Ten Important Business Considerations

Ten Important Business Considerations

by Steve Kelsay, Life Vantage Independent Distributor

Here are some important business points I considered before I went into this venture with LifeVantage:

protandim_bottle_250

  1. I look for a unique product. It needed to be something not available elsewhere in the marketplace. This product fits those criteria.
  2. I wanted the product to be distributed through the direct selling model only. This makes the full advantage of leverage available to me.
  3. I wanted something that was patent protected. This product has 5 US and 1 Australian patent at this time. A patent is also being processed in Japan.
  4. I wanted a public company so financials were available to me to evaluate. Life Vantage is listed on the NASDAQ under LFVN. Link to Financials for LFVN In the past three fiscal years the sales have gone from $4 to $126 M and the 4th year is set to finish at $250-$260 M as forecast to Wall-street. The three years before Life Vantage changed to the Direct Selling Model they utilized retail sales through big box stores and only sold $3 to $4 M each year.
  5. I wanted a science based health product because of my personal desire to finish strong. This product has 14 peer reviewed published medical studies which can be found by searching “Protandim” on the National Institute of Health’s website PubMed.gov. The first two studies were
    funded by Life Vantage and the other twelve were funded by the universities. There are an additional 16 studies in process and all these are university funded on a variety of issues.
  6. I was interested in an opportunity that was available in other countries besides the US. Life Vantage is open to do business in the US, Australia, Japan, Hong Kong, Canada (for customers only at this time) and Mexico is pending a re-determination on one of the herbs in the product).
  7. A consumable product that was affordable to the majority of the marketplace. Protandim at $40 US and True Science at $70 US fit that criterion.
  8. A compensation plan that is fair and pays well. The Life Vantage comp plan pays out 56% of sales to the distributor base. link to Comp Plan video The compensation plan is a hybrid and focuses on specific behaviors. The plan distributes the payments throughout the leadership ranks.
    It promotes team building and staying involved developing teams. There is an upper level bonus called the “Elite Bonus” that helps to eliminate cross line competition since all the upper level leaders are compensated on 4% of the companies monthly sales split into shares. I have personally met and spent time with three of the upper level leaders that have developed upper 5 to lower 6 figure incomes per month in two to three years.
  9. A system with training that promoted duplication. The number of upper level leaders that have been produced in the three and a half years since they changed to the Direct Selling Model has shown me that the system works.
  10. Timing of the opportunity that isn’t too early and full of risk, yet not so far that the momentum phase is missed. Life Vantage is in the best window of opportunity right now.

I have not been disappointed in either the health benefits or the income achievement with the 3 to 5 year plan Marta and I established when we saw LifeVantage fulfill these 10 points. The keys to success after you see these points in a business opportunity are Passion, Work Ethic and Coachability.

 

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