5 Tips to Succeed in Network Marketing (MLM) For Beginners
Many people have messaged me on Instagram asking what are my thoughts about Network Marketing or MLM, so I thought why not make a blog post about it. So here it is…
What is Network Marketing?
Network Marketing, or multi-level marketing (MLM) as it is also called, is a Direct selling business model where independent-agents work as distributors of the company’s products and services for commissions, and are encouraged to develop and manage their own sales force by recruiting other agents as well. Network marketing appeals to quite a number of people because of the possibility of having the freedom of time, profitable business and a chance to chart their own success course. Anyone who can make commitment to multi-level marketing stands a chance of making a lucrative career out of it.
If you intend to succeed in Network Marketing then here are 5 tips I learned from a friend who spent years in this industry:
1. Join the Right Company
Your first step into becoming a successful network marketer is to choose the right company. The many companies rising daily have made choosing a problem, but if you can consider below points when choosing, you’d be less likely to make a mistake:
The mentorship factor goes a long way in the making of a successful network marketer. This subject will be discussed in details in a latter paragraph of this article.
How you get paid
The compensation plan of the company is a very important factor to consider. What is their pay structure? What is their payment policy?
The key to determining the timing factor is to try to avoid companies that are either too young or too old. Start up MLMs of 5 years and below are usually very risky. On the other hand, fully established companies of like 50 years old are probably saturated. Not a good idea!
What are the company’s products or services? Remember this is basically how they make their money. Their products have to be of very high quality and be beneficial to people buying them.
2. Get Trained by the Right Business Mentor
Since network marketing is all about replication, you need to find the right person to be replicated by, so you can also pass on the same values to your downliners/mentees. Your team needs to reflect enthusiasm, constant self improvement and a possibility spirit.
The first year can be quite challenging, as it is the period where you get to learn new skills, products and marketing strategies of the brand you’re selling. You need a mentor at this point, who will guide you and be there to help you overcome all the possible roadblocks and ensure you succeed.
3. Have the Right Expectations
A lot of people make this costly mistake of thinking that network marketing will make them a lot of money in days or few weeks after joining. Even though this is a possibility, Network marketing is not a fixed job where you know what to expect every week or month. It is a business like any other business, which requires work…and time, and a lot of it to break even or make profits. Having the right expectations requires being objective and ready to pay the price in efforts, time and resources.
4. Attitude is everything
Network marketing is a business and not a hobby. Businesses thrive on attitude. Do not fall for claims that you will get rich in Network marketing putting in part time efforts. It takes hard work to reach the level you desire.
Momentum is gained with time, so keep up with the right attitude as the days, weeks or months pass. Be consistent and never give up no matter the pressure you get to encounter. Success has a secret: Become better every day!
It is also very important that you invest in yourself. Do not be part of those who are scared of investing money into their businesses because they think it’s risky. Like the most successful network marketers do, invest heavily in coaching, courses, mentoring, industry tools and resources that would help you run your business.
You do not have to make heavy investments all at once. The best way to go is to watch other successful network marketers, see what they are doing that makes them great and follow their steps. Put your money right where they put theirs and you’d get the same result.
5. Build the Right Team
Ok, now you belong to the perfect Network marketing company and are now being tutored by the very best business mentor. You’re also probably on your way to success, seeing you have the right expectations and attitude. The next step to take is to build the right team.
What differentiates the one struggling to make a sale all month from the one making the 5-figure income a month is the kind of people on their team. This business is centered on marketing. Bear in mind that people differ in performance and capacity. Go for the set of people with the capacity to drive your vision: a team with the right attitude, expectation and motivation to succeed as you. When you eventually find your dream team, you’d be almost 100% sure that your business will boom and you’d have achieved your goal for joining the network business.
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