About multi-level marketing business
The rank of unemployed citizens has continued to grow: new school-leavers, loss of jobs to privatization,concessioning and consolidations, civil service reforms and downsizing, etc.Though the ultimate effect of ongoing reforms should be healthy for theeconomy, the immediate job-loss impact is huge. As this is written, the FederalGovernment is in the process of disengaging over 33,000 employees from itsworkforce. Now, add the countless number that's merely hanging on to jobs theyhave since mentally disengaged from but cannot leave until they find analternative and you begin to get an idea of the size of the job market. Thesupply side, that is.
Self-employment As A Viable Way Out
Interestingly, many more people are finding wisdom in self-employment. At arecent workshop of the Fate Foundation on generation of business ideas, one wasamazed at the massive turnout, an eye-opener that an increasing number ischoosing to go it alone, if only the right business ideas can be discovered.
The Odds You Face
No doubt, starting a business is a challenging project. People worry about therisk of failure. People worry about meeting the capital requirement, which forany business of significance will run into a few hundreds of thousands or, morelikely, some millions. There is worry about a proven product to sell or serviceto render. There is concern, too, about procurement sources and reliability.What about finding the right hands to work with you, a factor that could definesuccess or failure? The bottom-line: it takes guts and grit.
This Has Worked For Many In America and Elsewhere
Network marketing is, by any account, a smart way to play big, even withlimited resources. As Robert Butwin aptly captured it in his Street Smart NetworkMarketing, " where else but in Network Marketing can the average manor woman invest few hundred dollars - with the real potential of earning asmuch as the CEO of a successful corporation?"
So, here are the attractions of Network Marketing
1. It offers a business platform thatmoderates the risk of business take-off. After all, the company offering theproduct is already in operation and running smoothly. If it wasn't, why wouldyou select such a company? There is also a tested business model. The networkmarketing company develops a viable system which distributors are trained toapply. Joining such company therefore provides a highly protected framework forstarting a business, while assuring of some potential earnings milestones. Youjust duplicate the system.
2. By design, MLM ensures that you getgenerous assistance in building your business. How? The success of the companyas well as your upline (the person that introduced you and those above him),depends on the results you achieve. It's therefore in their self-interest toprovide all the training and support to give you a head-start and get you inthe driving seat. This will include marketing materials (videos, brochures,publications, tapes, samples, etc), seminars, conferences and other programmesto give you the leverage to perform.
3. Capital requirement is minimal.Network marketing simply expects you to buy only a few products on a regularbasis and, more importantly, to promote the products to your relations,friends, associates, colleagues, etc and encourage them to buy and enroll asdistributors. No stocking, no warehousing, no bank loans, no insurance cover,no sales team! Often, this will not cost more that a few thousands of Naira. Ifyou are unable to use some or all of the products you buy, you retail them andrecoup your money with profit! So with much less than N50,000, you aretruly in a business that could take you to any level.
4. Most companies have generouscompensation plans (that is, the commissions and other incentives). How is thispossible? The MLM companies sell on person-to-person basis and so save the hugeamounts spent by big companies on extensive advertising and running a largein-house sales force. The customer-distributors get a piece of this saving byway of commissions. Why? They are the ones selling for the company and savingthe money. The compensation plans are structured to confer more rewards as youcontribute more and climb in the system. In addition to commissions, cars,yachts, jets and sponsored holiday trips often form part of the package. One ofthe MLM companies is known to be giving out brand new BMW cars to qualifyingNigerian members.
5. Your earnings are literallydetermined by you. You no longer have to wait for a promotion or salary reviewby the employer to enhance your earnings. Simply set your goals, drive yourselfand earn what you work for. In a sense, there is no limit. How much is arealistic expectation? It's up to you. Abroad, where they've been on this for awhile, huge figures are common. In Nigeria, a sizeable number already picks afew millions every month. Want to confirm? It's simple: spend some time andmake enquiries from members of Alivemax,Green world,Ardyss, Tahitian Noni,Forever Living.etc
6. There is no other business where youcan 'employ' a lot of people to work for you without paying a huge salary bill.In network marketing you pay none. Who works for you? Everybody in yourdownline. That's how it works. So, with a downline of, say, 1000 active people,working hard to grow their own businesses, you literally have 1000 men workingfor you because you earn commissions from each person's activities. And you payno salary! Can you beat that?
