In the past, Network Marketing has gotten a bad rap. Nevertheless, for people who are committed to success and who are willing to work hard, Network Marketing can provide a great income, as well as the travel opportunities, fun, and “freedom” lifestyle that come with it!
The thing is, some people mistakenly believe Network Marketing is the same as a pyramid scheme. The distinction, however, is clear: a pyramid scheme is a system in which people invest money, believing (or having been promised) that other people will invest money that eventually will come back to them – and somehow they’ll get rich. It has no foundation in actual commerce.
In contrast, Network Marketing is a legitimate business in which you are providing people with exceptional, high quality products they want and need, at a reasonable price. (Quite honestly, there are some MLM companies that DO produce inferior products. That is why it is very important to try the products before you decide to become a distributor. )
This explains why it’s such a popular business model. In fact, experts estimate that more than 70 million people worldwide (16 million of them in the US) are operating a successful direct sales business. Businessmen including Warren Buffet, Steven Covey, and Robert Kiyosaki have endorsed direct selling (Network Marketing) as well because of the security and business opportunity it offers.
Although Network Marketing has been heralded or blasted as a “get rich quick” scheme, people are only as successful as the efforts they put into their businesses. Some get rich quickly, and some do not. Some get rich over time, and some never do. In fact, few people do rise to the top of their MLM Company and become a top earner (and that’s where The Baby Boomer Solution comes in – to help struggling Network Marketers succeed!)
The key here, though, is that your success in Network Marketing is proportionate to the skill with which you master the business. What are your goals? What are your present skills? How do you plan to recruit prospects? What you do need more than anything is a marketing plan. Most network marketers are clueless about how to approach their entrepreneurial pursuit with total confidence that they know where they are going and how they will achieve success. Remember, failing to plan is planning to fail.
Some of the skills you will need include: sales, marketing, coaching, persuasion skills, and acquiring an entrepreneurial mindset. Here are a few things to consider when creating your plan for success:
- Customer Acquisition – Sales
- Identify Your Strategy To Grow Your Business – Marketing
- Training for Your Team (Coaching)
- Skills in Prospecting, Recruiting, Closing and Objection Handling
- Leadership Skills
You must choose a product you’re passionate about, a company whose values align with yours, and people (your “downline”) you truly enjoy working with. And you must educate yourself and know how to grow your business. End Result: begin with the end in mind.
That’s a recipe for success!
The TRUTH about Network Marketing is that its success lies in leverage. You can leverage your time and efforts by sponsoring others. By sponsoring people, and helping them sponsor yet more people, you reap the rewards of the efforts of dozens or maybe even hundreds of people.
For example, you recruit a few people who are interested in the business opportunity and believe in the value of the product to solve people’s problems. My recommendation, do not focus on opportunity seekers that are only looking to make money.
In essence, each network marketer is a solution broker. They, in turn, each recruit a few people who are interested. The cycle continues, and each person in your “downline” adds money to your income. Simply put, join a great business with great products.
How quickly – or how slowly – this happens is a direct result of how hard and how SMART you work, and how well you master the necessary skills and tools. Starting a direct sales business is a great way to get started as an entrepreneur!
Have you any possible misconceptions/questions about Network Marketing you would like to discuss? Leave a comment below!
— Suzanna Abbott, CEO of The Baby Boomer Solution