There are hundreds of network marketing companies out there. A quick Google search using the term ‘network marketing’ will reveal hundreds of business opportunities and ways to get rich, but how do you choose the right one? . How do you separate winning network marketing companies from the rest?
Here are a few tips to help you judge opportunities and choose the right network marketing business for you.
Financial stability
You should look for a financially stable network marketing company that has been in business for at least five years. Network marketing companies, like all new companies, have a high business failure rate in the first couple of years of operation. If they are still in business after five years, chances are they will be in business for a long time to come.
One way to be sure of a network marketing company’s financial situation is to select a publicly traded company. They have to disclose their financial details to their national regulatory authority on a regular basis.
You’ll be able to review their financial statements and quarterly earnings reports so that you can judge their financial stability. Remember, if you are going to get paid, the network marketing company needs to be solvent!
The right product or service
What kind of products or services is the network marketing company offering? To successfully sell a product it needs to be something that you would use and believe in. For example, there’s no point in joining a networking marketing company specialises in cosmetics if you never wear makeup and are not interested in the products.
Make sure that the products and services offered are something that a large proportion of the public needs or will want to buy. They are not based on a short term fad. For you to earn money there must to be a good ongoing market for your product. The best products are those that are consumed or used up, because they generate repeat sales.
Ensure that similar items are not available in retail stores. There no strong reason for anyone to buy products from a network marketing company if they aren’t unique or better in some way.
The right marketing system
Examine the network marketing company’s marketing strategies. Do you have to sell items door-to-door? Does the network marketing company have high quality marketing materials that are good value for money? Are you permitted to generate leads through internet marketing?
Some network marketing businesses have developed a system and tools you can use to generate sales. These can include simple ads, catalogues and the internet. They far more time efficient and less draining than the hard slog of door knocking, or contacting every acquaintance in your address book.
Who is suggesting you sign up with their network marketing company? You should look for someone who is successful in the business and is willing to share their knowledge and experience with you so that you can succeed too.
Beware of anyone in network marketing whose focus seems to be solely on recruitment. Once this person has recruited you, they might be too busy recruiting the next person to help you.
Reaping the benefits of network marketing
Network marketing can be the vehicle to attain your dreams by delivering work-life balance and financial freedom. Network marketers can benefit from:
* more time with loved ones
* additional income streams
* less financial risk from globalisation and retrenchment
* peace of mind knowing they will have a comfortable life in retirement.
Where do you begin?
You might start out part-time in network marketing to earn some extra money while still working full-time, or you might begin with a long-term plan to generate wealth and abundance.
Whatever your starting point, choosing your network marketing company wisely is the first step on the path to financial freedom.
Myrna Widlend leads a successful international network marketing organisation. Her previous corporate positions have included editor of a UK business publication and promoter of motivational speakers in Australia.
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