The majority of people are skeptical in joining an MLM business opportunity mainly because of the reputation of the entire industry.
The cliché that ‘there is no harm in trying’ still holds true today especially when it comes to the global MLM industry.
The MLM industry is like a love-hate relationship. Based on a report that analyzes more than 400 MLM companies, about 50% of the members will drop out in the first year of being a member and about 90% have already left the company after five years.
The other 50% and 10% is slowly making their way towards financial freedom that they may fully realize on the 10th year.
An MLM business opportunity either sells or recruits or both.
As such, if you are not ready to sell products or services and recruit as many people as you can, this business is not for you.
There are also other things to consider before you can make money from the business.
First, there are expenses involved. If you join a recruitment-focused business, you might have to spend between $10,000 and $25,000 each year. You only have to spend from $1,000 to $5,000 if you will join a product-focused business.
You mostly have to spend on Internet and phone bills and promotional materials if you want to do it traditionally.
Nonetheless, some networkers chose to do the promotions online. In fact, there are MLM companies with a marketing plan that purely focuses on social networking sites in recruiting new members.
Investing Time for an MLM Business Opportunity
Second, there are also time investments required. You cannot deliberately ignore the business once you joined an MLM business opportunity. You will not earn anything in this way. You have to work hard and devote enough time to build your down line.
This may be a full-time or part-time job for you, depending on your availability. Of course, if you will have to leave your current job and focus on networking, you have to make sure that you can earn more than what your current salary is.
On the other hand, you may continue working and doing networking during breaks and at night before going to sleep or whenever you have free time. Then, leave your work when your earnings is enough to pay for all your bills and expenditures while also allowing you to save a percentage of your monthly earning.
The question now is how you are going to succeed after joining an MLM business opportunity of your choice. In a nutshell, you should work diligently and consistently. Never giving up on the opportunity is the key to success, as according to the top MLM earners, most of which are hailed from the US.
Remember that MLM companies have unique schemes and tactics. However, the majority of these companies are in unison in telling the new recruits that they should learn and listen from their up-lines. The up-line-down line relationship is critical in becoming a successful networker. As a down line, it is your responsibility to ask your up-line some questions regarding what you should do to be successful in the business.
Down Lines and Up-lines
In any MLM business opportunity, usually, the up-lines are taking care of hundreds of down lines. While your up-line is not ignoring you intentionally, making him or her aware of your concerns or questions will do. Draw on your up-line for help because he or she is willing to extend some help to you. Keep in mind that your success is his/her success, too.
Alternatively, you may simply rely on your up-line for confirmation and clarification. Usually, most of the MLM business opportunity provides new recruits with learning materials. All the information that you need in recruiting and selling the products are already there. You just have to read, comprehend and internalize them. If something is not clear to you, this is the time to ask your up-line.
In every MLM business opportunity, duplication remains to be the secret weapon. These businesses often establish their own marketing plan. Old members have done it, and now it’s your turn. Thereby, there’s no need to deviate from the marketing plan since it is already proven.
Just like you, it will take weeks to months to build your down line. Don’t expect everything to happen fast without doing your share of hard work. Find the right people to share the business with. About 90% of all your prospects will decline.
The remaining 10% will not immediately join. It is your responsibility to convert them through the tactics that you’ve learned earlier. Your job is to convince and not force people to join. If they find the MLM business opportunity good and right for them, there won’t be any reason not to join your network.
Furthermore, as with any other MLM business opportunity, there will be some awful moments. For instance, one of your best recruits suddenly dropped out and decided to join another network. Sometimes, you’ve been at it for months, and you have no referral yet. You might be tempted to quit because you aren’t able to encourage someone to join.
Again, if the MLM business opportunity is good and there are hundreds of networkers earning from it, then there is no reason to give up. Instead, you need to psyche yourself to determine what you are doing right or wrong. Definitely, you won’t succeed if you are not doing the right things.
With this, it would be advisable to conduct regular reviews especially when you are too engrossed in the business that you failed to check the business updates. You should set goals initially and analyze your progress against the goals. In this way, you will know if you are succeeding or not.
Evidently, recruiting and selling products are no joke. This doesn’t mean, however, that joining an MLM business opportunity is not a workable home-based business. Anyone interested in generating income by joining an MLM business has high success rates.
Nonetheless, researching and investigating the opportunities are always worth it especially those MLM companies that you wish to represent.