Would you be interested in a money making opportunity where you can work for as long or as little as you like?
What if you could potentially decide how much you wanted to earn?
If this resonates with you, let me introduce you to the network marketing world!
Network marketing is a type of business opportunity that is very popular with people looking for part-time, flexible businesses. It gives you an opportunity to be your own boss and grow your business around your other commitments.
What’s more, it’s an inviting business model for people who want to launch their own business, but don’t want to start at the very beginning. Joining a network marketing company means the majority of the initial business steps have already been done for you!
For example, reputation has already been built, training is usually provided as are marketing materials.
In this article, we will discuss every detail about network marketing and explain how it works.
Sit back, grab a cup of tea and be prepared explore the networking marketing world.
Let’s get started!
What is Network Marketing?
Network marketing, also known as Multi-Level Marketing (MLM), is a business model based on direct sales.
Typically, there is a stable network of distributors who are involved in promoting a business by advertising and selling their products. Network marketing opportunities are commission based meaning there is no limit to how much money you can earn.
Networking marketing programs usually have a low-start up investment (this tends to be the cost to purchase the product starter kit or initial supplies), so it’s great for people for don’t want to invest huge amounts in a startup.
Network Marketing Benefits
Here are 7 benefits of getting involved with this type of business opportunity.
The main benefit being flexibility and the opportunity to work how much or little as you like.
- Flexible work schedule
- Company recognition and bonus perks
- Opportunities to leverage on the recruits’ productivity
- Low start up costs
- Commission-based and unlimited income
- High quality products with huge demand on the market
- Residual income
How to Make Money with Network Marketing
There are 2 key ways to make money with network marketing:
Sell the Product
This is pretty self-explanatory, but the main way to make money with Network Marketing is actually selling the product!
The key is to learn the right tactics and have a marketing plan!
It’s always recommended to find a company or product that you’re proud to market and are well-versed in. If you use the products yourself, it will be easier to sell to others, as you can talk from your own experience and it shows you believe in the product you are selling.
Above all, build relationships, create trust and turn your followers into true fans.
Recruiting New Partners
Recruiting new partners, or otherwise known as ‘recruiting your downline’, is another way to make money with network marketing.
The reason you can make money from recruiting others is due to the extra commission you will receive on each sale your recruit makes.
As you can imagine, it soon adds up!
A number of strategies can be used in finding new partners for your network.
But, the most important is to build trust and a relationship with your future downline.
For instance, using social media can be an effective way of building your downling and promote your business opportunity to others.
You can promote your business online or offline, however it is key to have a good flow of communication open between everyone involved.
In simple terms, your upline is the person who brought you into the company.
Uplines usually provide training, guidance and support to their downline.
If you recruit someone to the network marketing company, they become part of your downline. A downline contributes to the upline’s income.
Ideally, both uplines and downlines must work together and collaborate for the overall successful in the network marketing business.
Is Network Marketing a Pyramid Scheme?
First, let us talk about a pyramid scheme.
A pyramid scheme is considered as an illegal business model as it has the main agenda to recruit a number of people and entice them into the scheme.
Pyramid schemes often require interested individuals to make a large payment before they can start recruiting other members. And then, following this payment, the organization guarantees that its new members will receive a percentage from their recruits.
Product selling is not the main focus of a pyramid scheme.
Usually, the only way to earn is recruiting more people without even selling any products to consumers.
It’s important to understand that some pyramid schemes are disguised as a network marketing opportunity. So, with that in mind, it’s important to be mindful if you want to be a part of this industry.
The main purpose of a legitimate network marketing company is to sell products and recruit a downline as a secondary.
The main purpose of a pyramid scheme is to recruit more people and sell products as a secondary.
If you’re interested in getting involved with networking marketing, the best thing to do is fully research the company beforehand.
The best thing to do is talk and discuss with people who are knowledgeable in the network marketing field and have evident experiences in the network marketing business.
Does Network Marketing Work as a Business?
There is no doubt that network marketing is a legitimate business opportunity and a great way to make money!
The myths and misunderstandings about networking marketing resulted in negative impression to people.
However, a lot of genuine network marketing and MLM companies are still out there.
It’s important to stay away from the pyramid schemes and networking scams.
We would always recommend finding a company with a product that you are interested in and are proud to market.
Key Skills you Need as a Network Marketer
Good communication and interpersonal skills are the main requirements of a network marketer, and if you can do that, you can be sure to make your networking marketing venture a success.
Other skills include:
- Strong presentation skills
- Good relationship builder
- Planning and time management skills
Tips for Being Successful With Network Marketing
Here are 9 top tips of how you can be successful with networking marketing.
- Set a specific goal and be consistent
- Promote your product online and offline
- Know your target market
- Learn marketing skills to increase your sales
- Be genuine and honest
- Surround yourself with successful leaders and distributors
- Invite at least two people everyday and discuss business opportunities to them
- Think of marketing tactics that can make you stand out and make you unique.
- Be teachable and accept constructive criticisms