The Secret to longterm income with any multi level marketing business is to come upon something you can get really excited about.If you are totally affirmative that what you are doing is not only helping you but serving hundreds or even thousands of others you will never lose your enthusiasm for sharing it with everyone who you connect with.
There are a few crucially important things to consider before starting off into any network marketing business.I have a list of principles that should be used as a guide to all aspects of viability,they are Longevity,Company,Product,Management,whether Publically or Privately owned and finally the compensation plan.
A Publically held company is always better as its much more visible and open,i.e you can go on the internet and see the companies financials and who is really running it,they really can't have anything to hide if you can get entrance to the financials of the company.With Private establishments you have no idea how they or the management are performing and most importantly the compensation plan.Some are better than others as some only reward those people who got in first and pay the most to them.Other plans extend this out evenly across hundreds of people meaning you really get paid what you are worth.Put the effort and hard yards in and you'll get paid that,do just a little and thats what you 'll get paid.NADA !!!
The best example of scrutinising the compensation plan is this:
There is only ever so much money that can be paid out to associates every week.If I were to ask you which of these is superior I'm sure you'd all react the same way.Would you rather have a 30% payout or a 70% payout ? pretty easy answer right ? Wrong and this is where so many people get taken for a ride.Let me explain here.Firstly if the company is paying 70% to its members its not going to be in business for very long,industry research has it that around 30-40% is the maximum a company can pay out for any long period without going bankrupt or having other financial challenges that threaten your income stream.And as there are many example of companies that have failed throughout the last 50 years these stats are very important and relevant.So the next time someone says "you have to join abc company with me as we pay 70 % which is sooooo much more than anyone else" you'll be able to tell them where to go.
Next is another inconspicuous piece of the puzzle.Lets say you find a company that is paying 40%, which is a good payout rate, are they paying millions every week to the top associates of the company or are they administering that around to all ? This is another allurement for young players.If the company is paying 80% of all commissions to the top 20% of associates there wont be many new people making money when they get started.This creates a large casualty list and means that you need to work even harder to maintain your business as it grows.If the company is spreading that 80% across a larger pool of associates it allows new people to earn income right out of the gate and keep them interested longer.The rule of thumb here is that if an associate doesnt make a check in the first 2-3 months they will most likely lose motivation and interest and leave and there is stats to support this.I have in fact seen this many times personally in my own business.
When researching a companies products dont use sales stats to try to ascertain whether a particular product is better than another.A friend of mine tried to convince me that a certain companies product was the best because it had $50US Billion worth of sales per year and the second ranked company had only $30 Billion.Sales figures are one thing but what does the science tell us? This was a Nutritional Supplement product that has been around for years and is a recognised brand .But is it better that the rest just because of the sales figures ? NO. Seek out non biased independant scientifically balanced knowledge not just sales stats or any other hype that people use to tell you "ours is better".
Longevity is another important piece of the puzzle to.NEVER EVER EVER EVER jump into the latest start up craze company that just launched and everyone is saying "get in at the top or miss out". Most of this is just junk and lies.look for a company with at least 5 years trading record ,look at the share price ,is it growing or declining ?. Is it a field that is set to grow massively in the next ten years ? eg the health and wellness industry is set to grow due to baby boomers aging.History tells us that where ever this group of people have been as they age they have created a need for products and services.Dont join an network marketing company that sells the rubix cube for example as that craze is over.
And finally dont forget to chose an industry or company with unique usable products that people need and want.
If you joined a company selling laptops do you think you'd make millions here ? Probably not, and why ? How often do you buy a new laptop ? probably every 3-4 years. Repeat purchases are the backbone to your success in any mlm company.If the product is ordered on the first of every month over and over again you'll be creating a lifetime of residual income in one of the most exciting and changing industries in the world.Good luck and my last tip.Once you have chosen your company.NEVER EVER quit ,follow this and I guarantee 100% you will build a successful business that will be around for years to come if you duplicate that down through your team.
