subject: Identifying The Keys To Success In An Mlm Opportunity [print this page] The network marketing industry provides a wide variety of opportunities for individuals to create either a full-time or part-time income. With more than $100 million in sales internationally, the network marketing industry has remained a recession-proof viable option for anyone who wishes to improve their financial situation.
The appeal of network marketing is undeniable. New members get started and have access to an already existing, proven business model with developed products ready to sell, ship and deliver. Unlike traditional business, network marketing has a low-cost to start-up, typically has distribution systems already in place and provides extensive training to members to help them quickly profit with their businesses.
With the vast diversity of opportunities, products and companies available, how can one choose the venture that will give them the greatest potential for success? In my experience, there are five criteria that provide for the best possible success rate. When evaluating an opportunity or company, look for these criteria to be in place.
1. A stable, ethical and experienced management. New network marketing companies spring up all the time. Unfortunately, many are started by "idealists" who have a great idea and very little management or business experience. There's also unethical people and sex, drugs and greed will take a company down faster than anything else. A lack of experienced and secure management can lead to eminent disaster as the company requires expansion to handle growth. As well, there are multitudes of laws and regulations that a new company must be well advised on and handle to ensure the company is meeting all of the regulations. An ethical and experience management will be able to handle growth efficiently while carefully handling all legal matters expeditiously.
2. A product that is in demand. Inventors are amazing people. They have great ideas and create great products. But, the greatness of a product does not guarantee it's viability in the marketplace. The marketability of a product is what determines it's success. Choose a company that has a product line that people are already familiar with, know they like, want and need. Provide your customers with unique benefits they can't find elsewhere.
3. A compensation plan that provides immediate rewards and maximum leverage. The problem with most "old-school" compensation plans is the amount of "breakage" incorporated into the plans. Breakage is money that flows up to the company when someone does not meet the requirements, either sales volume or group volume, to collect the maximum commissions. When evaluating a company, look for a compensation plan that enables you to make money immediately on your first sales and rewards you for helping and working with your team by providing optimum leverage and long-term stability.
4. A mission. When a company creates a community that is engaged in a mission they feel inspired by, they create a movement. This is critical for long-term success. When people jump on board only to "make money", they are easily distracted by the next deal or company that pops up. Your team will become a revolving door and any hopes you have of long-term residual income will fly out the door with it. With a mission that members are engaged in, feel a part of and are inspired by, your team will stay long-term and you'll have the security and viability you enjoy.
5. Automation of Marketing Systems. Most people who get started in home-based business do not have business nor marketing experience. To create a successful, rewarding experience for them, there must be automation in the marketing systems that are simple, easy to use and effective. The business model should be developed by experienced marketers and should be plug-and-play for new members.
Most emerging companies meet several of the above criteria but, unfortunately, it is very rare to find a company that has all 5 criteria in place. This article can be used as a checklist while you are reviewing an opportunity and company.
Ultimately, your success with a home-based business will depend on your commitment to your business and determination to succeed. If you are ready to take the leap into self-employment, choose a company wisely and take immediate actions towards your goals.
