Given the present fiscal climate, the concept of producing "multiple streams of income" makes a lot of sense. One of the most excellent and most cost-effective ways of accomplishing this goal is to start a network marketing (also referred to as multi level marketing, and social marketing) business. The advantages are:
With thousands of possible opportunities in the work from home space, how do you pick and choose the correct company for you? Here are ten recommendations for making a great decision:
1. Ten Years Old (or older) - It has been believed that over 50,000 network marketing companies have began in the United States since 1956. Remarkably, only 56 companies have been in business for over ten years and are still in business today! The ten-year mark seems to be a worthy indicator of whether or not a company will truly stand the test of time.
In addition, a developed company is likely to have just about everything in place such as a quality product line, systems, distribution, legal/compliance, technology, etc. Ideally, you get to just come in and build.
If you want to create true long-term residual income, go with an established company that has passed the ten-year mark.
2. Ownership/Company - In a an optimal world, you will find a company that has highly skilled owners who have widespread personal experience in all key areas of operation - executive management, product creation, and field sales development. Preferably, the company will also have a highly seasoned team of multi disciplinary specialists rather than being a "one man/woman show." Do the owner's work well together or are there "power struggles?"
Also, what do you perceive when you look for the company and owner's names online? Do you see backgrounds of success in previous businesses or unwanted baggage such as old legal and public relations issues? What is the growth trajectory - in expansion or retrenchment mode?
Ask questions about the company's economical status. Are they dependable?
Do they have sizable long-term debt?
3. Products - The Company’s product mix and excellence is one of the most vital components to review when considering involvement in a likely home business company opportunity. To create true residual income your goal is to build a big network of consumers who regularly reorder the products. Therefore, the product line should be:
4. Success System - The main goal in building a profitable multi-level marketing business is to develop a vast and highly motivated consumer network. For this to occur, it is essential that a highly defined, yet simple to execute "success pattern" is in place.
McDonalds's is a great example of a company that has a clearly defined success system. Every aspect of the procedure has been time tested for efficiency, down to the exact placement of the pickles on the hamburger.
To test the efficiency of a company's duplicable success system, we recommend "The Alaska Test:" Could a new participant who resides in Nome, Alaska, and who is fifty levels below you, successfully build a sizable international team with no direct guidance from you? If not, the business you are researching at does not have a clearly enough defined pattern of success.
Also, will the leaders of the organization you are getting ready to join be available to actively assist and coach you on your success journey?
5. Compensation Plan - There are quite a few types of compensation plans used in the network marketing industry. Every plan has stand out features and limitations.
Ask these important questions:
6. Marketing Tools - Leads will tend to judge your opportunity by the "cover of the book," which is the company's marketing tools. It is critical that the first opinion is a good one! Here are some vital questions to ask:
7. International - According to the World Federation of Direct Selling Associations, the international direct selling market is approximately $132 billion dollars per year. North America accounts for only about $31 billion dollars, or 24% of the total sales. Some large United States based direct sales companies report that merely 5 to 10% of their total international sales volume is generated domestically. Building an organization in multiple countries also makes sense from a diversification standpoint. Consequently, it is extremely important that the company you are considering aligning with has a large international presence. Ask these key questions:
8. Sponsor/Support Team/Organization - One of the most important factors in your ultimate success with a network marketing company is both your personal sponsor and the support team, or distributor field organization, you are part of by way of your line of sponsorship. Ideally, you will learn the majority of the key business information from your support team. Ask these key questions:
9. Culture - Webster defines "culture" as a way of thinking, behaving, or working that exists in a place or organization. Every network marketing company has a certain "feel" that is unique to that organization. What is the feeling you get when you read the company literature, view information online, or attend company events?
10. Social Media Presence - In our current "Information Age," it is important for companies to be leveraging technology effectively.
Hopefully, these ten tips will enable you to do proper due diligence as you review potential network marketing opportunities. It is important to not just go with the first program you are exposed to, or to make an emotional decision based on a particularly exciting business presentation.
With hundreds of companies to choose from, it is important to have a screening process to help you filter which is the best company for you. Create a list upfront of your most important company attributes (ex: excellent products, 10 years in business, professional culture) and stick to your guns through all of the emotional sales appeals. It is also important to interview key company leaders to make sure you feel comfortable with the company culture and to verify that you will get the individual attention you need.
Your decision of which network marketing company to join is a very important one. Potentially, a right decision could help you and your family to enjoy a lifetime (or beyond if willable) of residual income, great friendships, amazing travel opportunities, and financial security.
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