FIRST – Don’t run into the first network marketing opportunity that you see, although the person in front of you may be the nicest dude on the planet, there are a number of critical points to consider just before signing on the dotted line.
You’re going to spend an decent amount of time starting up your business and you certainly don’t want to pick the wrong opportunity, doing your due diligence beforehand might save you a good deal of grief later. You will a find number of points set out below that you simply ought to check out prior to joining any opportunity.
The first question to ask is how long the business has been around. Is the company privately owned or is it publicly traded? Who are the management team, and have they had previous experience inside the network marketing model? Is the company international and if they are, can the services and/or products be shipped into different nations without “customs” issues?
It’s a harsh reality that new MLM companies have little opportunity of surviving longer than 5 years. And that’s not just some of them. It’s most. So it may sound tempting to jump in to a network marketing business on the ground floor, or in prelaunch stage, but you must comprehend the probabilities of that business failing and consequently your own business going belly up with it.
What about the costs of the services or items the firm provides? Would the average Joe on the street buy this item typically if there were no business opportunity attached to it? If the answer is no, then walk away.
The reason is purely economics. Understand the general public who start in MLM will sponsor less than 3 people in their entire careers.
To paraphrase, most people never do what’s critical to achieve success in their new business. So if these people are required to make a once a month purchase of a product they would not normally buy at that price… They may cancel their autoship and quit.
Which is why the yearly attrition rate, or the dropout rate, in several network marketing companies is usually in the 70 to 80% range. And any attrition rate higher than 20% yearly will make building a moneymaking business fast very challenging.
So naturally the product is kind of important, but the cost of the item is also important because if somebody is paying $20 a month for vitamins, and they are now asked to pay $30 for a similar product, at some point they’ll feel that if they cannot build a business, they are going to quit or fail. Which is the same thing.
Next thing you need to seriously consider before starting any new business is how, especially, you are going market and pitch your new business.
Because the bottom line is you won’t make any money till you sell a lot of products and sign up a bunch of new team members.
So what’s your plan? Because even the best MLM business opportunity out there won’t make you a dime unless and until you effectively and efficiently market and promote that business.
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Hope you got something out of this post. Have a great day.
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