Five Things You Should Know Before Venturing into Multi-Level Marketing Programs
By Space Coast Daily // June 25, 2018
a lot of people who have found success with MLM
The idea of making money from home and being your own boss has always been an appealing one. Multi-level Marketing (MLM) programs have offered an easy way for people to do just that.
However, MLM Marketing has been dogged by controversy because of worthless programs and scams that have been used to fleece money from people looking for genuine opportunities. There are still a lot of people who have found success with MLM. So, how did they separate the wheat from the chaff?
1. How Trustworthy is the Company Offering you this Opportunity?
You need to do an extensive research into the MLM organization. How trustworthy are they? What is their reputation? Do they deliver on their claims or promises of bringing you success with their company? Are they accessible? Are they open about their business practices? Do they provide you with the resources you need to be successful?
Do they offer support? These are some of the important questions you should ask. There are some unscrupulous people out there who will motivate you until you get your first check and then vanish. You can probably find out which organizations are legit and which ones aren’t by looking up on reviews sites like www.ecosecretariat.org and online discussion forums.
Getting into MLM is less expensive than most business opportunities. You can start with an initial investment of less than a $100. This low entry coat usually causes people to join without doing much research on the company or its products.
Some people don’t really read the contract that they sign and often, new entrants rely on sponsors for all their information. Sponsors are often people who have been in the business for some time, but that doesn’t mean they have all the answers or that they will disclose everything you need to know about a company.
Learn as much about the company you are about to join. Find out how long it has been around, who the main players are, what their history is and how they have treated their customers to date. Knowing what you are getting yourself into is the first step to successfully getting into MLM.
2. What are They Selling?
You need to find out about the products they are selling. Remember that this is your business too, so you want to promote products that are of good quality. This is important if you want to enjoy residual income for month after month and over a couple of years. The best sale is the one that brings repeat customers and referrals, so your products need to be good.
They need to provide a value to customers they can’t easily get from anywhere else. The best kinds of products are the ones you would use or recommend to your family and friends with great confidence.
3. What is Their Compensation Plan?
Different Multi-level Marketing companies have different compensation plans you should review the plan that is being offered. Make sure that you understand how commissions are paid out. You need to make sure that you get commissions on products sold and on membership and not just on membership alone. This way you will still be able to make money even if your network is just consuming products and not recruiting new members.
A lot of people are skeptical about the kind of money one can make with MLM, but you can make money if you choose a company with a great compensation plan and work hard. According to some research, the average income for an MLM representative is about $25,000 per year. Most companies have compensations plans that could work out to an even higher number if you work hard enough to reach a certain level in the business. Expect to make money but be realistic about what you can get.
4. Business Education and Training
What is the main business strategy of the company? Is the company interested in teaching you to succeed, to be a business leader and not just a recruiter? What educational resources do they offer? Do they hold training events, webinars, eBooks that touch on subjects that can help your personal growth? MLM can be a little impersonal and a lonely road, you may need someone to teach you on how to navigate your way through.
In the past, getting education and training products used to be expensive. Getting to those training seminars and conferences meant investing more money in your business. These days the cost of education has gone down because of the internet.
You can get training manuals, view training videos and even participate in conferences for next to nothing and in the comfort of your home. It all depends on how much time the organization spends on creating material and disseminating it to their clients. You can also learn other skills like financial management from other online sources.
5. You have to be Dedicated
Be wary of companies that claim that you can make money while you sleep. To succeed in MLM, you need to put maximum effort. You need to be passionate and dedicated, after all, buying into an MLM program is buying your way into your own business. You should care enough about it to want to work hard. Your passion will show in your sales pitches, and people will be more likely to purchase your products and join your network.
Your success or failure in the MLM world depends on you. The industry may be filled with people who don’t make as much money as they thought they would go into the business and quit but there are many more people who are meeting their income and financial goals and getting rich with MLM. It depends on you.
MLM is a viable way of making money from home. If you have the interest to start your own business and sell products you stand a chance to make a lot of money. You can succeed with MLM if you do your homework right.
Find a company that has the right products, that is interested in your personal development and there’ll be no telling how much money you can make. As long as you have the passion and drive, the sky can literally be the limit.
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