Multi Level Marketing (MLM) -
Read This Before You Sign Up!
Multi Level Marketing, or network marketing as it's sometimes called, can be a great way to earn some money while
working from home - or it can be a disaster ...
Learn From My Mistakes
As well as being a full-time wife, while working several part time jobs; making a living takes on entirely different definitions in Israel. Like everything else, it can take time to find your way ...
So why am I now recommending multi level marketing? Well, first of all, I believe the best way to learn is from your mistakes. This is why I've made a list below for anyone who is thinking of joining an MLM scheme - so you won't make the same mistakes that friends and family have.
Secondly, I've found a really good multi level marketing company that sells great products and I've been with them since 2009. But this time, I knew what to look for and what to ask before I signed up!
My Top 10 Tips
So here are my 10 top tips for anyone considering becoming a network marketer ...
- Go for an established internationally recognized company. If millions of customers all over the world buy their products, you can feel confident selling them to your customers. There is a risk that you take with a new company or a new product - if it turns out to be as amazing as they tell you it is, you may stand to make a lot of money by being one of the first to sell it. Honestly? I wouldn't take that risk!
- Find out what is the initial outlay. If you have to buy an
enormous stock of the products up front, I would steer clear of it. You should be able to sign up by just buying a reasonably-priced starter kit. Ask if you can buy it on credit over 6 - 12 monthly payments. That way, by the time you finish paying for it, you will already have got your money back (and hopefully more!) by selling the products meantime.
- Is there a minimum order requirement for retailers? Do the
calculation - how many products will you have to buy to reach the limit? I always make sure I replenish my small stock of products that I know are popular and that people are going to ask me for. Then there are the products for my own (or my family's) use which is worthwhile because I get them at the retail price. But I wouldn't commit to ordering more than about ten products at the beginning.
- Find out about sales support. At the beginning, you will probably have questions about the products. Will there be someone you can contact for advice? Are there free seminars, training programs or webinars to teach you about the products and about multi level marketing? On the other hand, you may not want to be obligated to attend a certain number of workshops or have over-zealous marketing people driving you crazy!
- What is the customer service policy? What happens if a customer is not satisfied with something they've bought from you? However good the product is, you can really only please some of the people some of the time! The company I work for has a money-back guarantee for anyone who is not totally satisfied. Check if there is something similar - you don't want to have to give money out of your own pocket!
- Read the small print. Make sure there's no obligation to buy a specific amount of products per month or a fine if you decide it's not for you. What happens if you go through a period of time when you're too busy with other things to sell the products? Can you go back to selling when you're ready without penalties? Don't be afraid to ask questions.
- If you will be selling products that are food additives, health drinks or vitamins, make sure they meet the Ministry of Health regulations in your country. Depending on your clientele, you may also need to have a valid kashrut certificate or Moslem "Halel" stamp.
- You MUST believe in the product! After you've checked out the multi level marketing company using my suggestions above, you need to do some market research about the product. What is the product's unique selling proposition (USP)? What makes it different/better than it's competitors? Try it out for yourself and speak to other people who have tried it.
- Do you have experience in sales and marketing? Are you an
outgoing, extrovert type of person who likes to organize coffee mornings and other events? If so, multi level marketing will fit you like a glove. If you're not - like me - you need to think what your aim is. I like the products I sell, so I recommend them to friends and family who now buy on a regular basis which pays for the products I use. But if you want to make money from it, there is another way ... but you need to be creative. Try using social networking like Facebook, Twitter or LinkedIn or build a website!
- Avoid anything that looks like a get-rich-quick (GRQ) scheme. In case you haven't realized by now, there is no such thing (unless it's illegal!) - including multi level marketing. Like any other business, it's hard work and the more effort you put into it, the more money you make - it's up to you!
I've tried to give you all the important points you should consider before signing on the dotted line, but if you have any other suggestions or questions about multi level marketing (or anything to do with working from home), click here to contact me. Or make a comment in the box below!
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