In fact, some people have lost their money by choosing MLM opportunities that turned out to be wrong for them or turn out to be fraudulent.
Before we look at what to take into account before you choose who to work with, let’s look at 2 basic requirements you should meet before diving in head first.
Are Your Ready for This, Really?
The first thing you should know is that it takes a certain kind of personality to succeed in this business. A lot of it involves talking to people and attending social gatherings. If you are not very comfortable with social interaction, you may want to start practicing early by going out and talking to people more.
The second thing you should know is that MLM is a lifestyle.
It is not like a career were you can be one thing at home and the other at work. It is all encompassing and in many cases the area between home and work is quite blurred. With these 2 things in mind, let’s see how to o about choosing multi level marketing opportunities.
10 Tips for Picking a Good Multilevel Marketing Opportunity
1. You are looking for a product that as 2 qualities; it is new and it is highly consumable.
Although you can make money working with MLM products that have been in the market for a long time, you will definitely do better with a product that’s new and that the market is excited about. Highly consumable means that it is consumed, finished and people come back to you for more. Examples are supplements or body care products.
2. Find a company that allows you to recruit others to sell under you.
This is called creating a down line. A down line consists of people you convince to sell the same product and then for each sale they make you earn a commission. Most multilevel marketing businesses are structured this way but there are some that don’t allow people to form down lines.
3. Check the age of the company.
The best time to join an network marketing opportunity is when it is close to being 5 years old. By this time, it is apparent that is a company that is well capitalized and is bringing good turnovers. Going in earlier than that is a risk – you cannot be sure that the company will survive. Going in after a company has been around for more than 5 years is okay but remember we are looking to sell a product that is new and exciting.
4. Look at company growth.
You might want to hire someone who is an expert in these things to check this for you. What you are looking for is a company that is well financed and has no debt. So long as it continues this way, it will continue to exist and be profitable for dozens of years. As you check, you should know that many network marketing companies are very secretive about their financial operations – in fact, they are secretive about all operations because they don’t want competitors to copy them.
5. Always consider multi level marketing opportunities that are going international.
In many cases, when a direct sales company doesn’t go beyond the borders of the country where it was established, it will fail. To drum up enough business to be profitable, it has to become international. Remember, your MLM business will not survive if the MLM company doesn’t.
6. Don’t try to reinvent the wheel.
It was invented a long time ago. Instead, look at what leaders in the MLM market are doing and do it yourself. Remember, people love to buy. They just need a good reason to do it. This means that you should focus on what you can do to make them buy from you and also want to be part of your down line. Unfortunately, traditional marketing were you pitch doesn’t work very well any more. If you want to succeed in your multi level marketing opportunities, focus on new strategies like attraction marketing.
7. Stay focused.
It is easy to think that you can take up more than one MLM opportunity. The truth is, especially for beginners, that if you take more than one company to work with, you have a fairly good chance of failing in both. Choose a company and then stick with it. Also, don’t expect great success at the beginning. MLM businesses will take time to pick up and you have to be at it for a while before you can start pulling in big bucks.
8. Choose a product that you are comfortable selling.
It is always easier to sell something tat you believe in. There may be other opportunities that will bring in more money but if you’re not comfortable selling them, you will soon get discouraged and resentful if you are not happy selling. In addition to that, people can see when you are not selling wit sincerity. In other words, what you thougth could make lots of money becomes hard to sell.
9. Be in it for the long term.
It is not something you do between jobs. The people who have made the most money are the ones who have spent more than a year or two doing it. Some people do MLM as a second job, something on the side that gives them extra income. To be a success, you need to be fully focused. If you have a career to balance with, your efforts will suffer.
10. Choose an opportunity that will pay you well.
The good ones pay you well right from the beginning. They also train you on the best ways to sell the product and even on topics like how to dress, how to get someone’s attention so that they can listen to you and so on.
Remember, you can choose the best multi level opportunities but if you don’t put in the required time and effort you will not make any money.