If you have decided to go into business for yourself (full or part-time), and have chosen network marketing as your entry vehicle, one of the first things to come to grips with is which industry and what types of products and/or services do you want to represent. Don’t make the same mistake that many (including myself) often make…getting involved on the spur of the moment when approached by a family member or friend.
Take your time…there is no rush. Make a business decision not an emotional one. Find something that you can feel passionate about and, most importantly, choose a product or service that you are going to use yourself. Making your decision based solely on how much money you can make will invariably finish up as a failure. This is one of the biggest problems in the industry and one that often gives it a bad name. If you have the passion and then choose the right company, the right compensation plan, the right structure and the right marketing materials, you have a greater chance of success.
Finding your passion could take time. Is it a favorite hobby or a lifelong dream? If you are conscientious about your health and the way you look, maybe the health and beauty industry might be a fit. If it is your ambition to travel the world but haven’t done so yet, maybe the travel industry could get your juices flowing. If you are very computer savvy maybe a purely Internet-based business might play to your strengths. Believe me, there is something out there for everyone, especially as network marketing is becoming more mainstream and more and more companies are adopting this method of distribution.
Another consideration is the market segment and you want to address. This could be impacted by your own age, for example. If you are 25 years of age it is going to be harder to go after the baby boomer generation and you probably want to stay in your peer group. If you are a boomer and can relate to their needs then you probably want to stay in that group.
Having found your passion and decided which segment(s) you would like to address then we come to the choice of company or companies that are active in your future market. You notice I am adding in the plural form here as I strongly believe it is possible, and often desirable, to have more than one business. This could be more than one (complementary) network marketing business or a network marketing business backed up with one or more affiliate programs…or both! In a later blog I will go into more detail about the strategy of having more than one business active at any one time.
Having come to this point, the choice of company you join is very critical. This choice should be based on several factors. Obviously the product or products is a very important part of your decision but it is not the only one. The company’s background, its management and financial strengths are very important. Does the management have the relevant expertise, especially in the network marketing industry? What is their MLM structure and, very importantly, how is their compensation plan? Are the products competitive in the marketplace? How are they priced? Is it a juice that will appear at Costco in a few months at the fraction of the price? Is there competition and how are they priced? Is it a one-product company or is there a product development plan with new, innovative products in the pipeline?
I have seen companies that had everything in place but their compensation plan was outdated and made it difficult to make good money without jumping through a bunch of hoops. Some companies looked perfect except the management had a history of starting up companies and then abandoning them for the next big trend. Should you join a company that is a start-up in order to get in at the beginning because everyone is telling you “it is only those at the top” that make the big bucks? Or is an established player better as they have a tried and tested system that works?
Making these choices is a vital part of whether you will be successful or not. The bad rap of the MLM industry has been caused by people making rash decisions to join a company on the promise of huge income potential (under pressure from family or friends) and then not working the business. There is a reason it is called netWORK marketing. To be successful in this industry takes a lot of hard work and dedication to be successful. You will get a lot of rejection and we will deal with that in another blog. But the ultimate prize is a business that produces residual income that will allow you to take control of your financial life and maybe fire your boss. Stay tuned!
No comments:
Post a Comment