How To Find The Right Network Marketing Business
If you’d gotten into network marketing a few years ago, there were very few companies doing it and back then people didn’t spend weeks trying to find the right type of marketing business. But that is not the case today and in order to achieve any kind of success you have to be with the right company. There are literally thousands of companies available and new ones are popping up every other week, so the job of choosing the right one won’t be easy.
One of the ways many people get into network marketing is because a friend or family member introduced them to a company but often this is not the best way because the company might not be suited for them. The result, often times, is frustration, failure or moderate success; all of which can be avoided.
Working with the right company doesn’t automatically guarantee success, but it certainly increases your chances of attaining it. Ultimately what makes a person successful in network marketing is what they do, and that means building a network of people keen on purchasing a product or using a service. It’s simple enough; you only need to provide information about the product or service, answer whatever questions your prospects might have, make the sale, do a little follow-up, sponsor them, train and support. Your passion for the job and desire for success will make all this simple and fun, and there’s no way to get to that place if you don’t believe in the company you work for. As a network marketer, you want to feel secure in the company, and for financial reasons you want to believe that it will be there for years to come, supporting you and your family.
So how do you get around to choosing the right company for you?
There are dozens of factors to consider but some people only need a few assurances before joining a company. We’ll look at a number of issues just to make sure you are covered.
1. How long has the company been around for?
In order to make sure the effort you put in today will pay off for many years to come, select a company that’s proven to be durable. This shouldn’t be too difficult to work out: majority of network marketing companies, about 90%, fail within the first two years. Nobody wants to invest their time and energy into a company that can’t guarantee continuity, so start by looking at this and you will shorten the list of companies significantly.
2. Are they well capitalized?
In simpler words, you’re trying to find out if they have the cash needed to grow, bring in talented management, develop solid infrastructure, keep up with technology, and of course, pay your commissions. One way to make sure no company gets past your radar is to focus on public traded companies for the sole reason that they are required to disclose their finances to the authorities. Some of this information might be harder to access when dealing with private companies, so keep that in mind.
3. Is there a need for the product or service?
There are many horror stories about people who wasted their money purchasing products they don’t really need. To avoid all the drama that comes with that, find out if whatever the company is selling fills a genuine void, if it actually helps people, and if it comes at a reasonable price. The product should provide value to the customer; otherwise the whole plan will fail.
4. Trend or fad?
Some products hit the market and generate huge waves of customer appeal but only for a short time, until they fade out. You might be able to make a good amount of money while the excitement goes on but the problem is you can’t create any long-term residual income on a product that lasts a couple of months before fading off into oblivion.
Consider the long-term effect and find out if customers would be interested in using the product or service for a long time, that way your income won’t run out.
5. Are you able to generate immediate income?
This would pay off if you’re keen on expanding your network but the only way to ensure you get ready cash flow is to tap into an existing market. If you can locate a large untapped market for your product, that would be a good place to start.
6. Technology
Not everyone has fun doing sales work, but anybody can appreciate working in an environment that involves plugging into a system and using a bunch of tools to do the sorting and selling for you. Technology can be used to narrow down the targets and make your work a whole lot easier. One advantage of having machines do the heavy-lifting is it allows you more time for yourself, and if you have another job to get to but don’t want to lose money on either side, then it’s perfect.
7. Are you working with a sponsor or recruiter?
The person who introduced you to this business opportunity could determine to a large extent, your success or failure. In addition to the company being strong and successful, you also require coaching, training and motivation, and your sponsor would be useful with that. Recruiters tend to abandon people as soon as they sign them.
8. How will you fit in with your business partners?
Although compatibility isn’t the first thing many people consider when looking for a job, it should be important too. If you don’t feel like you fit in with your co-workers then that takes the fun out of the job, and with that your passion to excel.
Start with the basics
This is a lot of information to go through and it can get more complicated if you don’t really know how or where to begin. Let’s try a step-by-step process and cover the areas you should start with:
Payment
Some areas will be more important in the long run and therefore require a deeper analysis. For instance a company’s payment plan should be right up there. You will have four plans to choose from- Binary, Stair Step Breakaway, Matrix and Unilevel. You can spend hours studying these payment plans trying to figure out which one wouldn’t disappoint, or you could just believe that they all work.
Provided a company has been in business more than a couple of years, all the payment plans would have to work, so what you should be looking for is a plan that allows you to sponsor more people. It makes a huge difference being able to sponsor an extra person so push for that higher number.
Timing
When seeking out a company, you want to avoid the startups but you also need to avoid companies that have been doing it for two decades. Large companies don’t provide the best opportunities for someone who’s starting out in network marketing. Think of it like a tidal wave, you want to ride the wave, not be too far behind or too far off in front before it gets going.
Products
As a network marketer you will have to choose from a variety of products, some good and others not so much. When you have the option of selecting from fields such as gas, electricity, telecommunications, personal care, household products, etc., how do you know what to go for?
What you have to check for is consumable products. You want products that customers buy month in month out, whether their paychecks go up or down. Think of hair shampoo vs. frying pans: one product has repeat customers and the other gets sold once.
So there it is; a whole bunch of criteria to consider when choosing a company to work with. Of course there’s no such thing as a perfect company, but you can make progress if you find one with the least amount of problems.
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