Network Marketing IndustryWhat should you know about the network marketing industry? Let me begin by telling you that it is a multi-billion dollar industry, doing more than $100 billion in annual sales worldwide. From what I found online, more than 60 million people are involved in the network marketing industry, and it continues to grow each year. The industry has been around nearly 50 years now, and it is growing in popularity. In fact, our industry attracts athletes, lawyers, doctors, successful entrepreneurs and successful people from every walk of life. In my opinion, this industry presents the best business opportunity available for the average person. I say this because anyone can get involved. You don’t need much upfront capital to get started as a distributor. In most cases, it will cost you less than $200 for your distributor kit. In addition, you won’t need employees, an office building, insurance, utilities or any of the other costs affiliated with a traditional business. These huge business expenses, associated with traditional business, are what keep most people from starting their own business to begin with. Network marketing fixes that. One of my favorite things about the network marketing industry is the opportunity to earn a residual income. Very few business models give people the chance to earn a residual income. In fact, most businesses are nothing more than an overworked, underpaid job for its owners. And if they stop working, they stop getting paid. Network marketing is much different. You can build a sales organization that you earn overrides and commissions off, forever! That is very powerful, if you understand it. Is the network marketing industry perfect? Actually, it’s far from perfect. We have a high “quit” rate. I don’t say failure rate, because most people don’t fail, they quit. Most people who get involved in our industry have no prior experience as an entrepreneur. They know little about sales, marketing, or recruiting. Even worse, most of these people have the get rich quick mindset and expect overnight success. This rarely happens in MLM, or any other business, so most distributors quit within their first 60 to 90 days. Another thing I don’t like about our industry is that we tend to attract lots of unemployed folks and unhappy employees. These people aren’t really qualified to be an entrepreneur in the first place. But because our industry has such as low cost entry point, this is often the type of person we attract. On the other hand, most traditional businesses require background checks, huge capital requirements and a thorough screening process. This lets the banks or franchisor find serious people. If we only had that luxury! In conclusion, the network marketing industry is my favorite industry because it lets anyone with a big dream, a burning desire to succeed, and a strong work ethic to start their own business and build a financial legacy. Although most people “quit” our industry, some people end up earning a substantial six, seven or eight figure annual income. All it takes to succeed is to get started, keep learning and never quit!
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