Viral Solutions: Working in network marketing seems like a great gig—you get to be your own boss, choose your own hours, and set your own goals.
But you really only get to enjoy these perks if you’re successful enough to earn a steady income.
After all, you probably won’t love being your own boss if you’re not making enough money to pay the bills.
Don’t worry—we’re here to help you be as successful as possible in network marketing.
This article will walk you through everything you need to know.
Choosing a Company
Some questions you should ask yourself when researching companies are:
- How old is the company? Is it well-established or is it just starting out?
- How are the company’s sales? Are they rising or falling?
- What is the general reputation of the company? Reviews and blogs can usually give you a good idea if the company is reputable or suspicious.
Look up CEOs and other company leaders.
If company leaders have been accused of carrying out scams or have had legal trouble, you may want to avoid this company.
Investigate the products or services the company sells.
You should keep the following in mind when considering a product:
- Is this product safe?
- Are the product’s claims backed up by legitimate research?
- Would I use this product?
- Is this product priced fairly?
Question your recruiter.
Don’t get distracted by promises of how much money you’ll make, and really think about what you’re about to do.
- Ask direct and specific questions. If you find the answer too vague, ask for clarification.
- Ask exactly what the company will expect of you—how much are you expected to sell? How many people are you expected to recruit? Are you required to take part in training programs?
Read your contract carefully.
Watch for red flags.
According to the Federal Trade Commission, some businesses posing as MLM companies are actually illegal pyramid schemes.
Pyramid schemes scam recruits into buying into a company and almost always result in a loss to the recruit.
Some things to look out for are:
- If a company makes more money selling products to distributors than to the public.
- If a company makes more money recruiting members than by selling products.
- If anything seems wrong to you, don’t sign a contract.
Draw up a business plan.
Keep these things in mind when designing a business plan:
- What product or service are you intending to sell?
- Who is your intended market?
- How much time will you dedicate to this? Will it be a part-time commitment or are you planning on working 7 days a week?
- What is your goal? Do you want to get rich or just make some extra money?
- Think long-term. Where will you be in 5 years? 10 years?
- What is your marketing strategy? Will you make cold calls? Use the internet or social media? Go door to door?
- You can update or change the plan as needed, but it helps to have a guide when you’re just starting out.
Choose the right mentor.
So it is in their best interest to be there for you. In a mentor, you’d want:
- Someone who is available if you need help.
- Someone who you could see yourself working with.
- Someone who will be honest with you if there’s something you can do better.
Study your products and know them well.
It’s your job to sell these products, so you should dedicate yourself to knowing everything about them.
Attend company meetings and training calls.
These will help you make new contacts and learn new skills.
You can leave them better prepared to build your business successfully.
Build new leads.
There are various ways you can find new leads, and you should use multiple strategies to attract the largest market possible.
- Social media is a cheap, easy way to generate buzz for your product. Start a page for your company on each of the major social media sites and update them all regularly.
- Buy advertising space online and offline.
- Websites and newspapers can help build awareness for your product.
- Cold calling, though old-fashioned, is still a popular method of finding potential leads.
- Personal interaction is also useful. Always have business cards on you and be ready to talk about your company. You never know when you may come across someone who is interested in what you have to offer.
Follow up with all leads.
To turn leads into paying customers, you’ll have to follow up with them and pitch your product.
- Set up your web page with an autoresponder designed to contact people who visit your page.
- Manage all your contacts in an organized file with all their information easily accessible.
- Have a sales pitch ready at all times when you contact a lead.
- Try more than once to turn a lead into a customer. Just because someone wasn’t interested once doesn’t mean they will never be interested. Be careful not to overdo it, though—you could easily get a reputation as a spammer, which can hurt your business.
Building Your Network
Recruit new members.
Mentor your recruits effectively.
Give your team members good commissions.
Consult professionals about your business.
How can I initiate this business?
Once you have decided to join a network marketing business, first decide which company is best for you.
Do market research and buy the package.
Upon buying the package you will get in touch with your upline who is already in the business.
Follow your upline to move forward.
Just remember one thing always, network marketing is an awesome business that works on the compound interest theory.
Initially, you will have to work hard and results are less, but as soon as you grow you will have to work less and you will earn more.
This is not a get-rich-quick scheme. It is a substantial commitment, and you should be willing to spend the time required to make it successful.
Seek advice from those who have succeeded in network marketing.
Don’t reinvent the wheel. Follow those before you.
It may help to read books by successful businesspeople for ideas and inspiration.
Do remember, however, that just because something worked for one person doesn’t mean it will work for you.
Read these articles for ideas, but take advice with a grain of salt.
Always keep your business legitimate and law-abiding.
Make sure you don’t quit your full-time job right away.
You should only leave your current employment when you’re certain that you can live on your earnings from network marketing.