Give Yourself A Break And Get Going
It's time to get going, now that you have a vehicle to ride to businesssuccess. You'd probably want to know if anything could go wrong with thisseemingly rosy picture. Yes, you could pick the wrong company. So you mustchoose well. It could be the wrong product, with questionable product value.This will not sustain a long-term performance, so, research the product. Itcould also be you lacking in personal vision, passion or drive for superiorresults. Network marketing simply provides an opportunity. The life-changingresults will come from your personal commitment. I'm sure you have what ittakes to take charge and drive yourself to success.
How to succeed in online multi-level marketingbusiness
Can you imagine what life would be like if you had absolute control on your time? Have you ever dreamedof making lots of money from something you or anybody can do without the needto be a degree or diploma holder? What about doing those things you love themost anytime, anywhere and with anyone you desire?
If the above are your expectation, then consider seriously being a part of atested online multi-level marketing business.
What is multi-level marketing?
It is a system used by some companies to sell their goods or services through a network of distributors.Today this industry is generating billion worth of revenues yearly. You couldachieve the aforementioned if you choose a legitimate multi-level marketingbusiness. The fact is there are lots of frauds out there, and so extreme careis advisable.
There are thousands of genuine multi-level marketing opportunities out there,some of the reasons that some people think that they are fraud or a scam issimply because they did not succeed. There is a difference between beingunsuccessful in a multi-level marketing business and for a program to be fraud.
Any multi-level marketing business is relatively the same as anytraditional business, if you do not work hard, then you will not reap anyrewards. That is one of the most common mistakes that people do, they thinkthat they will just sign up and wait for the cash to roll in. It does not workthat way. Any business requires hard work, and multi-level marketing businessis not an exception. You still have to work hard to make money out of it. Thatis the general rule in any business. So making money in network marketingbusiness is actually happening,
Factors that can cause failure in multi-level marketing business
1. Choice
Choosing the wrong multi-level network company is one factor that makes it hard for some people toearn money. Or lead to failure
2.individual determination/hard work
Another factor responsible for failures in multi-level marketing business can be blamed on people whothink it’s a free lunch, and do not work hard on the business. People shouldlearn to accept responsibility if things did not go for them as planned. Thesecompanies are only there to offer you an opportunity, and it solely depends onyou to make that opportunity work for you. It is really all about you.
3. Research
When choosing a multi-level marketing business, it is important that the business has solid reputation. Youshould do a lot of research and find out what other people say about them. Itis quite expected that you will come across several negative feedbacks aboutthe company. You should be objective about the comments and try to find out iffeedbacks are genuine. That will help you to decide whether to partner withthem.
The one truth which you must look for in your research is a company that thebusiness opportunity works and they have products that are in demand. You shouldalso be sure if the products that you will get are valuable and are worth theprice that you have to pay. You should only invest in a multi-level marketingbusiness, if you know for sure what you are truly paying for. As you are goingto invest your hard earned money on it, and spending it wisely is really whatyou should do.
When you embark in the world of multi-level marketing business, you have toexpect that there will be times that you will have an overwhelming feeling oftiredness, which will make you want to give it all up. What you must do here isto focus on the big money you will make. If someone in the company can beearning millions every month, you can do it too. It is quite important that youhold on to those big pictures so that you will be encouraged in troublingtimes, when everything seems to be against all odds. It is quite expected thatanything in the world of network marketing is dictated by how you set your owndestiny. When you believe that you will be successful, don't just believe it,you have to make it happen.
It is important before you join a multi-level marketing business with theobjective of making big money out of it, you must learn how to Internetmarketing knowledge online and offline first. Learning is not just limited tousing word of mouth to invite your friends and family members to the businessopportunity. You have to find Internet marketing experts in the businesswho understand how it works, be ready to learn and be trained by them.Multi-level marketing is a career; you must be prepared to give it what ittakes to succeed.
Take your time in learning all that you can about it, and believe me it willpay off. There are a lot of experts that are equipped with all the necessaryinformation that you will need to get started, as well as tools that you willneed to set up your own online marketing campaign. This is precisely what youneed, to be able to reduce mistakes and make a way to your own success story.
If you are serious and really mean to do a multi-level marketing business, thenyou must be prepare to invest in the business. The investments will come invarious forms. You must invest your time, which is relatively easy because allyou have to do is to start working. Secondly is money to invest, you need to investmoney to make more money. Investment of capital is part of what makes everybusiness successful. At the end of the day all you need is patience, money toinvest, know-how, and of course ultimately your decision.
