So, you’ve decided to take the plunge and start your very own home based business. While the thought of leaving behind the drones of the 9-5 for the freedom of the network marketing lifestyle is exhilarating; actually deciding on which opportunity is right for you can be downright daunting! With over 3,000 companies to choose from, you’ve got options, but where to start? How do you go about finding that network marketing opportunity that’s right for YOU? Here are a few handy tips to help you out on the quest for your MLM match made in heaven:
1) Consider Your Interests
What are you passionate about? If you want to be truly exceptional in your MLM business, you’ll need to be genuinely interested in the product or service you’re offering. There is no better way to get people lining up to become one of your team members than to be passionate about what you are doing. Authenticity is magnetic. Not to mention it’ll keep you motivated and driven to keep going during those times when the paychecks aren’t reflecting your hard work, and that’s what it takes to be successful: consistency and commitment. So what gets you going? Travel? Health and wellness? Are you a work-out fanatic, or a techie enthusiast? Look for opportunities that align with your interests and allow you to do what you best… share your passion.
2) Do Your Homework
Word to the wise, before forking over a couple hundred in start-up fees, do some research, people! I’m not saying you have to go full-out Sherlock Holmes, or hire a private investigator to get the dirt on your business opportunity of choice; a little digging around on Google should do the trick. Start with investigating the basics like, how are they rated with the Better Business Bureau? Are there any outstanding lawsuits or charges pending against them? How long have they been in business? The ideal MLM company will be at least two years old, so you know they have what it takes to stick around in this hyper-competitive industry. The FTC has a great article on evaluating the legitimacy of any business opportunity. It is a must read before making your final selection, check it out here.
3) Examine the Qualities of the Product or Service
Did you know an MLM company isn’t a real business if they don’t offer a legitimate product or service? Without one, it’s probably more along the lines of a Pyramid Scheme. Yikes! While the most profitable side of your business will come from recruitment and team building, a good product or service is equally important. Make sure when you find that super-awesome company that aligns with everything you’re passionate about in life, that they offer a sweet product or service that appeals to people outside the business opportunity too. Ask yourself: is this product/service unique? What about the price point, is it competitive? Is this something that would appeal to a wide variety of people, or will I have a hard time building a profitable customer base? Finally, ask your sponsor if you’ll be required to purchase some of the product each month. This is not always a bad sign, but if the answer is yes, and the amount is larger than you would be able to sell in a month then there may be a problem.
4) Find out About Support & Training
A big part of being successful in an MLM business is having the appropriate skill-set and tools you’ll need to successfully market your business. Be sure to ask about training materials. Do they offer them, and will they cost extra? When it comes to support, your sponsor may be a seasoned MLM pro, but it is still a huge plus to have a large support network to fall back on for motivation and guidance. Finally, as with any business, effective marketing is essential. A good MLM company will provide you with a wealth of resources to market both the opportunity and product. Make sure they offer marketing collateral like informational DVD’s, customizable websites, flyers, and presentation tools.
5) Ask About Compensation
Scour the compensation plan, ask a few questions and see if the earning structure they are offering will meet your expectations. Find out how often you’ll be getting paid, and if there is a minimum amount you have to earn before they’ll cut you a check. Definitely ask about each level of earning within the payment structure. Especially if you have to have a lot of people under you before you can start earning a decent commission. Read through the compensation plan for yourself, this is one time you really don’t want to take someone else’s word for it. MLM compensation plans are known for being detailed and a bit complex, but they should always be clear and easy to understand.
Finally, use common sense and trust your gut. Remember when you mom told you, “If something sounds too good to be true, it probably is.” Well she was right. If something doesn’t feel right, don’t let anyone pressure you into anything. It’s ok to pass and just keep looking. Sure, it takes a little more time and commitment to find the right Networking Opportunity in the beginning, but you’ll save yourself a lot of trouble down the line. Good luck!
For more home business resources visit: BeTheBossNetwork.com
Dennis Seifert is the President & CEO of Responsive Data, which provides the MLM industry’s leading automated dialing platform – Power Dialer PRO, marketing system – Ultimate Prospector, lead generation solutions, as well as other sales and marketing tools for Network Marketers.