Network Marketing (or MLM as it is sometimes called) is everywhere, a huge global industry that is now going viral. Worldwide in 2014 the industry turnover was £117 Billion and it is no surprise, this is a very successful and modern method of sales and distribution.
For many people, joining a network marketing company is an easy way to start their own business with very little financial risk due to the low start-up cost, some companies now even offer you the chance to get started for no outlay.
If you have ever considered a franchise, and been put off by the tens of thousands of pounds needed, then you will see the huge advantage of the opportunity that MLM offers. You still benefit from working with an established successful brand but without the big investment.
I’ve been involved in MLM for more than 20 years, including for a while as a columnist reviewing companies and marketing plans.
One thing that hasn’t changed it the simplicity of the business concept. It is still about building a network of people who will sell (and of course use themselves too) the company products.
You tell people about your products and your business, answer any questions or objections they may have. Then they decide to join or purchase, or not. You follow up, train and support them using tools provided by your company and upline.
It is important to believe in your products, the company and of course believe in yourself too. This makes life much more enjoyable and easier.
Finding the right company matters a lot. Why? Because you don’t want one that is full of hype and is gone in a few years. You want one that is going to be around, so you can build a long term income for you and your family.
I have seen many companies come and go during my time in the industry, and I always feel sorry for those who have got involved, put in the work and then the company has closed UK office (some don’t even get as far as opening one!) or shut down altogether.
What factors should you consider when looking for a MLM company?
1. Products That People Want
You want a product that you can see there is a high demand for and that is affordable for your potential customers.
It needs to be consumable and high quality, you need to really believe in it from your own personal experience.
2. Financial Stability
How long has the company been going? Is it stable? New start up companies can look attractive, but many don’t last more than a couple of years.
Are the majority of products in stock most of the time? Check on delivery times too. Consumers expect speedy and good service.
3. A Fair And Rewarding Plan
The marketing plan should have good commissions for making sales and achievable and decent rewards for those who want to build teams. There should be no automatic autoship commitment, I believe this will become illegal in most countries in the future anyway.
Purchase requirements to earn commission should be low, people want to make money not keep paying it out.
4. Can You Make Money Whilst You Sleep?
It must be an international plan too, we live in a global society and there is a great opportunity to build a team in different countries and make create new friendships from around the world.
Just imagine for a moment, having people in your team on the other side of the world. They could be selling products when you are in bed asleep and you wake up in the morning and find your team sales have grown overnight. How great would that be?!
5. Company Support
Does your potential company provide training about the products and building a business. It might be done face to face, but with busy lifestyles today it is handy for this to be available online using videos and webinars.
You should also ask your sponsor if they or their upline leaders create materials and videos that you can use.
Once you have decided on the right company for you, you are ready to start.
If you want to make good money from your Network Marketing business, you need to treat it as a profession, not a hobby. If you only put in a few hours, you won’t get a lot from it.
It is a profession that creates hundreds of new millionaires every year, so treat it seriously. It is a method of sales endorsed by billionaires like Donald Trump and Warren Buffet.
The money at the start will be from personal sales, but as your team grows you can begin to qualify for team bonuses.
In other professions like medicine or law, people can spend 3 to 8 years studying and a lot of money on their education.
Think of your business as a 2 to 5 year plan, stick to it and see where it can take you. Don’t let obstacles get in your way, keep the long term vision in your mind of what you want to achieve for you and your family.