4. Be proud of what u do
Almost everyone who joined a home based business knows the feeling of being a little afraid, ashamed or embarrassed totell the friend or family about it. Who knows why it's so hard to tell thepeople who love you most about your new business but it really can be. The reasonfor these feelings cannot be known, but the question is, why are you afraid?Why is it hard to tell the ones you care for that you wish to change your life?You are not doing something wrong, so why being so hard to speak about it?
There is nothing in the world to be ashamed of them it comes to build a home based business. Wanting to work from home isnothing to be embarrassed of, actually is something to be proud of. While lotsof people chose to wake up every morning and go to a job they don't like, youchose to do something about it. You are doing something about your dreams andthe things you really want in life and this is nothing to be ashamed of.
Probably the reason why you are still ashamed to tell your close friends about your home based business is that even thenetwork marketing is something legitimate, there still is a huge stigmaattached to it. Many people don't believe that this is a real form of business.And they have a hard time to accept it because they don't believe this is areal form of business. But you have to be firm with your decision and knowwithin you that there is nothing wrong with network marketing. This type ofbusiness have been around for decades and will still be because it made lots opeople earn lot of money.
Even if network marketing has a baggage attached to it, you should not be ashamed of it. It's a great way to make moneyand you should not be embarrassed, but rather get involved into it.
No one will become successful and achieve greatness without the support and help from others. The power of people joiningtogether for a common purpose is greater than one trying alone. The ability tobuild a strong support system is a key factor in achieving success. Networkingis the process of meeting people and developing personal and professionalrelationships. It is one of the most cost-effective marketing tools around.Referrals generate more results than cold calls. Networking leads to more jobsthan want ads, and most people have a larger network than they believe they do.The old saying, "it's not what you know, but who you know" is morethan true, it is a mantra anyone wanting to be successful should imbed deepinto their consciousness.
You must also realize that the time to build your network is now. Do not wait till youneed something! The title to Harvey Mackay's networking book says it all,"Dig Your Well Before You're Thirsty." You must establish a networkand continuously build, nurture and attend it. Networking is not selling, usingpeople, or badgering friends and associates about your business. Networking issharing information and resources for the mutual benefit of everyone in thenetwork. Proper networking does not make people feel uncomfortable, rather itis the development of goodwill, trust, service and contribution among thoselinked together by some common bond. You will provide information, tips, andresources far more than you will receive them. However, what you do receive inreturn will far outweigh everything else. It is that one big break that comes fromyour network that makes you realize how fortunate you are to have suchwonderful friends and acquaintances. We have not even mentioned the joy you canfeel by helping others succeed by sharing and assisting them reach their goalstoo. It is the exchange, the helping of each other, that makes networking sucha powerful strategy to achieve success
Five Keys To Networking
Networking is important, but how do you get started? How can you be an effective networker? There are too many aspects ofnetworking to cover in this short section, but it will address five keys tohelp you network your way to success. The keys to networking to focus on are:Develop Your People Skills; Create a System; Nurture Your Network; Give MoreThan You Receive; and It's Who Knows You. Start looking for ways to incorporatethese important lessons in your own networking. The benefits will beastounding.
Develop Your People Skills
Networking is all about people. If you want to network successfully and professionally, you must be professional anddevelop the skills to interact with people in all kinds of situations. Thesection in this book on appearance will assist you with getting off on theright foot. If you want people to perceive you as a professional, you mustportray yourself as a professional. This means all areas: attire, speech,mannerisms and actions. Your appearance will go a long ways toward a good firstimpression. Another people skill you can develop to ensure you make a lastingpositive first impression is your introduction of yourself.
You want to introduce yourself in a way that creates rapport with the other person. You want the introduction to generateinterest that will lead toward developing a relationship. You can draw peoplein or turn them off with the way you introduce yourself. It is worth the timeright now to think about how you can best introduce yourself to others tocreate positive lasting first impressions that will assist in developingrelationships. It should be a natural and fit the situation. Keep it short andexpress what you do rather than what you are. Use common words but be differentenough to distinguish yourself from others. Smile! Be warm and engaging.Enthusiasm attracts others to you. Then listen to their introduction and becomeinterested in them. Practice and evaluate how you introduce yourself to othersand you can create an introduction that generates interest and has a positivelasting effect.
