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Network marketing has many appeals, the biggest of which is you are in charge of your time and the amount of money you make. However, many people are still a little leery of the whole MLM thing. What is network marketing and who benefits from it? Simply put, if you are looking for additional streams of revenue, then read on. If you are tired of being paid just for the hours you put into someone else’s business—you work 4 hours and get paid for 4 hours—then read on.
1. Most MLMs have a low start up cost. Any time you start a business, there is an inherent risk of losing money. The trick is to minimize the risk. With most MLMs, there is a low start cost and minimal financial risk. If you start with a company whose products you already use, there is even less risk.
2. There are so many MLMs from which to choose. The best way to narrow down if that product/company is right for you is to ask yourself 3 questions:
· Would I use this product even if I were not going to market them?
· Does this product add value to what I already offer to my clients?
· Do these products offer the consumer any benefits other than the opportunity to make money?
3. MLMs offer an opportunity to make residual income. Once you have built your base of customers, you can enjoy the benefit of having residual income each month. Word of caution on residual income: it is not retail income. When you sign up with an MLM, you can add the product as additional retail in your current business. You make a commission on everything you sell. If you decide to build a team, then you start to really reap the rewards of residual income. It takes time and patience.
4. MLMs generally do not have an income cap. When you trade hours for dollars, as in a traditional job, you are capped on how much you can make. However, with MLMs, you can recruit and continually build your customer base to create as much residual income as you would like. If you were to work your MLM business 7-10 hours per week, for example, you can double or triple your income in 2 years. That kind of growth is not possible in a traditional “hours-for-dollars” job.
5. You no longer have to keep inventory in stock, nor do you have to sell door to door. Most MLMs now take advantage of what the internet has to offer. Customers can order from your website. Some companies fill that order for you; others have you place the order for what products you need. Either way, you no longer have to keep a room full of items on hand, which makes running an MLM business very flexible.
6. An MLM business is portable. Since much of the MLM is run off the internet and through the phone, you can take your business on the road or run it from your home office. You can set the hours that work best for you. How does making money while sleeping sound? You can do that with the right MLM.
7. You are plugged into a community of like-minded individuals. You choose an MLM based on your interests and the value the product can add to your clients. This means you choose a product that has a community of leaders who will help support you and help you grow not only in your business, but also as a person. It is a beautiful thing to not have to “go it alone”.
8. Almost all MLMs offer recognition and rewards, and who doesn’t like to receive a check or gift or pat on the back? When you have a product you believe in and a community that supports you, you become passionate. When you are passionate, people notice and want what you have. When people want what you have, your business grows, and as your business grows, your MLM community notices and gives you much needed and well-deserved recognition.
9. Network marketing is NOT a pyramid scheme. They are very different, and one is illegal. In a typical pyramid scheme, a person is asked to fork over a lot of money to join a game with no legitimate product. Only the people at the top would make any money and everyone else is left feeling ripped off. In an MLM, you can start at the bottom and work your way to the top; everyone has an opportunity to make money. Also, in an MLM, the product is solid and there is support to both the marketer and the consumer.
10. More and more companies are turning to network marketing. It is a powerful and cost-effective way to reach a lot of people. Success Magazine has stated that network marketing is “the most powerful way to reach the consumer” and companies have taken notice. What does this mean for you? It means network marketing is moving mainstream and more and more people are viewing MLMs as a credible business opportunity.