The 3 Keys To Look For In A New MLM Company
If you're like most Entrepreneurs, when you hear the magic words "New MLM Company"
, your pulse rate increases and your palms start to sweat.
As an Entrepreneur, you understand that in an MLM business structure, the Entrepreneurs who are the first to the game can secure placement near the top of the organizational structure, which in turn gives them the greatest chance of success.
However, not all new MLM companies are created equally. Some are destined for greatness, while others are doomed to failure. As you assess a new mlm company, what are the key characteristics that you can use to separate the future "winners" from the sure-fire "losers".
When a novice Entrepreneur considers a brand
new mlm company, they will often erroneously first focus on things like the compensation plan. Of course, having a powerful compensation plan is a key to success in any mlm, new or not.
However, when you are assessing a brand new mlm company, the compensation plan is NOT the first thing you should be examining. Rather, your sole attention and focus should be on the new mlm company's product.
You see, most new network marketing companies will have strikingly similar compensation plans. Generally speaking, you can make plenty of money in any network marketing company.
What really separates new mlm companies is their product. That is where your attention must be focused as you consider the merits of the new network marketing company.
Here are a few things to consider:
1. Is it a truly "stand alone" product? A stand-along product is one that would readily sell in the open competitive market without a business opportunity attached to it at the same price that you must pay for it as part of the business. Would the average person be willing to pay $60 for that bottle of juice, or $30 for that lotion, if it were sitting on a shelf at the store? If the answer is "no", then the product is NOT stand alone. Unfortunately, truly stand alone products are very difficult to find in a new MLM company.
However, you can sometimes stumble across a new mlm company that has one...
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2. How saturated is the market? How many competitors are out there selling essentially the same product or service? The problem with most new mlm companies is they tend to jump on existing bandwagons. One company comes up with a revolutionary idea for a new mlm company, and within a matter of weeks copy-cat competitors are springing out of the woodwork. Take for example the "purple juice" industry. In this industry, you have Tahitian Noni who was largely responsible for creating the "purple juice" market. And within a few years, you started to see competitors plunging into the market place: Xango, MonaVie, Exfuze, Yoli, Maakoa, Zrii, etc, etc, etc.
The fact is, in order give yourself the greatest chance of success in a new MLM company, you must find a new network marketing company that offers a truly unique product, that will be noticed and won't be lost in the shuffle. But, again, most new mlm companies are simply copying an existing product or service from another mlm company. But every once in a while a new mlm company comes along that truly redefines the Home Business industry.
3. How large is the market for the product? A new mlm company can offer a product that is completely unique, and is absolutely stand-alone...but if only a tiny fraction of the population would be interested in the product, then the demand for the product simply won't be there, and your new mlm is doomed to failure. Really, this is a business basic - to give yourself the highest chance of success, don't try to create demand for a product - instead, find an existing need, with existing demand, and fill that need.
When you are lucky enough to stumble across a new MLM that features a product that meets these attributes, that features a truly stand alone product, in a market with sufficient demand but that isn't already saturated by competitors, then a true Entrepreneur will take instant action and jump in with both feet.
The 3 Keys To Look For In A New MLM Company
By: Chris Call
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