Another important people skill that follows introductions is that of remembering names. This is an extremely importantpeople skill for the master networker. If you can remember names, your networkwill be more successful. Make a choice right now that you will take thenecessary steps to remember names. Stop telling yourself that you can neverremember names, faces yes, but names never. Tell yourself you can remembernames, and make a conscious effort to do so every time you meet someone new.Upon being introduced, tell the person it is nice to meet them and use theirname. Use their name again during the conversation and a last time as you part.Review business cards of people you met at the end of the day and associatetheir name, face, business so you will better remember them the next time youmeet. The more you work at this, the easier it will become.
While you are no longer going to have trouble remember names after committing to remembering them, others might. Be courteousand professional by reintroducing yourself to those you have met before. Tellthem your name and where you know each other from. This will relieve them fromthe embarrassing moment of trying to recall your name and how they know you.The successful networker takes the initiative and reintroduces him or herselfrather than waiting for someone to remember them.
The most important people skill you must develop is being gracious and courteous to everyone. Common courtesy and goodmanners go a long way. You will never develop a successful and enrichingnetwork without them. Treat everyone with respect and courtesy. Pleasant andcordial people attract others toward them. You never know who will end up beingimportant in your life, so treat everyone as if they are the most importantperson you know and you will never go wrong.
Create a System
If you do not have a system to organize and retrieve all the names, addresses, numbers, e-mail addresses and informationyou have collected from others, it will not do you much good. You mustestablish a system to organize and retrieve the information in your network.There are many ways to do this, from an address book, to a Rolodex system tothe new computer database systems.
It does not really matter how you do it, as long as you do. Devise a system that works for you. It should allow you to keepyour network organized as you build it, retrieve information from it, and workat keeping relationships growing. Accessibility is the key to an organizationalsystem. If you cannot find the information, you cannot refer to it, share it,or act upon it. Organize your network by creating a system that works for you.
Nurture Your Network
It will do you know good to collect names and cards in an organized system if you do not keep in touch with the people. Ifthe only time you contact people in your database is when you need something,you will be remembered as someone who only calls when you want something.
You should nurture your network by keeping in touch with people. You can send notes, e-mails, and letters. You can call orvisit. The key is to develop the habit of nurturing your network on aconsistent basis. Send thank you notes when someone does something for you,even if it was just passing on some information that they believed wouldbenefit you. Call people you have not touched base with in a while to see ifthere is anything you might be able to help them with or to just catch up onwhat they are doing so you can be on the lookout for things that might helpthem. When you do come across something that you believe might be of interestto someone in your network, forward it on with a little note. There are manylittle ways you can nurture your network. Make it a habit and you will reap thebenefits from what you sow.
Give More Than You Receive
Best selling author and motivational speaker Zig Zigler is fond of saying, "You can get anything in life you want ifyou will just help enough other people get what they want." Zig's adviceis better than anything else one could say about networking. If you give morethan you receive, you are bound to receive more than you could ever imagine.Networking is not about keeping score. It is about people helping one another.The more you help others, the more powerful your network will be, and apowerful network will do wonders for your career and personal life as well.
One of the easiest ways to give more than you receive is to become committed toward the success of those in your network. Ifyou truly want to see others succeed, and become committed to that end, youwill spot little things to pass on to assist them with their goals. Every oncein a while you will be able to pass something along that is quite huge inhelping someone else achieve their dreams. The stronger your commitment to helpothers succeed, the stronger your network will be. This network built oncommitment of helping others will be a powerful force in your own success. Youwill find that the more you give, the more opportunities you will receive. Donot build a network of acquaintances. Build a network of solid relationships.These relationships will be formed when you are committed to the success of everyonein your network.
It's Who Knows You
The old saying that it is not what you know but who you know is only partially correct. It is who knows you that reallymatters. You must create visibility for yourself. You want to be known. One ofthe easiest ways to become known and increase your network is to participate invarious organizations and committees.
Professional organizations abound, and joining can enhance your opportunities to expand your network. Clubs andorganizations provide excellent places to meet others and build an interestingand productive network.
Networking is powerful. Following these five simple keys will build a solid foundation toward a network that will bring youmore than you dreamed possible. You will find that you enjoy being there forothers, and be thankful when they are there for you. If you don't have thenetwork you want, start now. Remember Harvey Mackay's saying, "Dig YourWell before you’re Thirsty."Remember
in order to attract the right people, your seriousness must be very obvious. Here are 3 tips to keep in mind;
1. Make your word your bond.
A bond can be known as the glue or centerpiece that holds two or more things together. Legal contracts andagreements hold things together in our business world but there is an unwrittenrule that a man's words should do so likewise.
