I have an AS level Business Studies question that is about a business that almost went under, but pulled through and is now successful. The question reads; ‘Crussh received no government support during its set up phase. Should the government invest in the business now? Explain your answer.’ Surely the only money the government have is from tax, and so they shouldn’t invest it if there is the chance they could lose it. I’m thinking that it isn’t part of their job to invest. I’m really not sure, so any help would be useful. Please explain your answers! Thank you in advance 🙂

John answers:

If you want to see the truth in something, go to its origins.

Where did gov’t obtain authority to redistribute wealth?

Which socialist schemes do you prefer they cook up? Nationalist Socialism like under Stalin and Hitler, or Marxist Socialism, or Democrat Socialism like with Obummer?

Regulatory Commissars: Land of the Less Economically Free
“For many years, one measure of economic freedom in the world has been a guide published by the Fraser Institute. It calculates an index and ranking of countries around the world based on several general conditions: size of government, legal system and property rights, sound money, freedom to trade internationally, and regulation.

Given those parameters, it’s shameful and yet no surprise that the United States, which ranked second in the world as recently as 2000, has now slipped to 18th place in the 2012 index. While Hong Kong and Singapore maintain their annual top rankings, Americans are now bested by upstarts like Bahrain, Chile and Mauritius, among others. We’re not even tops in North America — Canada ranks sixth. The “substantial decline,” as the report’s authors put it, has been most precipitous in the last five years, as the U.S. Slipped from eighth in 2005 to 18th in 2010, the most recent data available. With an ever-expanding government, deficit spending as far as the eye can see, and onerous regulations dreamed up daily, it’s quite likely that the United States will fall out of the top 20 next year as 2011 data becomes available.

What’s the result of this loss of economic freedom? Median household income has plummeted 8.2 percent since Barack Obama occupied the Oval Office. Second quarter GDP growth was just revised downward to a meager 1.3 percent. Orders for durable goods, a key manufacturing indicator, fell an astonishing 13.2 percent in August. There are countless other signs that leftist policies are undermining our economy, and yet Obama may still be able to buy the election.”

The Limits of Power are clearly defined in the Constitution. There is no nexus for gov’t to operate or invest with private industry until they are petitioned to do so. They were hired to protect our borders, manage our money and Post Office, and oversee foreign policy, and another branch to legislate new law. But the Federal Gov’t has intertwined themselves with the Federal Reserve as a corporation, and corporations are outside constitutional law. Therefore, they do whatever they want, not what is good or best for the country, nor what is within constitutional law.

To me, it isn’t a matter of “should they,” but rather “can they do so within the law?” Nope. Hmm, what was your question again?

Thomas asks…

Can I Start A Online Business At 14-15?

I would like to start an online business for webpage design / development, considering I am really good at it ( I have been doing it for a hobby for around 2 years). But I am only 14 (soon 15) my parents would be cool with it. But is it legal at this age, do I have to pay taxes considering its online. Do I got to buy a licence, and etc, etc, etc.

John answers:

Absolutely. Many of today’s most successful business people started in their early teens with some kind of enterprise that helped them to begin understanding how business works and to develop their entrepreneurial talents.

Whether or not you need a business license depends on the rules of the city and state where you plan to conduct your business. A phone call to your city’s tax collector should answer that question.

Make sure to get a Social Security card, if you don’t have one. You will need your SS number for any tax information you are required to file.

Next, if you are planning to create a business name, rather than operating your company under your own name, you will need to file a DBA (doing business as) notice with the state. And you may need to publish an announcement in your local newspaper declaring that you will be operating your business under that trade name. That protects you from other people trying to profit by using your business name as it becomes known and respected. The process also will let you know if that trade name already is taken. In that event, you’ll need to think of a different name that no one else is using.

Unless you live in one of the few states in the U.S. Where sales tax is not collected, you will need to file with the state’s taxing authority and get an account that you will use to report and pay sales taxes collected. In California and some other states, that government agency is called the Board of Equalization.

The law is not clear about whether you need to collect and pay sales tax on items sold to people in states other than your own. Until your business grows to the point that you are generating over $1 million in sales per year, you probably are safe not collecting sales tax on items sold to out-of-state customers. Don’t bother to ask the taxing authorities in other states whether you need to charge and pay sales taxes on merchandise sold online to residences in their states. The answer probably will be “yes.” But even if they have the law to back them up, it’s unlikely they have the resources to enforce such a law. You had better plan to pay income tax to the IRS and to your state, however, on any profit collected from your business. Perhaps your parents will be able to claim your income on their tax return.

Your state may have no age limitation on licensing and taxing authority accounts. If it does, you’ll have to arrange for one of your parents to be your partner and file the needed form under their name.

Finally, for good advice about starting and running your business, including the paperwork required, make an appointment with a volunteer advisor who works with the SCORE (Service Core of Retired Executives) division of the Federal Small Business Administration. It would be a good idea to bring your partner (one of your parents) to that meeting so the advisor will take seriously the request for advice from a person your age. There are several SCORE offices in every state. Find the one nearest to where you live, if the SBA doesn’t have one in your city.

Perhaps you will be the next Richard Branson or Mark Cuban.

Betty asks…

What makes a t-shirt business successful?

John answers:

That is a loaded question. What exactly are you doing (Custom prints, trade shows, schools, business) ?

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