Multilevel Marketing (MLM) has been around for a very long time. It may have had some less politically correct name then but any way you shake it, it was still Multilevel Marketing. Times have moved on but MLM is big business. Actually I’ll correct that – it’s massive.
Donald Trump was attributed with saying that if he was to start over, he’d launch a MLM business. With that I assume he meant being at the top as opposed to somewhere in the middle. Companies who have MLM as the mainstay of their sales effort have grown in reputation as their business has grown. They are also attracting candidates from every walk of life to become distributors. Why is this? Three reasons:
- With the economy being as it is more senior employees are finding themselves in the job market.
- Those who are in work are looking to take the risk out of earning a living by taking greater control of their own destiny.
- You can potentially make a lot of money with MLM.
So how do you make it work? What are the best MLM tips? Well, here’s the first one – do your research. You need to go in to this with both eye’s fully open. It’s one thing to be sold the dream, it’s another thing to make that dream a reality. There is no such thing as a get rich quick scheme and you certainly would do it with multilevel marketing. It takes time, perseverance and commitment.
As you would expect, multilevel marketing companies are great marketers. They are amongst the best. Only the most cynical of us could go to one of their meetings and not come away believing that this was the opportunity for us. You’ll go in quite reserved perhaps and cautious and by the end of their sales presentation, you’ll be jumping up and saying “I believe” with the rest of them. And that’s all good, but let’s get down to the basics. Here are the key MLM tips for choosing the right company and scheme for you.
- What do you know about the company? How long have they been established? How good are their products when compared to the competitors in the market?
- What is the demand for their products generally and specifically in the area you intend to work.
- How does their payment plan work? Is it achievable and are the rewards fair for the work you will put in? Also what are the trigger targets you will have to achieve to move up to the next commission levels
- Who are their key executives and what do you know about them? Why is this important? Well let’s think about that. You are trusting them to pay you an income for the work you put in. More importantly, you are trusting them (in many cases) to pay you a residual in to your retirement years. Are you confident that they will do this? Can you evidence this happening?
- What support and training will you receive to help make you successful?
- How good will your head office support team be in terms of answering customer queries, delivering the products and delivering on their promises?
- Is there a fit between you and the products you will be selling? Do you have an interest in the product or some knowledge of the market? This is not essential necessarily but certainly helpful.
How do you find these things out? Asks them, go to the meeting, read the literature, speak to existing distributors, research on line, try their products and test their service. Spending time in doing the research will not be wasted.
Where’s the Money?
Before we get into establishing how much you are likely to make with multilevel marketing, you need to consider more generally, how you are going to pay the bills. You have to go in to this with the same thought processes that you would when starting up any business. What are your current outgoings and expenses? How much do you need to live on? From your research, how long will it take for you to achieve this with the multilevel marketing scheme you have chosen?
If you don’t take anything else from these MLM tips, please take this:
Don’t give up your day job.
Please, this is important and a good MLM company should advise this. You may start the venture with great enthusiasm but for whatever reason find that it is not for you. It happens. Don’t burn your bridges. You’ve got to pay the bills at the end of the day and any MLM venture should be considered to be a part-time addition to your existing income.
Jim Rohn, the late great motivational speaker and educator, was very much an advocate of multilevel marketing. He suggested that it was infinitely more impressive for you to be able to say that you make more money from your part-time job than you do your full-time job. (As an aside, I suggest you read some of the great volume of work the Jim Rohn left for us.) You need to get to that point before ever considering giving up your full-time job.
So, where is the money? No doubt when you go to the meetings (and I’ve been to many MLM meetings) they will trot out one of their start performers. A person just like you, who is now making six figures a month, spends half the year abroad, has a fleet of expensive cars and so on and so forth. And this is all true. I’ve met them, they do exist. More importantly of those that I have met personally, they are quite remarkable people and very open in sharing their story and experiences with you.
The truth however, is that that account for a fraction of 1% of those of embark on multilevel marketing scheme. The majority make much less and the vast majority don’t make a living wage from it. Clearly there are a number of reasons for this. Yes, it is true that if even one person can achieve six figures a month then others surely can. In the end, in part, you will get out of it what you put in but you need to have a combination of skill sets working together to be truly successful.