This means that anything you say regarding a business transaction, goal, or anything that is defining of your trust, can bebacked strongly by just your word. Only serious people can uphold there end ofthis rule.
2. Everything must be consistent.
Being consistent doesn't just mean being able to continue with a certain thing. It means that whatever you have discussed ordescribed to a new contact regarding yourself or your business, holds true withoutany exaggeration. In other words, there should be no holes in your story.
3. Show and prove.
As the old saying goes "Talk is cheap". When you are showing a new contact that you are a seriouscontender, you should be able to represent all you have verbally presented.When the time comes, you should be able to prove your position on manydifferent levels, even if you are just beginning in a certain field. If youcannot do this, and that is the case, you should never over extend yourabilities. Once you do, you have proven that you are definitely not serious anddon't really mean business
As a small business you need an elevator speech. Whether you actually call it an "elevator speech" a "30second introduction" or an "infomercial" is irrelevant. When youare asked "what do you do?" then your answer is your elevator speechwhether you like it or not.
This needs some thought and practice to avoid these most common mistakes. Beware! Succinctly getting your message over in away that grabs attention is not always as easy as "just telling otherswhat you do".
Mistake 1 - Talking about yourself
Eh? How are you going to tell people about what you do without talking about yourself? This is THE MOST common mistake asa result. It sounds like a list of what you do. For example "We dothis..." or "I am an internet guru" or "I am a professionalwith this, that and the other service"
The downside to this is twofold. Firstly, people don't really care about all your services, accolades and self-appointedtitles. They are trying to decide quickly if you are someone who may be able tohelp them, or are worth chatting to further as a networking partner.
Secondly - it is so common that your message will sound very similar to other people in the same niche. When that happens itis hard to grab attention.
The solution is to change your mindset and put yourself in the shoes of your ideal client and think about the CHALLENGESthey face and how you solve them. Use that as the lead into your elevatorspeech. In other words: "I work with (this type of client) struggling with(this type of problem).
Mistake 2 - Expecting others to "get" you
The most common example of this is assuming people will understand AND be interested when you label yourself or yourcompany - "We are tax attorneys" and leaving at that. Here's thething: people often either don't get what you do (perhaps they have never heardof it) or they assume they know what you do and it is different from thereality.
In either case it would be nice to think your listener would stop you and ask you to elaborate. They won't. They will be confused;embarrassed they don't understand or disinterested and move on.
Avoid labeling yourself - stick to the formula above and talk to THEIR challenges.
Mistake 3 - Irrelevant information
You must have heard how this sounds: "We have been in business 75 years and are based on main and 35th street, justopposite from the big new McDonald's that has opened there........"
This is a variation on talking about yourself but is specific and common enough to warrant it's own category.Again, unless this is of specific importance and relevance to the audience (youare a retail outlet or restaurant in which case location is important) then itis just noise to the audience.
The solution is simply to cut it out of your intro - it wastes time and adds little value. Again, stick to your targetaudience and what concerns them. That is the litmus test of all your intromaterial.
Mistake 4 - Trying to be cute
Tricky one this. There is a lot of advice out there recommending a tag line to keep you memorable. This can certainly workbut for every funny play on words there are countless groan inducing puns orworse, tag lines that really don't make sense.
It is the same advice as humor in a presentation. It can be great, but you really have to know what you are doingand so few people do it well. There is a very fine line between being witty andoffending. Also a clever play on words can confuse.
If you have a clever tag line that works, by all means stick with it. However it isn't necessary and don't waste timethinking one up. Just stick with your message that you help a certain audiencewith a specific problem of problems.
Mistake 5 - Not trying
This might be harsh when considering an elevator speech but, let’s faces it, sometimes people give up with theirelevator speech and sometimes they will tell you about it:
"Well, I'm really nervous/not good at this so I will just tell you about the company"
At other times it is basically being unprepared and it can be embarrassing to watch someone stumble through anelevator speech without a clear goal or plan. Don't let it happen to you!
You should ALWAYS be prepared to introduce yourself - there is no excuse for being caught off guard andcertainly not to give up on the whole thing and muddle through
Golden rules are the ones that actually apply. You should have them in mind and never forget them. Like stars to steerby, they're permanent markers to guide us and keep us moving in the rightdirection.
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