More and more people are getting involved in the network marketing industry and for good reason. Not only is it a smart way for the brand new entrepreneur to start a business at a low startup investment, but it is also a great way to add an additional revenue stream to your existing business.
Did you know that 82% of women making 6 figures are doing so through a home based business?
That’s a pretty amazing statistic.
Women every day are realizing the benefits of getting to stay home with their kids while still bringing in a hefty income, and the majority start off by putting in part time hours while working their full time job.
Maybe you have already taken the leap into network marketing, or maybe you are just now beginning your research. The most important thing to skyrocket your success in this industry is to brand YOU and not your company or products, so you attract people to YOU.
If you want to learn how to do this effectively, get FREE access to this 10-day Attraction Marketing Bootcamp.
There are over 5,000 companies to choose from, so how do you pick the one that is best suited to you?
Here are the top 9 questions you should ask yourself before you jump in with both feet with a network marketing company.
- What support and mentorship will you have? Will you have the support of industry leaders? What kind of training is provided for your team? You want to make sure the leaders are teaching you how to brand YOU and not the company and products. What’s most important is there is a system in place for mass duplication for even the newest network marketer to jump right in and start experiencing growth. Really want time freedom? Look for a company where you can build your business 100% on Facebook or using online strategies that don’t take you outside of the home traveling for home parties and hotel meetings (unless you’re in to that sort of thing).
- What are you passionate about? Do you love skin care and beauty? Are you a healthy eater or passionate about natural health solutions and fitness? Are you passionate about travel? Align yourself with a company and products that you would buy even if you weren’t getting paid to promote it, because people are going to buy because of your passion and belief in what you’re offering. It’s best if you can choose a company that has a variety of products that you can upsell, downsell and cross promote, and one that has a consumable product that needs to be purchases month after month for true residual income.
- What type of compensation plan does the company offer? There are several types of compensation plans. You want to make sure you and your teammates can experience a lucrative income without being a master recruiter. Most compensation plans require you to build 4-7 “legs” just to get to the top of the company, and almost all of them don’t allow you to rank advance and earn bonuses without recruiting. Find a company where even the newest network marketers can begin earning as they’re learning as quickly as possible, without recruiting anyone!
- Does the company reward you with free product? It’s definitely important to become a product of your product, but the worst thing is to get stuck in a company where you are required to purchase product every month even when you’re not earning an income. You want to look for a company where you can really earn as you learn and where you are rewarded with free product rather than you having to use your commission checks to pay for product.
- What competition is out there? Just hopping on social media you’ll find people promoting all sorts of different products through their home based businesses. Would you feel like a small fish in a big pond if you jumped on board with the same company? What makes the company and products stand out amongst all the others in the same niche? It’s important to look for a product in a niche that has mass appeal but isn’t overly saturated within the network marketing space. Are the products backed by scientific research and clinical studies, or will you be stuck “selling” and “begging” your friends and family to “try” your products to see if they work?
- What is the price point of the products? Are there a range of price points for different products? Are the products reasonably priced compared to other products on the market that are not an MLM company? Although most MLM companies’ products are of higher value, if you can only sell to people you are convincing to join your business and your “customer volume” is basically coming from all distributors, it will not be a sustainable business model. You need actual customers who are willing to buy your products without a compensation plan attached.
- What is the company history and stability? How many years has the company been in product development? A ground floor opportunity isn’t always the best idea and may be the recipe for disaster, and a company that has been around for a really long time you may find yourself in a saturated market where everyone and their mom is promoting the exact same product. Look for a company with a sustainable business model with room for growth and one who is constantly innovating. If you can get in on a company that is disrupting the network marketing industry in a postive way, don’t miss the train. Take a look at the company website, and you’ll see a huge competitive advanatage over other companies.
- Is the company compliant? You want to make sure the company is staying compliant with the FTC and only paying distributors and representatives for moving product and not recruiting reps. You definitely don’t want to risk building a great team only for the company to get shut down.
- Does the company allow you to have other businesses? To really succeed at network marketing, you need to be able to grow with the times. It’s important to know both offline and online strategies for growing your team and your business, and some companies are against online marketing of your business or don’t even want you to have your own products you sell or allow you to market other products. You definitely want to be aware of that, because it may be a turn off to your next 6 figure earner, if they want to join your team but want to build their business online or to those who already have existing businesses.
Focus on getting started with the right team, be coachable and implement what your leaders are teaching you, and you will be on your way to exponential return on your investment!
No matter the company you choose, the most important thing is to brand YOU and not your company. People will buy your products and join your team because you have established a know, like and trust. People don’t join companies. They join people. So focus on delivering value to your audience who will grow to become raving fans.