It has been said that 10% of new millionaires in the US over the past ten years have done it by building businesses through network marketing.
Even well known authors and business people such as Robert Kiyosaki (Rich Dad Poor Dad), Donald Trump (Trump University) and Tony Robbins (Robbins Institute) have all stated that Home Based Businesses and particularly network marketing, direct sales and MLMs will be the biggest growth industry of the next decade.
The highly respected Forbes Magazine forecast that an incredible 79,000,000 new home based businesses would start over the next three years. That’s over 500,000 a week – and just in the U.S.
Now that’s certainly not to say that the MLM business model suits everybody. There is always a rather large drop out or failure rate, but then that holds true for pretty much any business, online, offline, MLM or whatever. Most Businesses do tend to fail in their first 4 years, but out of the tens of millions that are started each year, there are plenty that do succeed.
Entrepreneur Magazine estimates that the US home-based business industry may be worth over $420 billion a year; that’s more than pharmacy; food; and consumer goods combined; with an average home office household earning of 65,000 US dollars a year.
With increasing financial uncertainty; job lay-offs and a shift in thinking to create a better lifestyle, home based businesses as either an additional part-time income or replacement of primary income can only grow massively over the coming years.
So exactly what does it take to succeed with a network marketing business. Most experts tend to agree on the following attributes:
- You must be prepared to “network” with likeminded people. People who join network marketing companies and do nothing never get anywhere. The only way to succeed is to get involved and build your business. Now this doesn’t mean you have to become a leech to your friends and family and sell them stuff, or join them up. On the contrary, most successful MLMs run proper businesses, they learn the value and develop the skills needed to generate quality leads to their business. People who are already looking for the products or services they are selling and offer their products.
- You must have some marketing knowledge, or be prepared to learn some. The internet has been a godsend for people looking to generate leads to any type of business. Gone are the days when you had to run newspaper, classifieds, radio ads or letter box drops in order to generate leads. Nowadays anyone looking for pretty much anything is looking online. So all you need to do is know how to get your message in front of the people who are already looking for it. Most good network marketing companies offer some kind of basic level marketing support, but it’s always a good idea to seek out those who are willing to go the extra mile and teach you everything you need to succeed.
- You must be prepared to do some real work. A lot of people join network marketing companies looking to “get rich quick”. But the reality is, most of them are not prepared to do the work it takes to be successful. Yes there is a lot of money to be made in network marketing, but it’s not a sure thing, you still have to work hard, especially at the beginning if you want your business to take off. (just like you do in any business venture, or anything else worth doing for that matter)
- Believe in the products you are selling. This should be obvious, but needs to be said anyway, make sure you choose a company who sell products that you actually believe in, use and are happy to recommend other people use. To be success in your business you are going to be spending quite a bit of time talking about your products, so make sure it is something you can relate to and get excited about selling.
So if that sounds like you, then perhaps you have what it takes to build a successful network marketing business.
So the only question you have to ask yourself now, is which company will you join…
Here is a list of some of the more popular network marketing companies running today:
- AVON (Makeup & Cosmetics) – Visit Website
- Pyxism (Holidays & Vacation Deals) – Visit Website
- Mary Kay (Cosmetics) – Visit Website
- Melaleuca (Wellness Products) – Visit Website
- Herbalife (Weight loss Products) – Visit Website
- Lifepath Unlimited (Personal Development Courses) – Visit Website
If you think network marketing might be for you, don’t forget the points above and make sure you find a company with a good support network that can help you get started.