How to Pick the Right Network Marketing Business Opportunity For You
1. How to Pick the Right Network Marketing Business Opportunity For You: Company
Has the company been around at least 2 years? Is it publicly traded or privately held? If it is privately held, can you verify the financial stability of the company?
If you are going to put your heart and soul into building a business, you want to be able to reasonably expect that the company will be around for awhile so you can reap the benefits of your hard work.
2. How to Pick the Right Network Marketing Business Opportunity For You: Systems & Training
In addition to having a supportive group of leaders that are accessible to help you with training and education, it is much easier when you can find a company with good systems in place. A system you can work, and that you can teach to your team (when you get one) is an important key to long-term success. Duplication is very important when working in a team environment.
3. How to Pick the Right Network Marketing Business Opportunity For You: Products and Trends
Products must be consumable – you want to make sure that your customers and other teammates have the need to order product every month.
You also want to make sure this product niche is growing or stable in the marketplace. You wouldn’t want to be the last person in on a fading trend, you would rather be early or mid-play in a growing trend, or at least one that has a lot of maturity in its future.
Whatever products you represent, it is important that they fulfill their promise to the user. If you should be more alert, have less pain, or lose weight, make sure the facts and case studies are available to help your success in selling the products. (Important note: in health and wellness, you should only relate your personal experience to a new customer or prospect. It’s ok to talk about someone else’s business results, but usually frowned upon to discuss someone else’s health and suppliement results — it’s just too personal many people. Let them tell their story. That’s what three-way calls and meetings are for, anyway!
4. How to Pick the Right Network Marketing Business Opportunity For You: Compensation
I will have another video about this topic on its own. For this purpose, it is important to know that you benefit from a strong team, but that you are the primary responsible party for your success. Your long-term financial success will benefit from a strong team beside you, but it should not be dependent on those above you or in other areas of the organization.
5. How to Pick the Right Network Marketing Business Opportunity For You: Timing
At a full 50% of my Pie Chart, this is really the most important for me. There are several reasons why. First, the other items are interchangeable. A good company, products and systems, combined with a fair and equitable compensation plan should be the bare minimum that most companies will offer to you. The variable among these is a group of people and/or products that strike your desire for success. You have to build the business, so you need to passionate about the product, the company and/or the people you are growing with to make that happen.
Business Pioneers several years apart, both Gabriel Tarde and Peter Drucker discussed the adaptation to innovation and the growth cycles of business. The early “Pioneer” stage is when things are really getting started, and there are likely not a lot of systems in place or success stories to help you out yet. 75% of all businesses fail during this period, not just network marketing – all businesses. Then there are a few years of building, and at some “Momentum & Critical Mass” kick in. This is when the business starts to grow exponentially. Many businesses fail here because they cannot handle the growth patterns due to financial or infrastructure challenges. After momentum, a business either adapts to new innovations and has a period of sustained “stability,” or it “declines” if there is not enough innovation. This business S-Curve is true for all types of businesses. In network marketing, 80% or more of the wealth generated by a company comes to those who get in BEFORE critical mass.
Important, this does not mean that it’s wrong to pick a big company that’s been around for a long time, and has millions of reps worldwide. This only means that you will have to work harder, and likely longer, to make six figures in this niche at one of the biggest companies. A company nearing or entering the momentum phase will present a unique opportunity for life-changing income, if you work the system and take action on a daily basis to grow your business.
So, in conclusion, take a look at these 5 important factors when selecting the right company to give yourself every chance for success!
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Free 10-Day Attraction Marketing Formula Boot-Camp.
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Cheers! ~ see you on the ‘net
References for business research:
http://www.druckerinstitute.com
http://faculty.bus.olemiss.edu/…/L5_M21_Diffusion%20of%20Innovation.doc
http://www.slideshare.net/wright4/double-scurve-model-of-growth