Have you ever heard of MLM or Network Marketing?
If not, then you should probably get familiarized with the acronyms. MLM stands for Multi-Level Marketing, which is a type of marketing that people use where they promote products to others in their social network for a commission.
While Network Marketing operates on a similar principle, where the individual promotes a product or service for commission, it falls under the umbrella of Direct Sales.
If you’re looking to get involved with a direct sales company, then keep reading.
The Difference In Theory And Execution
Multi-level marketing is all the rage when it comes to business forms today, but that doesn’t mean that all MLM businesses are created equal. There are huge differences in theory and execution between the good and the bad MLMs.
In theory, MLM can be a great way to generate revenue. After all, the more people you have participating in your program, the more potential there is for sales. However, if you run a bad MLM company, theoretically speaking, you could ruin a lot of people’s lives. It’s important to understand the difference in theory and execution before getting involved with a direct sales company.
Theory is great, but it’s useless unless you put it into practice. This is where the rubber hits the road. As a potential MLM participant, you need to understand what you’re getting into both conceptually and practically if you ever want to succeed at earning a passive income stream. The more you understand, the better. Otherwise, you might end up in DEXTER (a direct selling company) or another bad MLM.
Determine Your Personal Profile
Before you can determine which MLM company is the best fit for you, you first need to figure out what your interests are. What is your niche?
Your niche is all the things that you are an expert in, or at least very knowledgeable about. Your niche determines what kind of products and services you will promote. For example, if you are an expert in real estate, you may want to sign up with a real estate company.
You don’t have to be an expert in real estate to get involved with real estate. All you need is a proven track record of getting people to sign up for your program. Once you’ve done that, you can dive into the world of real estate without any education or training.
If you don’t have a niche, or at least don’t have one that you’re aware of, then you should probably consider getting one. Take into consideration what you know, what you’ve learned, and what you can offer. Think about your existing social network. Who do you know that could use some product or service that you’re proposing?
If you’ve ever considered MLM, or are even currently involved in one, then you undoubtedly have a general idea of what it is. However, if you’re looking for an in-depth understanding of what makes up an MLM business and why certain networks perform better than others, then this article is for you.
How To Choose The Best MLM Company For You
Now that you know what MLM is and how it works, it’s time to figure out which MLM company is the best fit for you. To do this, you need to follow three steps:
1. Make a list of your interests.
2. Identify the skills you possess.
3. Match your interests and skills to the opportunities that exist.
Step One: Make a List Of Your Interests
The first step is to make a list of your interests. Your interests are simply things that you find pleasurable or that provide some utility. For example, if you’re a real estate investor, you may want to list that as an interest. If you’re a parent, you may want to list taking care of your children as an interest. If you’re a pet loving dog owner, you may want to list caring for animals as an interest. In the same way, if you have a specific skill, like culinary skills, then you may want to list those as well.
Make a list of everything you’ve ever found interesting or useful. You can also make a note of what you don’t want to do, as well as what you might want to do (depending on your skills and interests). Keep in mind that this is just for you, your interests, and what you can do. What you should avoid doing is just listing your interests, as you’ll most likely end up in an MLM company that specializes in advising people on what to avoid.
Step Two: Identify The Skills You Possess
The second step is to identify the skills you possess. Your skills are the things that you’re capable of doing. For example, if you’re a skilled cook, you may want to identify that as a skill. If you’re a skilled real estate investor, you may want to list that as a skill. If you’re able to write clearly and accurately, you may want to list those as well.
To determine your skills, you need to consider what you’ve done in the past. Did you graduate from culinary school? Have you worked in a professional kitchen? Have you personally cooked for someone who was nominated for a Pulitzer Prize?
If you’ve accomplished any of these feats, then chances are you have some skills. Just make sure that what you list here is something that you can do (i.e., not something that you want to do).
Step Three: Match Your Interests and Skills To The Opportunities That Exist
The third step is to match your interests and skills to the opportunities that exist. This is a bit more complicated. If you look at the list of interests you made, you’ll quickly see that not all of them are compatible with every opportunity out there. In other words, there are certain MLM companies that specialize in matching people with interests and skills to opportunities, while others specialize in matching people to avoid certain interests and skills (like real estate or culinary arts).
Take a look at the MLM companies that interest you. As you can see, not all of them are created equal. Some specialize in one or two areas, while others are full-blown generalists. It really comes down to finding a company that is a good fit for you. Make sure that they have an accepting DEXTER (spend your time there) or VIP (save your time there) affiliate program.
The Rise Of MLMs
Even though MLMs have existed for a while, they have only recently gained popularity. Why? Basically, people are starting to see the potential for income generation through selling products or services to others. To attract qualified leads, some MLM companies will even invest in creating a custom landing page for you, filled with relevant content such as product information and FAQs (frequently asked questions). The idea is to convert as many people as possible into paying customers so that you can earn up to a million dollars a month or more. Of course, everything you need to make that much revenue is already laid out for you. All you have to do is promote the company and products and earn a commission.
If that sounds good to you, then there are a few things you should know.
First, make sure that you are legally allowed to do so. Just because something is allowed to be done in theory doesn’t mean that it’s for everyone. Second, make sure that you understand what your role is going to be in the company. Some MLM companies will overview the entire process of sales and marketing, while others will just give you the product to sell and leave the rest to you. Finally, make sure that you are aware of the nature of the beast. Just because an MLM company sells products and services to make money doesn’t mean that it’s a good fit for everybody. Some people may be suited for a more traditional business model where they sell their own products and services to make money. Ultimately, you will have to decide what’s best for you.
The Downside Of MLMs
Just because something is allowed to be done in theory doesn’t mean that it’s for everybody. On the contrary, there are numerous MLM companies that can give you the creeps. Here are some of the things you might want to avoid.