The 6 steps to follow.
What you need to know:
MLM is not the same a pyramid schemes. Pyramid schemes do not provide anything in return for your investment. They are simply moving money up through a pyramid of people which will eventually become to large to sustain itself.
MLM is a way for an individual to build their own business, without having to make a large, initial investment. The only alternative to MLM is Franchises, which normally require a substantial investment to set up. The advantage of MLM is the encouragement, support and training you get as part of a bigger team for a significantly, smaller investment. You can also check who you will be working alongside, before joining, to ensure you will be working with like minded, people.
What company do you choose?
Once you have found a company, that you think you would enjoy representing; how do you make your decision about which one to join?
To help you make the right decision you should consider:
1. When was the company founded.
2. How has the company grown.
3. How is the company regulated.
4. How is training and support provided.
5. What restrictions are placed on advertising your business.
6. Are there any money back guarantees – always check the small print.
How does it work?
MLM involves selling a product or service and then receiving a commission payment.
As a representative once you have joined the company, you then have the opportunity to recruit representatives and earn commission from their sales. The drawback is unlike franchises there is no limit to the number of people who can join the company and sell their products or service. There are also no limitations on the number of individuals, that can operate from any one geographical area at the same time. This does mean that the ‘market’ can quickly become saturated, resulting in too few, potential customers, for the number of representatives, attached to any one company.
Do not let this deter you. Franchises often fail, resulting in a loss of the initial investment and often subsequent investments which can add up to huge amounts. Many MLM companies also offer the chance to trial as a representative for a certain time period and then receive your money back if you choose not to continue. Any business carries risks and has advantages and disadvantages. MLM offers an alternative for many people who want to be able to work independently. There are numerous, success stories, for various companies, although it would probably not be advisable to give up you job to start an MLM opportunity. The great thing is you can take your time to establish yourself and build up your income, alongside your ‘day’ job; unlike franchises which normally require, complete commitment from the start. When you are confident, you can then take the next step and dedicate yourself, full time, to your business.
MLM offers a unique way for anyone to have a successful and profitable business, regardless of where you live, your education, or your work experience. I am not promoting this as an easy option, any business takes dedication and hard work and one started via MLM is no different. Your chance of success will vary and it is likely you will need to make a small, initial investment to get started. As long as you do your research and accept you are always taking a risk, however you choose to start a business of your own; the possibilities for growth, are only limited by your level of determination and dedication!
Keep checking my blog for interviews with individuals, who have found financial freedom and are making both a monthly income and a long term, residual income
from their own MLM businesses.