Are you looking for a MLM review? The purpose of this article is to provide a MLM review for the entire network marketing industry. I’m going to discuss some of the advantages and disadvantages of starting your own network marketing business. We will also discuss why so many network marketers fail, and what you can do to achieve success.
In my opinion, the network marketing industry is the BEST way for someone to get started in their own business. Some of the major advantages include:
• Low Start-Up Costs
• Free Coach to Help You
• Proven “System” to Follow
• Passive Income
• Tax Advantages
• Personal Growth
• No employees
• And More!
As you can see, network marketing offers many advantages not found in a traditional business. It’s easy to get started. You won’t need to visit your local bank and get a business loan. And you won’t need to buy or rent a large building to run your business either. Best of all, you can run your MLM business from the comfort of your own home, while you keep your day job.
Although the industry failure rate is pretty high, I still think it’s an amazing business opportunity. First of all, let me tell you that most businesses fail. So do most marriages, diets, and investments. Whether you are considering starting a traditional business, another type of home-based business, or a network marketing business, there’s a high chance you might fail. You need to know that up front. There is no guaranteed success.
The reasons so many businesses fail is:
• Poor Cash Flow
• Poor Sales and Marketing Skills
• No Business Strategy
• Owners GIVE UP to Soon
• Insufficient Knowledge
The reasons most people fail in network marketing are similar to the reasons most people fail in a traditional business (with a few exceptions).
• Poor Cash Flow
• Poor Sales and Marketing Skills
• No mentorship from Upline
• Owners Give Up to Soon
Rather than take the time to develop these skills, most people give up and quit their network marketing business within 90-days. Can you believe that? I can’t. How many McDonald’s franchisees quit their business in 90 days? Here’s the answer: NONE. And do you want to know why? They are SERIOUS about becoming a successful entrepreneur. And they have lots of TIME, MONEY and ENERGY invested into building a profitable business.
Because our industry is so inexpensive to enter, we normally attract people who SHOULDN’T become entrepreneurs in the first place. We tend to attract people who are looking to get rich quick, are unemployed, disgruntled employees, or people who are up to their eyeballs in debt. In most cases, these same people would never consider starting a traditional business or franchise, but they enter our industry under false illusions that they will get rich quick, without having to do any work. These people usually quit within 90 days.
On the other hand, our industry also attracts many serious people. These are the people who are very committed to achieve success and want to be successful entrepreneurs. They enter our industry because it’s affordable and easy to get started. And they are willing to work hard, learn the ropes, and do whatever it takes to achieve success. This is the ideal person for network marketing.
So, if you’re considering getting involved in network marketing (regardless of the company you choose), here are a few things you need to remember about this MLM review:
• This is NOT a get rich quick type of business.
• All businesses take time to grow.
• You must be will to go through an “incubation period” while you learn sales, marketing and leadership. This normally takes a few years.
• The ONLY way you make money in this industry is to generate sales. You can recruit people until the cows come home, but if no one sells the products, you won’t make money.
• You must be willing to commit to your business for 5-10 years to earn a SUBSTANTIAL residual income.
• Network Marketing is Simple, But Not Easy.
• The company you join is the least important thing.
• EVERYONE will tell you their company or compensation plan is the best.
• Everyone will tell you their team is the fastest growing team in their company.
• Most people will give you lots of hype and rah-rah telling you their business opportunity is the hottest thing out there.
Knowing these things upfront will help you look at things OBJECTIVELY. It will let you make your own objective MLM review. Don’t make the mistake of getting caught up in the hype. Don’t let your emotions persuade your decision. Look at things from a business perspective. At a minimum, here’s what you need to look for in a MLM Company. They are listed in order of importance (in my opinion).
1. A product or product line you are passionate about and want to sell
2. A SUCCESSFUL sponsor who is (1) willing to help you and (2) has an EFFECTIVE and AFFORDABLE marketing system and training program that you can plug in to, so you can learn the ropes.
3. A fair compensation plan.
4. A company with a proven track record (at least 5-10 years), SOLID reputation, consistent growth, strong financial backing and good management team.
In my opinion, those are the most important things to remember when doing a MLM review. If you can find a company (and sponsor) that meet those criteria, you will position yourself for success.
In conclusion, the purpose of this MLM review was to give you an overview of our industry and help you achieve success in network marketing. As you can see, network marketing is a viable business opportunity for someone who is serious about becoming an entrepreneur. It offers the “average person” the opportunity to start their own business and take control of their life.
The key to success is to (1) find a product or product line you are passionate about, (2) find a successful sponsor who will help you, (3) develop your sales, marketing and leadership skills, (4) treat your business like a real business for 5-10 years, and (5) never give up. If you can follow this advice, you will achieve success in MLM. I hope you enjoyed this MLM review.
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